AB725,30,119
(b) "Peer-review program" includes the standards for administering,
10performing, and reporting on peer reviews, oversight procedures, and training and
11related guidance materials.
AB725,30,14
12Note: The AICPA Standards for Performing and Reporting on Peer Reviews
13are available on the Internet at http://www.aicpa.org/Research/Standards/Peer-
14Review/DownloadableDocuments/PeerReviewStandards.pdf.
AB725,30,17
15(5) "Peer-review reports" means reports issued by the peer reviewer or
16peer-reviewing firm in accordance with a peer-review program and that program's
17peer-review standards.
AB725,30,19
18(6) "Peer-review standards" means professional standards for administering,
19performing, and reporting on peer reviews under a peer-review program.
AB725,30,24
20(7) "Peer reviewer" means a certified public accountant or accounting firm
21responsible for conducting the peer review holding a valid and active license to
22practice public accounting in good standing issued by this jurisdiction or another
23jurisdiction who meets the peer reviewer requirements established in the
24peer-review standards.
AB725,31,2
1(8) "SAS" means the Statements on Auditing Standards issued by the auditing
2standards board of the American Institute of Certified Public Accountants.
AB725,31,5
3(9) "SSAE" means the Statements on Standards for Attestation Engagements
4issued by the auditing standards board of the American Institute of Certified Public
5Accountants.
AB725,31,8
6(10) "SSARS" means the Statements on Standards for Accounting and Review
7Services issued by the accounting and review services committee of the American
8Institute of Certified Public Accountants.
AB725,31,17
9(11) "System review" means a peer review in which the peer reviewer
10determines whether the firm's system of quality control for its accounting and
11auditing practice is designed and complied with to provide the firm with reasonable
12assurance of performing and reporting in conformity with applicable professional
13standards, including the Statements on Quality Control Standards, No. 8 of the
14American Institute of Certified Public Accountants, in all material respects for firms
15that at the firm's highest level of service, perform engagements under the SAS,
16Government Auditing Standards, examinations under the SSAE, or pursuant to the
17standards of the PCAOB not subject to permanent inspection by the PCAOB.
AB725,86
18Section
86. Subchapter II (title) of chapter Accy 6 [precedes Accy 6.101] of the
19administrative code is created to read:
AB725,31,2020
chapter accy 6
AB725,31,2121
subchapter Ii
AB725,31,2222
firm renewal
AB725,87
23Section
87. Subchapter III (title) of chapter Accy 6 [precedes Accy 6.201] of the
24administrative code is created to read:
AB725,31,2525
chapter accy 6
AB725,32,1
1subchapter IiI
AB725,88
3Section
88. Subchapter IV (title) of chapter Accy 6 [precedes Accy 6.301] of the
4administrative code is created to read:
AB725,32,55
chapter accy 6
AB725,32,66
subchapter IV
AB725,32,77
conducting peer reviews
AB725,89
8Section
89. Accy 6.303 of the administrative code is created to read:
AB725,32,12
9Accy 6.303 Extensions. The organization administering the peer-review
10program may grant extensions for completing peer reviews as long as the
11organization is notified by the firm within 14 days prior to the due date of the peer
12review. Extensions may be granted for any of the following reasons:
AB725,32,13
13(1) An adverse health condition, including an illness or injury.
AB725,32,14
14(2) Military service.
AB725,32,15
15(3) Other good cause clearly outside of the control of the public accounting firm.
AB725,90
16Section
90. Accy 6.304 of the administrative code is created to read:
AB725,32,20
17Accy 6.304 Firm structure changes. In the event a firm is merged,
18otherwise combined, dissolved, or separated, the organization administering the
19peer review shall determine which firm, if any, is considered to be the succeeding
20firm. The succeeding firm shall retain its peer review status and the review due date.
AB725,91
21Section
91. Chapter Accy 7 (title) of the administrative code is repealed.
AB725,92
22Section
92. Accy 7.01 of the administrative code is repealed.
AB725,93
23Section
93. Accy 7.02 of the administrative code is repealed.
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.