(10) Presenting a license issued to another person as one's own.
(11) Concealing information regarding violations by other licensees when questioned or requested by the board.
(12) Willfully failing to file a report or record required by state or federal law; willfully impeding or obstructing the filing of such a report or record or inducing another person to impede or obstruct such filing by another person; or making or filing such a report or record that one knows to be false. A finding, adjudication, consent order, or conviction by a federal or state court, agency, or regulatory authority or by the Public Company Accounting Oversight Board that a licensee has willfully failed to file a required report or record shall be prima facie evidence of a violation of this subsection.
(13) Having an active or stayed revocation or suspension of any occupational license or other privilege to practice any licensed occupation by or before any state, federal, foreign, or other licensing or regulatory authority, provided that the grounds for the revocation or suspension include wrongful conduct such as fraud, dishonesty, or deceit or any other conduct that evidences an unfitness of the applicant to practice public accountancy.
217,70
Section
70. Chapter Accy 5 (title) of the administrative code is repealed and recreated to read:
chapter accy 5
firm licensure
217,71
Section
71. Accy 5.01 (title) of the administrative code is renumbered Accy 2.401 (title) and amended to read:
Accy 2.401 (title) Review dates of candidate's experience.
217,72
Section
72. Accy 5.01 of the administrative code is renumbered Accy 2.401 (1) and amended to read:
Accy 2.401 (1) Following the successful passing of the written each section of the uniform CPA examination and upon written request by a candidate, a candidate's experience shall be reviewed by the board. The written request shall include employer verification statements and information on experience to update the experience data already in the candidate's file. Such evaluation will determine whether the candidate qualifies at that time under the requirement of having at least one year of public accounting experience or its equivalent, the sufficiency of the experience or the equivalency to be judged by the examining board. The board shall inform the candidate if additional experience is needed. Upon gaining the required additional experience, the candidate shall notify the board and provide verification.
217,73
Section
73. Accy 5.02 of the administrative code is renumbered Accy 2.402.
217,74
Section
74. Accy 5.03 of the administrative code is renumbered Accy 2.403 and amended to read:
Accy 2.403 Public accounting experience. An individual must have at least one year of public accounting experience or its equivalent as determined by the board. Experience shall be acquired after the applicant has earned a degree described in s. 442.04 Stats., that qualifies the applicant to take the CPA examination 120 semester hours of education from an accredited college or university, including courses covering each of the subjects and the semester hours specified in s. Accy 2.202 (1) and (2). This experience must have been acquired within 5 years prior to applying for the certification as a certified public accountant.
217,75
Section
75. Accy 5.04 of the administrative code is renumbered Accy 2.404.
217,76
Section
76. Accy 5.05 of the administrative code is renumbered Accy 2.405.
217,77
Section
77. Accy 5.06 of the administrative code is repealed.
217,78
Section
78. Accy 5.07 of the administrative code is renumbered Accy 2.406.
217,79
Section
79. Subchapter I (title) of chapter Accy 5 [precedes Accy 5.101] of the administrative code is created to read:
chapter accy 5
subchapter I
APPLICATION FOR FIRM LICENSURE
217,80
Section
80. Subchapter II (title) of chapter Accy 5 [precedes Accy 5.201] of the administrative code is created to read:
chapter accy 5
subchapter II
SOLE PROPRIETOR
217,81
Section
81. Subchapter III (title) of chapter Accy 5 [precedes Accy 5.301] of the administrative code is created to read:
chapter accy 5
subchapter III
OFFICEs; internet practice
217,82
Section
82. Accy 5.304 of the administrative code is created to read:
Accy 5.304 Internet practice. A CPA firm offering or rendering professional services via an Internet site shall provide in the Internet site's homepage, a name, an address, and a principal state of licensure as a means for regulators and the public to contact a responsible licensee in charge at the firm regarding complaints, questions, or regulatory compliance.
217,83
Section
83. Subchapter IV (title) of chapter Accy 5 [precedes Accy 5.401] of the administrative code is created to read:
chapter accy 5
subchapter IV
firm MEMBERs
217,84
Section
84. Accy 5.401 (1) (a) to (d) and (2) of the administrative code are created to read:
Accy 5.401 (1) (a) Formation of a new firm.
(b) Termination of a firm.
(c) Change in the management of any branch office in this state.
(d) Establishment of a new branch office or the closing or change of address of a branch office in this state.
(2) The board shall be notified by a firm in writing of any addition of a partner, member, manager or shareholder or the retirement, withdrawal or death of a partner, member, manager or shareholder as of January 1 of each year.
217,85
Section
85. Subchapter I of chapter Accy 6 [precedes Accy 6.001] of the administrative code is created to read:
chapter accy 6
subchapter I
authority and definitions
Accy 6.001 Authority. The rules in this chapter are adopted pursuant to the authority in ss. 15.08 (5) (b), 227.11 (2) and 442.087 (3), Stats.
