AB345-ASA1,12,245
217.08
(2) Annual license fee; additions and deletions of locations. Each
6licensee shall file with the division on or before December 1 of each year a statement
7listing the locations of the offices of the licensee and the names and locations of the
8agents authorized by the licensee. Every licensee shall also on or before December
91 of each year file a financial statement of its assets and liabilities as of a date not
10earlier than the preceding August 31 or, if the licensee is audited annually by an
11independent
certified public accountant
licensed or certified under ch. 442 at the end
12of each fiscal year, the licensee may submit financial statements certified by
said the
13certified public accountant for the licensee's latest fiscal year. Such statement shall
14be accompanied by the annual licensee fee for the calendar year beginning the
15following January 1 in an amount determined under s. 217.05. The amount of the
16surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect
17the number of such locations. Licensees which do not pay the maximum license fee
18under s. 217.05 and which do not maintain a bond or deposit of securities in the
19maximum sum of $300,000 as provided in s. 217.06 shall also file a supplemental
20statement setting forth any changes in the list of offices and agents with the division
21on or before April 1, July 1 and October 1 of each year, and the principal sum of the
22corporate surety bond or deposit of securities required by s. 217.06 shall be adjusted
23to reflect any increase or decrease in the number of such locations. Any additional
24license fees which may become due under s. 217.05 shall be paid to the division.
AB345-ASA1,13,3
1221.0616
(2) Experts. Legal counsel,
certified public accountants
licensed or
2certified under ch. 442, or other persons as to matters that the director or officer
3believes in good faith are within the person's professional or expert competence.
AB345-ASA1,13,7
5440.05 Standard fees. (intro.) The following standard fees apply to all initial
6credentials, except as provided in ss. 440.42, 440.43, 440.44, 440.51,
442.06, 444.03,
7444.05, 444.11, 447.04 (2) (c) 2., 449.17, 449.18 and 459.46:
AB345-ASA1, s. 36
8Section
36. 440.08 (2) (a) (intro.) of the statutes is amended to read:
AB345-ASA1,13,119
440.08
(2) (a) (intro.) Except as provided in par. (b) and in ss. 440.51, 442.04,
10442.06, 444.03, 444.05, 444.11, 448.065, 447.04 (2) (c) 2., 449.17, 449.18 and 459.46,
11the renewal dates and renewal fees for credentials are as follows:
AB345-ASA1, s. 38
13Section
38. 442.001 of the statutes is renumbered 442.001 (intro.) and
14amended to read:
AB345-ASA1,13,15
15442.001 Definition Definitions. (intro.) In this chapter
, "examining:
AB345-ASA1,13,16
16(3) "Examining board" means the accounting examining board.
AB345-ASA1,13,1818
442.001
(1) "Attest service" means any of the following:
AB345-ASA1,13,2019
(a) An audit or any other engagement that is performed or intended to be
20performed in accordance with rules promulgated under s. 442.01 (1) (a).
AB345-ASA1,13,2221
(b) A review of a financial statement that is performed or intended to be
22performed in accordance with rules promulgated under s. 442.01 (1) (b).
AB345-ASA1,13,2523
(c) An examination of prospective financial information that is performed or
24intended to be performed in accordance with rules promulgated under s. 442.01 (1)
25(c).
AB345-ASA1,14,32
442.001
(4) "Firm" means a proprietorship, partnership, limited liability
3partnership, corporation, service corporation, or limited liability company.
AB345-ASA1,14,65
442.001
(5) "Member of a firm" means a director, manager, employee, officer,
6owner, shareholder, principal, or partner of a firm.
AB345-ASA1,14,98
442.01
(1) The examining board shall promulgate rules that adopt by reference
9all of the following:
AB345-ASA1,14,1110
(a) The statements on auditing standards issued by the Auditing Standards
11Board of the American Institute of Certified Public Accountants.
AB345-ASA1,14,1412
(b) The statements on standards for accounting and review services issued by
13the Accounting and Review Services Committee of the American Institute of
14Certified Public Accountants.
AB345-ASA1,14,1815
(c) The statements on standards for attestation engagements issued by the
16Auditing Standards Board, the Accounting and Review Services Committee, and the
17Consulting Services Executive Committee of the American Institute of Certified
18Public Accountants.
AB345-ASA1,15,320
442.01
(2) No standard or rule relating to professional conduct or unethical
21practice may be adopted until the examining board has held a public hearing with
22reference thereto, subject to the rules promulgated under s. 440.03 (1). No rule or
23standard shall become effective until 60 days after its adoption by the examining
24board. Any person who has appeared at the public hearing and filed written protest
25against any proposed standard or rule may, upon the adoption of such standard or
1rule, obtain a review thereof under ch. 227. Thereafter every person practicing as
2a
certified public accountant in the state shall be governed and controlled by the rules
3and standards prescribed by the examining board.
AB345-ASA1,15,55
442.01
(3) The
examining board shall record its proceedings.
AB345-ASA1,15,7
7442.02 (title)
Public Certified public accountant, definition.
