SB177,26,523
442.10
(2) Notwithstanding sub. (1), no person licensed under this chapter, and
24no firm of which the person is a
partner or shareholder member, may express an
25opinion as an independent certified public accountant on financial statements of any
1enterprise unless the person and the firm are independent of the enterprise. The
2requirement for independence under this subsection also extends to the spouse of
3such a person and to other relatives having a financial or business relationship with
4the enterprise which, in the opinion of the examining board, may impair
5independence.
SB177, s. 74
6Section
74. 442.11 (1) of the statutes is amended to read:
SB177,26,97
442.11
(1) Uses any term other than certified public accountant or the
8abbreviation C. P. A. to indicate that he or she is a
certified public accountant with
9a specially granted title.
SB177, s. 75
10Section
75. 442.11 (2) of the statutes is amended to read:
SB177,26,1511
442.11
(2) While practicing under an assumed name, or as a member of a
12partnership firm, other than a
partnership firm with a name that is registered under
13s. 442.07
as composed of certified public accountants, or as an officer of a corporation 14(3), announces, either in writing or by printing, that the assumed name
, partnership
15or corporation or firm is practicing as a certified public accountant.
SB177, s. 76
16Section
76. 442.11 (3) of the statutes is repealed.
SB177, s. 77
17Section
77. 442.11 (4) of the statutes is repealed.
SB177, s. 78
18Section
78. 442.11 (6) of the statutes is repealed.
SB177, s. 79
19Section
79. 442.11 (7) of the statutes is amended to read:
SB177,26,2120
442.11
(7) Practices as a certified public accountant
or as a public accountant 21after his or her certificate has been revoked.
SB177, s. 80
22Section
80. 442.11 (8) of the statutes is amended to read:
SB177,27,223
442.11
(8) As an individual
, member of a partnership or officer or director of
24a corporation or member of a firm, practices or permits the
partnership or
1corporation firm to practice as a certified public accountant
or as a public accountant 2unless a license has been secured for the current licensure period.
SB177, s. 81
3Section
81. 442.11 (9) of the statutes is amended to read:
SB177,27,64
442.11
(9) Sells, buys, gives
, or obtains an alleged certificate as a certified
5public accountant
, a certificate of authority or a license in any manner other than
6that provided for by this chapter.
SB177, s. 82
7Section
82. 442.11 (10) of the statutes is amended to read:
SB177,27,108
442.11
(10) Attempts to practice as a certified public accountant
or as a public
9accountant under the guise of a certificate not granted by the examining board or
10under cover of a certificate obtained illegally or fraudulently.
SB177, s. 83
11Section
83. 442.11 (12) of the statutes is amended to read:
SB177,27,1312
442.11
(12) Attempts by any subterfuge to evade the provisions of this chapter
13while practicing as a
certified public accountant.
SB177, s. 84
14Section
84. 442.11 (13) of the statutes is amended to read:
SB177,27,2115
442.11
(13) As an individual
, a member of a partnership or an officer of a
16corporation or member of a firm, permits to be announced by printed or written
17statement that any report, certificate, exhibit, schedule
, or statement has been
18prepared by or under supervision of a certified public accountant
or by or under
19supervision of a public accountant when the person who prepared the report,
20certificate, exhibit, schedule
, or statement was not a certified public accountant
or
21public accountant.
SB177, s. 85
22Section
85. 442.12 (intro.) of the statutes is amended to read:
SB177,27,24
23442.12 Disciplinary action. (intro.) Subject to the rules promulgated under
24s. 440.03 (1), the examining board may
do any of the following:
SB177, s. 86
25Section
86. 442.12 (3) of the statutes is amended to read:
SB177,28,5
1442.12
(3) In the case of a
corporation or a partnership firm, revoke, limit
, or
2suspend the license of the
partnership or corporation
firm, or reprimand it, if it is
3found that any
officer, director or member
of the firm has been guilty of such act or
4omission as would be cause for revoking, limiting
, or suspending a certificate or
5license to the person as an individual or for reprimanding the person.
SB177, s. 87
6Section
87. 442.13 of the statutes is amended to read:
SB177,28,18
7442.13 Ownership of accountant's working papers. All statements,
8records, schedules, working papers
, and memoranda made by a certified public
9accountant
or public accountant incident to or in the course of professional service
10to clients by
such a certified public accountant, except reports submitted by a
11certified public accountant
or public accountant to a client, shall be and remain the
12property of
such the certified public accountant, in the absence of an express
13agreement between
such the certified public accountant and the client to the
14contrary. No such statement, record, schedule, working paper
, or memorandum shall
15be sold, transferred
, or bequeathed, without the consent of the client or the client's
16personal representative or assignee, to anyone other than
one or more surviving
17partners or new or successor partners of such any member of the firm of the certified
18public accountant.
SB177, s. 88
19Section
88. 442.14 of the statutes is repealed.
SB177, s. 89
20Section
89. 447.34 (2) of the statutes is amended to read:
SB177,28,2321
447.34
(2) Legal counsel,
certified public accountants
licensed under ch. 442, 22or other persons as to matters the director or officer believes in good faith are within
23the person's professional or expert competence.
SB177, s. 90
24Section
90. 560.16 (6) (a) 3. of the statutes is amended to read:
SB177,29,3
1560.16
(6) (a) 3. A verified statement of the financial condition and business
2operation of the existing business for the previous 3 years, certified by an
3independent
certified public accountant
licensed or certified under ch. 442.
SB177, s. 91
4Section
91. 893.66 (title) of the statutes is amended to read:
SB177,29,6
5893.66 (title)
Accountants
Certified public accountants; limitations of
6actions.
SB177, s. 92
7Section
92. 893.66 (1) of the statutes is amended to read:
SB177,29,128
893.66
(1) Except as provided in subs. (1m) to (4), an action to recover damages,
9based on tort, contract or other legal theory, against any
certified public accountant
10licensed or certified under ch. 442 for an act or omission in the performance of
11professional accounting services shall be commenced within 6 years from the date
12of the act or omission or be barred.