Accy 6.002 Definitions. As used in this chapter:
(1) "Engagement review" means a peer review in which the peer reviewer evaluates and reports on engagements submitted by a firm that performs at its highest level of service, only services under SSARS, or services under the SSAE that are not included in a system review in order for the peer reviewer to determine whether the engagements submitted for review conform to applicable professional standards in all material respects.
(2) "PCAOB" means the Public Company Accounting Oversight Board that conducts firm inspection of certified public accounting firms' Securities and Exchange Commission issuer practices and other engagements subject to its inspection process.
(3) "Peer review" means a study, appraisal, or review of one or more aspects of the attest services work of a licensee of a registered firm in the practice of public accounting, in accordance with a peer-review program, by a person or persons who hold licenses in this jurisdiction or another jurisdiction and who are not affiliated with the person or firm being reviewed.
(4) (a) "Peer-review program" means the peer-review process developed and maintained by the American Institute of Certified Professional Accountants and administered by any of the following:
1. The Wisconsin Institute of Certified Professional Accountants.
2. A peer-review program administrator approved by a board that regulates certified public accountants in any other CPA licensing jurisdiction.
(b) "Peer-review program" includes the standards for administering, performing, and reporting on peer reviews, oversight procedures, and training and related guidance materials.
Note: The AICPA Standards for Performing and Reporting on Peer Reviews are available on the Internet at http://www.aicpa.org/Research/Standards/Peer- Review/DownloadableDocuments/PeerReviewStandards.pdf.
(5) "Peer-review reports" means reports issued by the peer reviewer or peer-reviewing firm in accordance with a peer-review program and that program's peer-review standards.
(6) "Peer-review standards" means professional standards for administering, performing, and reporting on peer reviews under a peer-review program.
(7) "Peer reviewer" means a certified public accountant or accounting firm responsible for conducting the peer review holding a valid and active license to practice public accounting in good standing issued by this jurisdiction or another jurisdiction who meets the peer reviewer requirements established in the peer-review standards.
(8) "SAS" means the Statements on Auditing Standards issued by the auditing standards board of the American Institute of Certified Public Accountants.
(9) "SSAE" means the Statements on Standards for Attestation Engagements issued by the auditing standards board of the American Institute of Certified Public Accountants.
(10) "SSARS" means the Statements on Standards for Accounting and Review Services issued by the accounting and review services committee of the American Institute of Certified Public Accountants.
(11) "System review" means a peer review in which the peer reviewer determines whether the firm's system of quality control for its accounting and auditing practice is designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards, including the Statements on Quality Control Standards, No. 8 of the American Institute of Certified Public Accountants, in all material respects for firms that at the firm's highest level of service, perform engagements under the SAS, Government Auditing Standards, examinations under the SSAE, or pursuant to the standards of the PCAOB not subject to permanent inspection by the PCAOB.
217,86
Section
86. Subchapter II (title) of chapter Accy 6 [precedes Accy 6.101] of the administrative code is created to read:
chapter accy 6
subchapter Ii
firm renewal
217,87
Section
87. Subchapter III (title) of chapter Accy 6 [precedes Accy 6.201] of the administrative code is created to read:
chapter accy 6
subchapter IiI
reports
217,88
Section
88. Subchapter IV (title) of chapter Accy 6 [precedes Accy 6.301] of the administrative code is created to read:
chapter accy 6
subchapter IV
conducting peer reviews
217,89
Section
89. Accy 6.303 of the administrative code is created to read:
Accy 6.303 Extensions. The organization administering the peer-review program may grant extensions for completing peer reviews as long as the organization is notified by the firm within 14 days prior to the due date of the peer review. Extensions may be granted for any of the following reasons:
(1) An adverse health condition, including an illness or injury.
(2) Military service.
(3) Other good cause clearly outside of the control of the public accounting firm.
217,90
Section
90. Accy 6.304 of the administrative code is created to read:
Accy 6.304 Firm structure changes. In the event a firm is merged, otherwise combined, dissolved, or separated, the organization administering the peer review shall determine which firm, if any, is considered to be the succeeding firm. The succeeding firm shall retain its peer review status and the review due date.
217,91
Section
91. Chapter Accy 7 (title) of the administrative code is repealed.
217,92
Section
92. Accy 7.01 of the administrative code is repealed.
217,93
Section
93. Accy 7.02 of the administrative code is repealed.
217,94
Section
94. Accy 7.03 of the administrative code is repealed.
217,95
Section
95. Accy 7.035 (intro.) and (2) of the administrative code are consolidated, renumbered Accy 2.202 (intro.) and amended to read:
Accy 2.202 Education required to take the examination for certification. (intro.) A person may not take the examination leading to the candidate applying for a certificate to practice as a certified public accountant unless the person has, as part of must, in the course of having completed the 150 semester hours of education, met one of the following conditions: (2) Earned have earned a baccalaureate or graduate degree from a an accredited business school or college of business that is accredited by an accrediting agency recognized by the board and completed at all of the following:
(1) At least 24 semester hours in accounting at the undergraduate level or 15 semester hours at the graduate level, or an equivalent combination, including courses covering the subjects of financial accounting, auditing, U.S. taxation, and management accounting. at least one course in each of the following subjects: