442.05 History
History: 1975 c. 318;
1981 c. 356.
442.06
442.06
Certificates to public accountants without licenses. 442.06(1)(1) The examining board may grant a certificate of authority to practice as a public accountant to each individual who applied before December 1, 1935:
442.06(1)(a)
(a) Who furnishes satisfactory evidence he or she was maintaining an office in the state for the practice of public accounting on his or her own account on September 21, 1935; or
442.06(1)(b)
(b) Who for 4 years has been in responsible charge of accounting engagements in the state of Wisconsin as an employed member of the staff of a certified public accountant or a public accountant, or of a firm of certified public accountants or public accountants; or
442.06(1)(c)
(c) Who, in the opinion of the examining board, has had 4 years' experience equivalent to that specified in
par. (b).
442.06(2)
(2) The examining board may grant certificates of authority to firms, if the resident partner or partners and resident manager have received certificates as certified public accountants, or if the resident manager and resident partners of such firm have received certificates of authority under the laws of this state or if the resident manager and each partner of such firm has received either a certificate as a certified public accountant or a certificate of authority issued under the laws of this state.
442.06(3)
(3) The examining board may grant certificates of authority to corporations to practice as public accountants who:
442.06(3)(a)
(a) On September 21, 1935 are corporations legally organized under the laws of this state, with power to practice as public accountants within the meaning of this chapter; and
442.06(3)(b)
(b) On or before December 1, 1935, furnished satisfactory evidence to the examining board that such corporation was legally incorporated under the laws of this state on September 21, 1935; and
442.06(3)(c)
(c) Whose manager and whose board of directors shall each have received either a certificate as a certified public accountant or a certificate of authority to practice as a public accountant as provided in this chapter.
442.06(4)
(4) Whenever the manager and all of the directors of such a corporation in the practice of public accounting ceases or fails to hold certificates as certified public accountants, or certificates of authority as provided in this chapter, the certificate of authority to the corporation shall become void and so be recorded by the examining board.
442.06(5)
(5) Certificates of authority issued under this section are permanent unless revoked and not subject to periodic renewal.
442.06 History
History: 1979 c. 162 s.
38 (4);
1981 c. 356,
380,
391.
442.07
442.07
Requirements for practice as certified public accountant or public accountant. 442.07(1)
(1) Any person who has been issued a certificate of the person's qualifications to practice as a certified public accountant, shall be styled and known as a "certified public accountant" and no other person shall assume to use such title or the abbreviation "C.P.A." or any other word, words, letters or figures to indicate that the person using the same is a certified public accountant. The terms "chartered accountant" and "certified accountant" and the abbreviation "C.A." are specifically prohibited to such other persons as being prima facie misleading to the public. Any person who has been issued a certificate of authority, as herein provided, shall be styled and known as a "public accountant" and no other person, other than a certified public accountant, shall assume to use such designation or any other word, words, letters or figures to indicate that such person is entitled to practice as a public accountant.
442.07(2)
(2) No person may practice in this state as a certified public accountant or a public accountant, either in the person's name, under an assumed name, or as a member of a partnership, except as provided in
s. 442.02 (10), unless the person has been granted a certificate by the examining board and secured a license for the current licensure period. No person may practice in this state as a public accountant, as an officer or director of a corporation engaged in the practice of public accounting, unless the corporation has secured a license for the current licensure period.
442.07(3)
(3) Any partnership, which is entitled to practice as certified public accountants in this state or any other state, every resident member and resident manager of which is a certified public accountant of this state, after registering the partnership name with the examining board, may use the designation "certified public accountants" in connection with the partnership name. Any partnership, every member and resident manager of which is a certified public accountant of this state or any other state or holds a certificate of authority under this chapter, after registering the partnership name with the examining board, may use the designation "public accountants" in connection with the partnership name. An assumed name, in use prior to September 21, 1935, may be used the same as a partnership name, provided the individual persons practicing as principals under that name hold certificates granted by the examining board and register the name with the examining board.
442.08
442.08
Licensure. Upon application by a holder of an unrevoked Wisconsin certificate as a certified public accountant or an unrevoked Wisconsin certificate of authority as provided for in this chapter, the department shall issue a license to the holder. A license shall also be issued to any partnership or corporation, upon application, which has complied with this chapter. The renewal date and renewal fee for licenses issued under this chapter are specified under
s. 440.08 (2) (a).
442.09
442.09
Fees. The fees for examination and licenses granted or renewed under this chapter are specified in
ss. 440.05 and
440.08.
442.10
442.10
Disclosure of interest in entity reported on. 442.10(1)(1) Whenever any person, as a certified public accountant or public accountant, signs or certifies any report, schedule or statement relative to the affairs of any corporation, association or partnership in which the person is financially interested or by which the person is regularly engaged as an officer or employee, the signature or certification shall be accompanied by a specific statement setting forth the fact that the person is financially interested in or is an officer or regular employee of the corporation, association or partnership. If the person is both financially interested and an officer or regular employee, the statement shall cover both financial interest and employment. In the case of a corporation holding a certificate of authority signing or certifying as above, the interest of any of its stockholders shall be disclosed.
442.10(2)
(2) Notwithstanding
sub. (1), no person licensed under this chapter, and no firm of which the person is a partner or shareholder, may express an opinion as an independent certified public accountant on financial statements of any enterprise unless the person and the firm are independent of the enterprise. The requirement for independence under this subsection also extends to the spouse of such a person and to other relatives having a financial or business relationship with the enterprise which, in the opinion of the examining board, may impair independence.
442.10(3)
(3) The examining board may make and enforce all necessary rules relative to this section and may determine the particular phraseology necessary to carry
sub. (1) into effect.
442.10 History
History: 1977 c. 264;
1993 a. 490.
442.11
442.11
Penalties. Whoever does any of the following may, for each offense, be fined not more than $500, or imprisoned in the county jail for not more than one year, or both:
442.11(1)
(1) Uses any term other than certified public accountant or the abbreviation C. P. A. to indicate that he or she is a public accountant with a specially granted title.
442.11(2)
(2) While practicing under an assumed name, or as a member of a partnership, other than a partnership that is registered under
s. 442.07 as composed of certified public accountants, or as an officer of a corporation, announces, either in writing or by printing, that the assumed name, partnership or corporation is practicing as a certified public accountant.
442.11(3)
(3) As a member of a partnership, announces, either in writing or by printing, that the partnership is practicing as "public accountants" unless the partnership is registered as such under
s. 442.07.
442.11(4)
(4) As an officer of a corporation, permits the corporation to practice as a public accountant unless it is registered with the examining board, and holds an unrevoked certificate of authority from the examining board.
442.11(5)
(5) Holds himself or herself out to the public as a certified public accountant or assumes to practice as a certified public accountant unless he or she has been granted a certificate as a certified public accountant from the examining board.
442.11(6)
(6) Holds himself or herself out to the public as a public accountant or assumes to practice as a public accountant unless he or she has been granted a certificate of authority from the examining board.
442.11(7)
(7) Practices as a certified public accountant or as a public accountant after his or her certificate has been revoked.
442.11(8)
(8) As an individual, member of a partnership or officer or director of a corporation, practices or permits the partnership or corporation to practice as a certified public accountant or as a public accountant unless a license has been secured for the current licensure period.
442.11(9)
(9) Sells, buys, gives or obtains an alleged certificate as a certified public accountant, a certificate of authority or a license in any manner other than that provided for by this chapter.
442.11(10)
(10) Attempts to practice as a certified public accountant or as a public accountant under the guise of a certificate not granted by the examining board or under cover of a certificate obtained illegally or fraudulently.
442.11(11)
(11) Certifies to any false or fraudulent report, certificate, exhibit, schedule or statement.
442.11(12)
(12) Attempts by any subterfuge to evade the provisions of this chapter while practicing as a public accountant.
442.11(13)
(13) As an individual, a member of a partnership or an officer of a corporation, permits to be announced by printed or written statement that any report, certificate, exhibit, schedule or statement has been prepared by or under supervision of a certified public accountant or by or under supervision of a public accountant when the person who prepared the report, certificate, exhibit, schedule or statement was not a certified public accountant or public accountant.
442.115
442.115
Enforcement actions for violations of this chapter. 442.115(1)(1) If it appears upon complaint to the examining board by any person, or it is known to the examining board, that any person has violated this chapter, the examining board may investigate, subject to the rules promulgated under
s. 440.03 (1). The district attorney of the county in which violations of this chapter are known or alleged to have occurred shall promptly investigate complaints, from any source, of violations of this chapter and prosecute if the facts warrant. Upon request from the examining board, and when the facts warrant, the appropriate district attorney shall promptly seek an injunction against any person who is violating this chapter.
442.115(2)
(2) If the district attorney fails or refuses to act within a time that the examining board considers reasonable, the examining board may request the attorney general to institute a prosecution or to seek an injunction for violation of this chapter.
442.115(3)
(3) If a person has engaged, or is about to engage, in an act or practice that constitutes, or will constitute, a violation of this chapter, the examining board in its own right or on behalf of an individual complainant may apply to the appropriate court for an order enjoining the act or practice. Upon a showing by the examining board or the complainant that the person has engaged, or is about to engage, in any act or practice in violation of this chapter, the court may grant an injunction, restraining order or other appropriate order without bond.
442.115 History
History: 1999 a. 85 ss.
95,
96.
442.12
442.12
Disciplinary action. Subject to the rules promulgated under
s. 440.03 (1), the examining board may:
442.12(1)
(1) Make investigations and conduct hearings.
442.12(2)
(2) Revoke, limit or suspend for a definite period any certificate or license or officially reprimand the holder, if it finds that the holder has violated this chapter or any duly promulgated standard or rule of practice or for any other sufficient cause.
442.12(3)
(3) In the case of a corporation or a partnership, revoke, limit or suspend the license of the partnership or corporation, or reprimand it, if it is found that any officer, director or member has been guilty of such act or omission as would be cause for revoking, limiting or suspending a certificate or license to the person as an individual or for reprimanding the person.
442.12(4)
(4) Impose a period of probation under specified conditions, whether or not in conjunction with other sanctions.
442.12(5)
(5) Require additional professional education or training, or reexamination, or any combination, as a condition precedent to the reinstatement of a license or of any privilege, or as a condition precedent to the termination of any suspension.
442.12(6)
(6) Suspend a license until further order of the examining board or for a specified period for failure to comply with an order of the examining board imposing disciplinary sanctions.
442.12(7)
(7) Upon application in writing and after hearing pursuant to notice, issue a new license to a licensee whose license has been revoked, reinstate a revoked certificate or modify the suspension of any license or certificate which has been suspended. This subsection does not apply to a license or certificate that is suspended under
s. 440.13 (2) (c) or that is revoked under
s. 440.12.
442.13
442.13
Ownership of accountant's working papers. All statements, records, schedules, working papers and memoranda made by a certified public accountant or public accountant incident to or in the course of professional service to clients by such accountant, except reports submitted by a certified public accountant or public accountant to a client, shall be and remain the property of such accountant, in the absence of an express agreement between such accountant and the client to the contrary. No such statement, record, schedule, working paper or memorandum shall be sold, transferred or bequeathed, without the consent of the client or the client's personal representative or assignee, to anyone other than one or more surviving partners or new or successor partners of such accountant.
442.13 History
History: 1991 a. 316.
442.14
442.14
Saving clauses. Nothing contained in this chapter shall in any way invalidate or set aside certificates of certified public accountants as legally granted before September 21, 1935.
