442.03 Licenses required. No person may lawfully practice in this state as a certified public accountant either in the person's own name, or as an employee, or under an assumed name, or as an officer, member or employee of a firm, or as an officer or employee of a corporation a member of a firm, unless the person has been granted by the examining board a certificate as a certified public accountant, and unless the person, firm or corporation, jointly and severally, has and firm have complied with all of the provisions of this chapter, including licensure.
16,3606rp
Section 3606rp. 442.03 (2) of the statutes is repealed.
16,3606rr
Section 3606rr. 442.03 (3) of the statutes is repealed.
16,3606rt
Section 3606rt. 442.04 (3) of the statutes is repealed.
16,3606rv
Section 3606rv. 442.04 (4) (b) of the statutes is repealed.
16,3606rx
Section 3606rx. 442.04 (4) (bm) of the statutes is amended to read:
442.04 (4) (bm) After December 31, 2000, a A person may not take the examination leading to the certificate to practice as a certified public accountant unless the person has completed at least 150 semester hours of education with an accounting concentration at an institution, and has received a bachelor's or higher degree with an accounting concentration from an institution, except as provided in par. (c).
16,3606rz
Section 3606rz. 442.04 (4) (c) of the statutes is amended to read:
442.04 (4) (c) If an applicant has a bachelor's or higher degree from an institution but does not have a resident major in accounting required in par. (b) or an accounting concentration required in par. (bm), the examining board may review such other educational experience from an institution as the applicant presents and, if the examining board determines that such other experience provides the reasonable equivalence of a resident major in accounting required in par. (b) or an accounting concentration required in par. (bm), the examining board shall approve the applicant for examination.
16,3606tb
Section 3606tb. 442.04 (5) of the statutes is amended to read:
442.04 (5) The examining board may not grant a certificate as a certified public accountant to any person other than a person who is 18 years of age or older, does not have an arrest or conviction record, subject to ss. 111.321, 111.322, and 111.335, and, except as provided in s. 442.05, has successfully passed a written
an examination in such subjects affecting accountancy as the examining board considers necessary. If the person applying for the certificate passes the examination during the period beginning on May 17, 1996, and ending on December 31, 2000, the examining board may not grant the certificate unless the applicant has at least 3 years of public accounting experience or its equivalent, the sufficiency of the experience or the equivalency to be judged by the examining board. If the person applying for the certificate passes the examination after December 31, 2000, the The examining board may not grant the certificate unless the applicant has at least 2 years
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 examining board shall ensure that evaluation procedures and examinations are nondiscriminatory, relate directly to accountancy, and are designed to measure only the ability to perform competently as an accountant. The examining board may use the examination service provided by the American Institute of Certified Public Accountants.
16,3606td
Section 3606td. 442.06 of the statutes is repealed.
16,3606tf
Section 3606tf. 442.07 (title) of the statutes is amended to read:
442.07 (title) Requirements for practice as certified public accountant or public accountant.
16,3606th
Section 3606th. 442.07 (1) of the statutes is amended to read:
442.07 (1) Any person who has been issued a certificate of the person's qualifications to practice as a certified public accountant, shall be styled and known as a "certified public accountant" and no other person shall assume to use such title or the abbreviation "C.P.A." or any other word, words, letters, or figures to indicate that the person using the same is a certified public accountant. The terms "chartered accountant" and "certified accountant" and the abbreviation "C.A." are specifically prohibited to such other persons as being prima facie misleading to the public. Any person who has been issued a certificate of authority, as herein provided, shall be styled and known as a "public accountant" and no other person, other than a certified public accountant, shall assume to use such designation or any other word, words, letters or figures to indicate that such person is entitled to practice as a public accountant.
16,3606tj
Section 3606tj. 442.07 (2) of the statutes is repealed.
16,3606tL
Section 3606tL. 442.07 (3) of the statutes is amended to read:
442.07 (3) Any partnership, which
firm that is entitled to practice as certified public accountants in this state or any other state, and every resident member and resident manager of which the firm who is a certified public accountant of this state, after registering the partnership firm name with the examining board, may use the designation "certified public accountants" in connection with the partnership firm name.
