AB725,94
24Section
94. Accy 7.03 of the administrative code is repealed.
AB725,95
1Section
95. Accy 7.035 (intro.) and (2) of the administrative code are
2consolidated, renumbered Accy 2.202 (intro.) and amended to read:
AB725,33,10
3Accy 2.202 Education required to take the examination for
4certification. (intro.) A
person may not take the examination leading to the 5candidate applying for a certificate to practice as a certified public accountant
unless
6the person has, as part of must, in the course of having completed the 150 semester
7hours
of education
, met one of the following conditions: (2) Earned have earned a
8baccalaureate or graduate degree from
a an accredited business school or college of
9business
that is accredited by an accrediting agency recognized by the board and
10completed
at all of the following:
AB725,33,14
11(1) At least 24 semester hours in accounting at the undergraduate level or 15
12semester hours at the graduate level, or an equivalent combination, including
13courses covering the subjects of financial accounting, auditing, U.S. taxation, and
14management accounting. at least one course in each of the following subjects:
AB725,96
15Section
96. Accy 7.035 (1), (3), (4) and (5) of the administrative code are
16repealed.
AB725,97
17Section
97. Accy 7.04 (1) of the administrative code is renumbered Accy 2.308
18and amended to read:
AB725,33,22
19Accy 2.308 Transfer of credit applicant scores. Applicants who have
20passed all or part of the uniform certified public accountant examination in another
21jurisdiction but who have not yet received their certified public accountant certificate
22shall be able to transfer
grades scores in subjects passed to Wisconsin provided that:
AB725,33,25
23(1) Grades Scores transferred must be certified to the board by the other
24jurisdiction and must be passed in accordance with rules applicable to Wisconsin
25candidates.
AB725,34,3
1(2) Transfer of
grades scores must be accepted by board action and the
2applicant notified in a manner similar to the action on
grades scores for Wisconsin
3applicants.
AB725,98
4Section
98. Accy 7.04 (2) of the administrative code is repealed.
AB725,99
5Section
99. Accy 7.05 of the administrative code is renumbered Accy 3.101,
6and Accy 3.101 (1) (c), as renumbered, is amended to read:
AB725,34,77
Accy 3.101
(1) (c) The applicant has been approved under s. Accy
8.05 3.202.
AB725,100
8Section
100. Accy 7.06 of the administrative code is repealed.
AB725,101
9Section
101. Accy 7.07 of the administrative code is renumbered Accy 2.102.
AB725,102
10Section
102. Chapter Accy 8 (title) of the administrative code is repealed.
AB725,103
11Section
103. Accy 8.01 (title) of the administrative code is renumbered Accy
123.001 (title).
AB725,104
13Section
104. Accy 8.01 (1) of the administrative code is renumbered Accy
143.001.
AB725,105
15Section
105. Accy 8.02 of the administrative code is renumbered Accy 3.002.
AB725,106
16Section
106. Accy 8.03 (title), (1), (3), (4), (5) and (6) of the administrative code
17are renumbered Accy 3.102 (title), (1), (2), (3), (4) and (5).
AB725,107
18Section
107. Accy 8.04 of the administrative code is renumbered Accy 3.201
19and amended to read:
AB725,34,22
20Accy 3.201 Foreign candidates. (1) Candidates holding certifications from
21foreign countries shall establish their qualifications for a certificate by endorsement
22as set forth in ss. Accy
8.02 and 8.03 3.002 and 3.102, or in s. Accy
8.05 3.202.
AB725,35,7
23(2) Except as provided in s. Accy
8.05
3.202, education qualifications in foreign
24countries are not comparable to those in Wisconsin. As no foreign school is accredited
25by
the North Central Association of Colleges and Schools or its regional equivalent
1an accrediting agency that is recognized by the secretary of the federal department
2of education, evidence of acceptance without deficiency into a graduate program in
3a school accredited by
the North Central Association of Colleges and Schools or its
4regional equivalent an agency that is recognized by the secretary of the federal
5department of education will be accepted as evidence of equivalence for a bachelor's
6or higher degree.
The education acquired must constitute the reasonable
7equivalence of a resident major s set forth in s. Accy 7.03.
AB725,35,14
8(3) Except as provided in s. Accy
8.05
3.202, examinations in foreign countries
9have not been established as being comparable to those in the United States.
10Candidates must establish at least minimum qualifications in United States
11practice related to areas of business law, federal income taxes, generally accepted
12auditing standards, and generally accepted accounting principles. The
writing 13taking of uniform certified public accountant examinations in these areas would be
14adequate evidence, although other evidence may be accepted if validated.
AB725,35,18
15(4) Except as provided in s. Accy
8.05
3.202, experience must include practice
16using United States related techniques as noted in sub. (3). Experience will be
17considered on its merit without restriction as to where it was acquired, so long as it
18is relevant to United States practice.
AB725,108
19Section
108. Accy 8.05 of the administrative code is renumbered Accy 3.202,
20and Accy 3.202 (2) (d), as renumbered, is amended to read:
AB725,35,2221
Accy 3.202
(2) (d) The applicant has successfully completed the professional
22ethics examination in s. Accy
3.10 2.306.
AB725,109
23Section
109. Chapter Accy 9 (title) of the administrative code is renumbered
24Chapter Accy 6 (title).
AB725,110
25Section
110. Accy 9.01 of the administrative code is repealed.
AB725,111
1Section
111. Accy 9.02 (Note) of the administrative code is renumbered Accy
26.101 (Note) and amended to read:
AB725,36,63
Accy 6.101
Note: The following questions are intended to assist firms in
4determining whether a peer review is required for renewal. An affirmative response
5to any part of any question means that a peer review is required. Caution: This list
6is not exclusive. Refer to the standards if in doubt.
AB725,36,87
1. Does your firm audit SEC clients, including employer-sponsored plans
8required to file a form 11-K with the SEC?
AB725,36,99
2. Does your firm currently perform the following types of engagements?
AB725,36,10
10• Engagements applying Statements on Auditing Standards (SASs) - Audits?
AB725,36,11
11• Agreed-upon procedures?
AB725,36,13
12• Engagements applying Statements on Standards for Accounting and Review
13Services (SSARS)?
AB725,36,14
14• Reviews of financial statements?
AB725,36,15
15• Compilations of financial statements with disclosures?
AB725,36,17
16• Compilations of financial statements where "Selected
17Information-Substantially All Disclosures Required Are Not Included?"
AB725,36,18
18• Compilations of financial statements that omit substantially all disclosures?
AB725,36,20
19• Engagements applying Statements on Standards for Attestation
20Engagements (SSAE)?
AB725,36,22
21• Engagements applying International Financial Reporting Standards (IFRS)
22or International Auditing Standards (IAS)?
AB725,36,23
23• Examinations of prospective financial statements under SAARS?
AB725,36,24
24• Compilations of prospective financial statements under SAARS?
AB725,36,25
25• Agreed-upon procedures of prospective financial statements?
AB725,37,1
1• Examinations of written assertions?
AB725,37,2
2• Reviews of written assertions?
AB725,37,3
3• Agreed-upon procedures of written assertions?
AB725,37,4
4• Engagements under Government Auditing Standards (Yellow Book)?
AB725,37,5
5• Engagements applying PCAOB Auditing Standards?
AB725,37,6
6• Engagements applying PCAOB Attestation Standards?
AB725,37,8
7• Work performed as subject to requirements of the AICPA peer-review
8program?
AB725,112
9Section
112. Accy 9.02 of the administrative code is renumbered Accy 6.101,
10and Accy 6.101 (1) and (2), as renumbered, are amended to read:
AB725,37,2011
Accy 6.101
(1) After January 1, 2005, an An application for renewal by a
12certified public accounting firm that provides or offers to provide attest services shall
13include a description of at least one peer review of the firm undergone
through a peer
14review program approved by the board, or approved by a board that regulates
15certified public accountants in another state, within 3 years preceding the
16application for renewal. The description shall identify the
board-approved peer
17review program
administrator, if administered by a peer-review program
18administrator approved by a board that regulates certified public accountants in any
19other CPA licensing jurisdiction, the outcome of the review
, and the year under
20review.
AB725,37,22
21(2) A firm is exempt from the peer review requirements in this section if it does
22not offer or perform attest services
as defined in s. 442.001 (1), Stats.
AB725,113
23Section
113. Accy 9.03 of the administrative code is renumbered Accy 6.201,
24and Accy 6.201 (intro.), as renumbered, is amended to read:
AB725,38,4
1Accy 6.201 Reports
Report from board-approved review programs
2peer-review program. (intro.)
Each board-approved peer review The
3peer-review program
described under s. Accy 6.002 (4) (a) 1. shall report the
4following to the board by December 1 of each even-numbered year:
AB725,114
5Section
114. Accy 9.04 of the administrative code is repealed.
AB725,115
6Section
115. Accy 9.05 of the administrative code is repealed.
AB725,116
7Section
116. Accy 9.06 of the administrative code is repealed.
AB725,117
8Section
117.
Nonstatutory provisions.
AB725,38,159
(1)
The accounting examining board shall research the feasibility of rules
10establishing continuing education requirements for renewal of a license under
11section 442.08 (1) of the statutes. The board shall prepare a report describing its
12findings and recommendations, including a description of any suggested changes to
13the statutes or the board's rules, and shall submit the report to the appropriate
14standing committees of the legislature in the manner provided under section 13.172
15(3) of the statutes no later than December 31, 2016.
AB725,38,1816
(2)
The requirements under sections 227.21 (2) (a) and 442.01 (2) of the statutes
17to obtain the consent of the attorney general and to hold a public hearing do not apply
18with respect to the enactment of this act.
AB725,118
19Section
118.
Effective dates. This act takes effect on the day after
20publication, except as follows:
AB725,38,2321
(1)
Notwithstanding section 227.265 of the statutes, the treatments of
22provisions of the administrative code take effect on the first day of the 3rd month
23following publication of this act in the Wisconsin Administrative Register.