AB345-ASA1, s. 46
8Section
46. 442.02 (1m) (intro.) of the statutes is amended to read:
AB345-ASA1,15,119
442.02
(1m) (intro.) A person shall be considered to be in practice as a
certified 10public accountant, within the meaning and intent of this chapter
, if any of the
11following conditions is met:
AB345-ASA1,15,1613
442.02
(1m) (a) The person holds himself or herself out to the public in any
14manner as one skilled in the knowledge, science
, and practice of accounting, and as
15qualified and ready to render professional service therein as a
certified public
16accountant for compensation.
AB345-ASA1,15,2118
442.02
(1m) (b) The person maintains an office for the transaction of business
19as a
certified public accountant or, except as an employee of a
certified public
20accountant, practices accounting, as distinguished from bookkeeping, for more than
21one employer.
AB345-ASA1,15,2323
442.02
(1m) (dm) The person provides or offers to provide an attest service.
AB345-ASA1,16,6
1442.02
(5m) Subsection (1m) (f) does not prohibit any officer, employee,
2partner
, or principal of any organization from affixing his or her signature to any
3statement or report in reference to the affairs of that organization with any wording
4designating the position, title
, or office that he or she holds in that organization
and
5does not prohibit any act of a public official or public employee in the performance
6of his or her duties.
AB345-ASA1,16,118
442.02
(6) Every member of a
partnership and every officer and director of a
9corporation firm who,
in the capacity of partner, officer or director as a member of the
10firm, does any of the things enumerated in sub. (1m) (a) to (f), shall be considered to
11be in practice as a
certified public accountant.
AB345-ASA1, s. 52
12Section
52. 442.02 (7) of the statutes is renumbered 442.025 (1) and amended
13to read:
AB345-ASA1,16,1814
442.025
(1) (intro.)
Nothing contained in this chapter shall prevent the
15employment Persons employed by a certified public accountant
, or by a public
16accountant, or
by a firm
or corporation furnishing public accounting services as
17principal, of persons licensed under this chapter to serve as accountants in various
18capacities, as needed, if all of the following conditions are met:
AB345-ASA1,16,2119
(a) The employees serving as accountants work under the control and
20supervision of certified public accountants
, or accountants with certificates of
21authority granted under s. 442.06.
AB345-ASA1,16,2422
(b)
Those The employees serving as accountants
shall do not issue any
23statements or reports over their own names except office reports to their employer
24that are customary.
AB345-ASA1,17,2
1(c) The employees serving as accountants are not in any manner held out to the
2public as
certified public accountants
as described in this chapter.
AB345-ASA1, s. 53
3Section
53. 442.02 (8) of the statutes is renumbered 442.025 (2) and amended
4to read:
AB345-ASA1,17,75
442.025
(2) Nothing contained in this chapter shall apply to a A practicing
6attorney, who, in connection with his or her professional work renders any
7accounting service.
AB345-ASA1, s. 54
8Section
54. 442.02 (9) of the statutes is renumbered 442.025 (3) and amended
9to read:
AB345-ASA1,17,1310
442.025
(3) (intro.)
Nothing contained in this chapter shall apply to any
11persons who may be A person employed by more than one person
, partnership or
12corporation, for the purpose of keeping books, making trial balances
, or statements,
13and preparing
audits or reports, if all of the following requirements are met:
AB345-ASA1,17,1514
(a) The
audits or reports described in this subsection are not used or issued by
15the employers as having been prepared by a
certified public accountant.
AB345-ASA1,17,1816
(b) The persons employed as described in this subsection do not do any of the
17things enumerated in
sub. s. 442.02 (1m) (f)
without complying with sub. except as
18authorized under s. 442.02 (5m).
AB345-ASA1, s. 55
19Section
55. 442.02 (10) of the statutes is renumbered 442.025 (4) and amended
20to read:
AB345-ASA1,17,2421
442.025
(4) Nothing contained in this chapter shall apply to The holders of
22state-granted certified public accountant certificates from other states who may be
23temporarily in this state on professional business incident to their regular practice
24in the states of their domicile, but with neither residence nor office in this state.
AB345-ASA1,18,2
1442.025 Applicability. This chapter does not require a certificate or license
2under this chapter for any of the following:
AB345-ASA1,18,3
3(5) A public official or public employee in performing his or her duties.
AB345-ASA1,18,6
4(6) A person who performs services involving the use of accounting skills,
5including management advisory services, the preparation of tax returns, and the
6preparation of financial statements without issuing reports on the statements.
AB345-ASA1,18,10
7(7) A person who prepares financial statements and issues information thereon
8that does not purport to be in compliance with the statement on standards for
9accounting and review services issued by the American Institute of Certified Public
10Accountants.
AB345-ASA1, s. 57
11Section
57. 442.03 (1) of the statutes is renumbered 442.03 and amended to
12read:
AB345-ASA1,18,1913
442.03
Licenses required. No person may lawfully practice in this state as
14a certified public accountant either in the person's own name,
or as an employee, or
15under an assumed name, or as
an officer, member or employee of a firm, or as an
16officer or employee of a corporation a member of a firm, unless the person has been
17granted by the examining board a certificate as a certified public accountant, and
18unless the person
, firm or corporation, jointly and severally, has and firm have 19complied with all of the provisions of this chapter, including licensure.
AB345-ASA1,19,6
1442.04
(4) (bm)
After December 31, 2000, a A person may not take the
2examination leading to the certificate to practice as a certified public accountant
3unless the person has completed at least 150 semester hours of education with an
4accounting concentration at an institution, and has received a bachelor's or higher
5degree with an accounting concentration from an institution, except as provided in
6par. (c).
AB345-ASA1,19,158
442.04
(4) (c) If an applicant has a bachelor's or higher degree from an
9institution but does not have
a resident major in accounting required in par. (b) or 10an accounting concentration required in par. (bm), the examining board may review
11such other educational experience from an institution as the applicant presents and,
12if the examining board determines that such other experience provides the
13reasonable equivalence of
a resident major in accounting required in par. (b) or an
14accounting concentration required in par. (bm), the examining board shall approve
15the applicant for examination.
AB345-ASA1,20,917
442.04
(5) The examining board may not grant a certificate as a certified public
18accountant to any person other than a person who is 18 years of age or older, does not
19have an arrest or conviction record, subject to ss. 111.321, 111.322
, and 111.335, and,
20except as provided in s. 442.05, has successfully passed
a written an examination
21in such subjects affecting accountancy as the examining board considers necessary.
22If the person applying for the certificate passes the examination during the period
23beginning on May 17, 1996, and ending on December 31, 2000, the examining board
24may not grant the certificate unless the applicant has at least 3 years of public
25accounting experience or its equivalent, the sufficiency of the experience or the
1equivalency to be judged by the examining board. If the person applying for the
2certificate passes the examination after December 31, 2000, the The examining
3board may not grant the certificate unless the applicant has at least
2 years one year 4of public accounting experience or its equivalent, the sufficiency of the experience or
5the equivalency to be judged by the examining board. The examining board shall
6ensure that evaluation procedures and examinations are nondiscriminatory, relate
7directly to accountancy
, and are designed to measure only the ability to perform
8competently as an accountant. The examining board may use the examination
9service provided by the American Institute of Certified Public Accountants.
AB345-ASA1,20,13
12442.07 (title)
Requirements for practice as certified public accountant
13or public accountant.
AB345-ASA1,21,215
442.07
(1) Any person who has been issued a certificate of the person's
16qualifications to practice as a certified public accountant, shall be styled and known
17as a "certified public accountant" and no other person shall assume to use such title
18or the abbreviation "C.P.A." or any other word, words, letters
, or figures to indicate
19that the person using the same is a certified public accountant. The terms "chartered
20accountant" and "certified accountant" and the abbreviation "C.A." are specifically
21prohibited to such other persons as being prima facie misleading to the public.
Any
22person who has been issued a certificate of authority, as herein provided, shall be
23styled and known as a "public accountant" and no other person, other than a certified
24public accountant, shall assume to use such designation or any other word, words,
1letters or figures to indicate that such person is entitled to practice as a public
2accountant.
AB345-ASA1,21,175
442.07
(3) Any
partnership, which
firm that is entitled to practice as certified
6public accountants in this state or any other state
,
and every resident member
and
7resident manager of
which the firm who is a certified public accountant of this state,
8after registering the
partnership firm name with the examining board, may use the
9designation "certified public accountants" in connection with the
partnership firm 10name.
Any partnership, every member and resident manager of which is a certified
11public accountant of this state or any other state or holds a certificate of authority
12under this chapter, after registering the partnership name with the examining
13board, may use the designation "public accountants" in connection with the
14partnership name. An assumed name, in use prior to September 21, 1935, may be
15used the same as a partnership name, provided the individual persons practicing as
16principals under that name hold certificates granted by the examining board and
17register the name with the examining board.
AB345-ASA1, s. 70
18Section
70. 442.08 of the statutes is repealed and recreated to read:
AB345-ASA1,21,22
19442.08 Licensure. (1) The department shall issue a license to an individual
20who holds an unrevoked certificate as a certified public accountant, submits an
21application for the license on a form provided by the department, and pays the fee
22specified in s. 440.05 (1).
AB345-ASA1,21,25
23(2) The department shall issue a license to a firm that submits an application
24for the license on a form provided by the department, pays the fee specified in s.
25440.05 (1), and does each of the following:
AB345-ASA1,22,1
1(a) Identifies each office of the firm that is located in this state.
AB345-ASA1,22,42
(b) If any person who holds an ownership interest in the firm is not licensed
3under sub. (1), designates an individual licensed under sub. (1) as the individual
4responsible for the firm's compliance with this chapter.
AB345-ASA1,22,55
(c) Demonstrates, to the satisfaction of the department, each of the following:
AB345-ASA1,22,76
1. That all attest services provided by the firm in this state are under the charge
7of an individual licensed under sub. (1).