Any partnership, every member and resident manager of which is a certified public accountant of this state or any other state or holds a certificate of authority under this chapter, after registering the partnership name with the examining board, may use the designation "public accountants" in connection with the partnership name. An assumed name, in use prior to September 21, 1935, may be used the same as a partnership name, provided the individual persons practicing as principals under that name hold certificates granted by the examining board and register the name with the examining board.
16,3606tn
Section 3606tn. 442.08 of the statutes is repealed and recreated to read:
442.08 Licensure. (1) The department shall issue a license to an individual who holds an unrevoked certificate as a certified public accountant, submits an application for the license on a form provided by the department, and pays the fee specified in s. 440.05 (1).
(2) The department shall issue a license to a firm that submits an application for the license on a form provided by the department, pays the fee specified in s. 440.05 (1), and does each of the following:
(a) Identifies each office of the firm that is located in this state.
(b) If any person who holds an ownership interest in the firm is not licensed under sub. (1), designates an individual licensed under sub. (1) as the individual responsible for the firm's compliance with this chapter.
(c) Demonstrates, to the satisfaction of the department, each of the following:
1. That all attest services provided by the firm in this state are under the charge of an individual licensed under sub. (1).
2. That more than 50% of the ownership interest of the firm is held by individuals who hold certificates or licenses to practice as a certified public accountant issued under the laws of any state or foreign country.
3. That each person who holds an ownership interest in the firm, and who does not hold a certificate or license to practice as a certified public accountant, is an individual who actively participates in the firm or an affiliated entity.
(3) The examining board shall promulgate rules that define "ownership interest" for purposes of sub. (2) and for determining the percentage of a person's ownership interest in a firm. In promulgating the rules, the examining board shall consider the financial interests and voting rights of all members of a firm.
16,3606tp
Section 3606tp. 442.083 of the statutes is created to read:
442.083 Renewal. The renewal dates and renewal fees for licenses issued under this chapter are specified under s. 440.08 (2) (a). The department may not renew a license issued to a firm unless, at the time of renewal, the firm satisfies the requirements under s. 442.08 (2) and demonstrates, to the satisfaction of the department, that the firm has complied with the requirements under s. 442.087.
16,3606tr
Section 3606tr. 442.087 of the statutes is created to read:
442.087 Peer review. (1) Definition. In this section, "peer review" means a process for a person licensed under this chapter to evaluate the professional competency of the members of a firm who are responsible for attest services provided by the firm or who sign or authorize another individual to sign accounting reports or financial statements on behalf of the firm.
(2) Renewal of firm licenses. After January 1, 2005, the department may not renew the license of a firm unless, at least once every 3 years, the firm undergoes the peer review that is specified in the rules promulgated under sub. (3) and that is conducted by a person approved by the examining board under the rules who is not affiliated with the firm or members of the firm undergoing review.
(3) Rules. The examining board shall promulgate rules that describe the peer review required to renew a firm's license under sub. (2). The rules shall include requirements for the examining board to approve one or more persons to conduct the peer reviews. The rules shall also require each person approved by the examining board to conduct peer reviews to periodically report to the examining board on the effectiveness of the peer reviews conducted by the person and to provide the examining board with a listing of all firms that have undergone peer review conducted by the person.
(4) Confidentiality. A person approved by the examining board to conduct peer reviews may not disclose to any person, including the examining board or the department, any information obtained or document produced during the course of or as a result of a review unless the firm undergoing the review consents to the disclosure.
16,3606tt
Section 3606tt. 442.10 (1) of the statutes is amended to read:
442.10 (1) Whenever any person, as a certified public accountant or public accountant, signs or certifies any report, schedule, or statement relative to the affairs of any corporation, association, or partnership in which the person is financially interested or by which the person is regularly engaged as an officer or employee, the signature or certification shall be accompanied by a specific statement setting forth the fact that the person is financially interested in or is an officer or regular employee of the corporation, association, or partnership. If the person is both financially interested and an officer or regular employee, the statement shall cover both financial interest and employment. In the case of a corporation holding a certificate of authority firm signing or certifying as above described in this subsection, the interest of any of its stockholders members shall be disclosed.
16,3606tv
Section 3606tv. 442.10 (2) of the statutes is amended to read:
442.10 (2) Notwithstanding sub. (1), no person licensed under this chapter, and no firm of which the person is a partner or shareholder member, may express an opinion as an independent certified public accountant on financial statements of any enterprise unless the person and the firm are independent of the enterprise. The requirement for independence under this subsection also extends to the spouse of such a person and to other relatives having a financial or business relationship with the enterprise which, in the opinion of the examining board, may impair independence.
16,3606tx
Section 3606tx. 442.11 (1) of the statutes is amended to read:
442.11 (1) Uses any term other than certified public accountant or the abbreviation C. P. A. to indicate that he or she is a certified public accountant with a specially granted title.
16,3606tz
Section 3606tz. 442.11 (2) of the statutes is amended to read:
442.11 (2) While practicing under an assumed name, or as a member of a partnership firm, other than a partnership firm with a name that is registered under s. 442.07 as composed of certified public accountants, or as an officer of a corporation (3), announces, either in writing or by printing, that the assumed name, partnership or corporation or firm is practicing as a certified public accountant.
16,3606vb
Section 3606vb. 442.11 (3) of the statutes is repealed.
16,3606vd
Section 3606vd. 442.11 (4) of the statutes is repealed.
16,3606vf
Section 3606vf. 442.11 (6) of the statutes is repealed.
16,3606vh
Section 3606vh. 442.11 (7) of the statutes is amended to read:
442.11 (7) Practices as a certified public accountant or as a public accountant after his or her certificate has been revoked.
16,3606vj
Section 3606vj. 442.11 (8) of the statutes is amended to read:
442.11 (8) As an individual, member of a partnership or officer or director of a corporation or member of a firm, practices or permits the partnership or corporation
firm to practice as a certified public accountant or as a public accountant unless a license has been secured for the current licensure period.
16,3606vL
Section 3606vL. 442.11 (9) of the statutes is amended to read:
442.11 (9) Sells, buys, gives, or obtains an alleged certificate as a certified public accountant, a certificate of authority or a license in any manner other than that provided for by this chapter.
16,3606vn
Section 3606vn. 442.11 (10) of the statutes is amended to read:
442.11 (10) Attempts to practice as a certified public accountant or as a public accountant under the guise of a certificate not granted by the examining board or under cover of a certificate obtained illegally or fraudulently.
16,3606vp
Section 3606vp. 442.11 (12) of the statutes is amended to read:
442.11 (12) Attempts by any subterfuge to evade the provisions of this chapter while practicing as a certified public accountant.
16,3606vr
Section 3606vr. 442.11 (13) of the statutes is amended to read:
442.11 (13) As an individual, a member of a partnership or an officer of a corporation or member of a firm, permits to be announced by printed or written statement that any report, certificate, exhibit, schedule, or statement has been prepared by or under supervision of a certified public accountant or by or under supervision of a public accountant when the person who prepared the report, certificate, exhibit, schedule, or statement was not a certified public accountant or public accountant.
16,3606vt
Section 3606vt. 442.12 (intro.) of the statutes is amended to read:
442.12 Disciplinary action. (intro.) Subject to the rules promulgated under s. 440.03 (1), the examining board may do any of the following:
16,3606vv
Section 3606vv. 442.12 (3) of the statutes is amended to read:
442.12 (3) In the case of a corporation or a partnership firm, revoke, limit, or suspend the license of the partnership or corporation firm, or reprimand it, if it is found that any officer, director or member of the firm has been guilty of such act or omission as would be cause for revoking, limiting, or suspending a certificate or license to the person as an individual or for reprimanding the person.
16,3606vx
Section 3606vx. 442.13 of the statutes is amended to read:
442.13 Ownership of accountant's working papers. All statements, records, schedules, working papers, and memoranda made by a certified public accountant or public accountant incident to or in the course of professional service to clients by such
a certified public accountant, except reports submitted by a certified public accountant or public accountant to a client, shall be and remain the property of such the certified public accountant, in the absence of an express agreement between such the certified public accountant and the client to the contrary. No such statement, record, schedule, working paper, or memorandum shall be sold, transferred, or bequeathed, without the consent of the client or the client's personal representative or assignee, to anyone other than one or more surviving partners or new or successor partners of such any member of the firm of the certified public accountant.
16,3606vz
Section 3606vz. 442.14 of the statutes is repealed.
16,3607
Section 3607. 445.125 (1) (a) 2. of the statutes is amended to read:
445.125 (1) (a) 2. Notwithstanding s. 701.12 (1), such agreements may be made irrevocable as to the first $2,500 $3,000 of the funds paid under the agreement by each depositor.
16,3608bc
Section 3608bc. 447.04 (1) (b) of the statutes is amended to read:
447.04 (1) (b) The Except as provided in par. (c), the examining board may grant a license to practice dentistry to an individual who is licensed in good standing to practice dentistry in another state or territory of the United States or in another country if the applicant meets the requirements for licensure established by the examining board by rule and upon presentation of the license and payment of the fee specified under s. 440.05 (2).
16,3608be
Section 3608be. 447.04 (1) (c) of the statutes is created to read:
447.04 (1) (c) 1. The examining board shall grant a license to practice dentistry to an applicant who is licensed in good standing to practice dentistry in another jurisdiction upon presentation of the license and who does all of the following:
a. Pays the fee specified in s. 440.05 (2).
b. Submits evidence satisfactory to the examining board that the applicant has been offered employment as a full-time faculty member at a school of dentistry in this state.
c. Makes responses during any interview that the examining board may require that demonstrate, to the satisfaction of the examining board, that the applicant is competent to practice dentistry.
2. A license granted under subd. 1. authorizes the license holder to practice dentistry only within educational facilities and only for the purpose of carrying out the license holder's teaching duties.
3. A license granted under subd. 1. is no longer in effect if the license holder ceases to be employed as a full-time faculty member at a school of dentistry in this state.
4. The examining board may promulgate rules to carry out the purposes of this paragraph.
16,3608bf
Section 3608bf. 447.34 (2) of the statutes is amended to read:
447.34 (2) Legal counsel, certified public accountants licensed under ch. 442, or other persons as to matters the director or officer believes in good faith are within the person's professional or expert competence.
16,3608bh
Section 3608bh. 450.03 (1) (f) of the statutes is created to read:
450.03 (1) (f) A person who has successfully completed his or her second year in, and is enrolled at, an accredited school of pharmacy and whose practice of pharmacy is limited to performing duties under the direct supervision of a person licensed as a pharmacist by the board.
16,3608bi
Section 3608bi. 450.03 (1) (g) of the statutes is created to read:
450.03 (1) (g) A person who has applied for a license under s. 450.05 whose practice of pharmacy is limited to performing duties under the direct supervision of a person licensed as a pharmacist by the board and during the period before which the board takes final action on the person's application.
16,3608bk
Section 3608bk. 450.04 (3) (b) of the statutes is amended to read:
450.04 (3) (b) Has completed an internship in the practice of pharmacy under s. 450.045 or has practical experience acquired in another state which is comparable to that included in the an internship and which is approved and verified by the board or by the agency which is the equivalent of the board in the state in which the practical experience was acquired.
16,3608bL
Section 3608bL. 450.045 of the statutes is repealed.
16,3608cg
Section 3608cg. 452.01 (3p) of the statutes is created to read:
452.01 (3p) "Closing agent" means any person who coordinates the closing of a conveyance of real estate by ensuring that title to the real estate is transferred to the buyer and that the purchase price is transferred to the seller, except that "closing agent" does not include any of the following:
