210,13
Section
13. 227.265 of the statutes is created to read:
227.265 Repeal or modification of rules. If a bill to repeal or modify a rule is enacted, the procedures under ss. 227.114 to 227.21 and 227.26 do not apply. Instead, the legislative reference bureau shall publish the repeal or modification in the Wisconsin administrative code and register as required under s. 35.93, and the repeal or modification shall take effect as provided in s. 227.22.
210,14
Section
14. 227.27 (2) of the statutes is amended to read:
227.27 (2) The code shall be prima facie evidence in all courts and proceedings as provided by s. 889.01, but this does not preclude reference to or, in case of a discrepancy, control over a rule filed with the legislative reference bureau or the secretary of state under s. 227.20 or modified under s. 227.265, and the certified copy of a rule shall also and in the same degree be prima facie evidence in all courts and proceedings.
210,15
Section
15. 442.01 (2) of the statutes is amended to read:
442.01 (2) No The examining board may not adopt a standard or rule relating to professional conduct or unethical practice may be adopted until the examining board has held a public hearing with reference thereto, subject to the rules promulgated under s. 440.03 (1). No Except for a rule modified under s. 227.265, no rule or standard shall become effective until 60 days after its adoption by the examining board. Any person who has appeared at the public hearing and filed written protest against any a proposed standard or rule may, upon the adoption of such standard or rule by the examining board, obtain a review thereof under ch. 227. Thereafter every person practicing as a certified public accountant in the state shall be governed and controlled by the rules and standards prescribed by the examining board, including any modifications under s. 227.265.
442.04 (5) (b) 4. Except as provided in s. 442.05, the person has successfully passed an examination in such subjects affecting accountancy as the examining board considers necessary. A person is not eligible to take the examination under this subdivision unless the person has completed at least 120 semester hours under subd. 3.
210,16
Section
16. Accy 1.003 (1) of the administrative code is amended to read:
Accy 1.003 (1) "Attest service" means any of the following, if performed or intended to be performed in accordance with the statements incorporated under s. Accy 1.205:
(a) An audit or any other engagement that is performed or intended to be performed in accordance with the statements incorporated by reference in s. Accy 1.205 (1).
(b) A review or compilation of a financial statement that is performed or intended to be performed in accordance with the statements incorporated by reference in s. Accy 1.205 (2).
(c) An examination of prospective financial information that is performed or intended to be performed in accordance with the statements incorporated by reference in s. Accy 1.205 (3).
210,17
Section
17. Accy 1.101 of the administrative code is amended to read:
Accy 1.101 Independence standards. The following independence standards of the accounting profession are adopted by reference and shall be used by certified public accountants in Wisconsin:
The Code of Professional Conduct ET Section 101, including Sections ET 101.01 through ET 101.16 101.19, available on the Internet at http://www.aicpa.org/about/code/et101.htm#101-1 http://www.aicpa.org/Research/Standards/CodeofConduct/Pages/sec100.aspx, as of January 31, 2013, and published by the American Institute of Certified Public Accountants in print form as AICPA Professional Standards Volume 2 3, as of June 1, 2002 January 31, 2013. The printed volume is available at:
American Institute of Certified Public Accountants
1455 Pennsylvania Ave., NW 1211 Avenue of the Americas
Washington, DC 20004-1081 New York, NY 10036-8775
Note: Definitions of terms used in the independence standards, ET Section 101, are included in ET Section 92 of the Code of Professional Conduct published by the American Institute of Certified Public Accountants and available at on the Internet site http://www.aicpa.org/about/code/def92.htm at http://www.aicpa.org/Research/Standards/CodeofConduct/Pages/et_92.aspx and in the same printed volume as ET Section 101. Copies of the Standards described above are on file in the offices of the Accounting Examining Board and the Legislative Reference Bureau.
210,18
Section
18. Accy 1.205 (intro.), (1), (2) and (3) of the administrative code are consolidated, renumbered Accy 1.205 and amended to read:
Accy 1.205 Standards for auditing, accounting and review services, and attestation engagements. The following standards of the accounting and auditing profession shall be used by that certified public accountants in Wisconsin: (1) The
shall use are (1) the Statements on Auditing Standards issued as of June 1, 2003 by the Auditing Standards Board of the American Institute of Certified Public Accountants and published as AICPA Professional Standards, volume 1 by the American Institute of Certified Public Accountants, Inc., New York, New York are incorporated by reference into this section. (2) The, the Statements on Standards for Accounting and Review Services issued as of June 1, 2003 by the Accounting and Review Services Committee of the American Institute of Certified Public Accountants and published as AICPA Professional Standards, volume 2 by the American Institute of Certified Public Accountants, Inc., New York, New York are incorporated by reference into this section. (3) The, and the Statements on Standards for Attestation Engagements issued as of June 1, 2003, by the Auditing Standards Board, the Accounting and Review Services Committee, and the Consulting Services Executive Committee of the American Institute of Certified Public Accountants and, published as AICPA Professional Standards, volume 2 by the American Institute of Certified Public Accountants, Inc., New York, New York is; and (2) the auditing standards of the Public Company Accounting Oversight Board. All of those Statements and Standards are incorporated by reference into this section.
Note: Copies of the Statements described above may be purchased from the American Institute of Certified Public Accountants, 1211 Avenue of the Americas, New York, NY 10036-8775.
Note: Copies of the Statements described above are on file in the offices of the Accounting Examining Board and the Legislative Reference Bureau.
210,18m
Section 18m. Accy 9.01 (2) of the administrative code is amended to read:
Accy 9.01 (2) "Engagement review" means to review read the financial statements and other information submitted by the reviewed firm or required under applicable professional standards, and the accountant's report on those statements and that information, of a firm that performs at its highest level of service only services under SSARS or services under the SSAE not included in a system review. An engagement review is usually performed at a location other than the reviewed firm's office. In The objective of an engagement review, the reviewers are required to review the financial statements and accompanying accountant's report for compliance with professional standards, and is to determine whether the firm's working paper documentation conforms engagements submitted for review conform to the requirements of the SSARS and SSAES that are applicable to these engagements applicable professional standards in all material respects.
210,19
Section
19. Accy 9.01 (4) of the administrative code is repealed.
210,19c
Section 19c. Accy 9.01 (5) of the administrative code is amended to read:
Accy 9.01 (5) "SAS" means statements the Statements on auditing standards Auditing Standards issued by the auditing standards board of the American Institute of Certified Public Accountants.
210,19g
Section 19g. Accy 9.01 (6) of the administrative code is amended to read:
Accy 9.01 (6) "SSAE" means the statements Statements on standards Standards for attestation engagements Attestation Engagements issued by the auditing standards board, the accounting and review services committee, and the consulting services executive committee of the American Institute of Certified Public Accountants.
210,19n
Section 19n. Accy 9.01 (7) of the administrative code is amended to read:
Accy 9.01 (7) "SSARS" means the statements Statements on standards Standards for accounting Accounting and review services Review Services issued by the accounting and review services committee of the American Institute of Certified Public Accountants.
210,19r
Section 19r. Accy 9.01 (8) (intro.) of the administrative code is renumbered Accy 9.01 (8) and amended to read:
Accy 9.01 (8) "System review" means to review a firm that, at the firm's highest level of service, performs engagements under the SAS or the Government Auditing Standards (Yellow Book), examinations of prospective financial statements under the SSAE. System reviews are usually performed at the reviewed firm's office, or audits of non-SEC issuers pursuant to the standards of the Public Company Accounting Oversight Board. A system review is intended to provide the reviewer with a reasonable basis for expressing both of the following opinions during the period under review: includes determining whether the firm's system of quality control for its accounting and auditing practice is designed and enforced 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.
210,19w
Section 19w. Accy 9.01 (8) (a) and (b) of the administrative code are repealed.
210,20
Section
20. Accy 9.06 of the administrative code is amended to read:
Accy 9.06 Conducting a peer review. In conducting a peer review, a board-approved peer review program shall comply with requirements for performing system reviews, engagement reviews, and report any other reviews established under the "Standards for Performing and Reporting on Peer Reviews" issued by the American Institute of Certified Public Accountants, effective January 1, 2001, specifically identified in paragraphs 25 - 71, and reproduced in Appendix A to this chapter available on the Internet at http://www.aicpa.org/Research/Standards/PeerReview/DownloadableDocuments/PeerReviewStandards.pdf.
Note: Paragraphs 25-71 of these standards are included as Appendix A to this chapter and are also available from the Internet at http://www.aicpa.org/members/div/practmon/stdstitledl.htm
210,21
Section
21. Accy 9 Appendix A of the administrative code is repealed.
210,22
Section
22.
Effective dates. This act takes effect on the day after publication, except as follows:
(1) The treatment of section 35.93 (2) (b) 4. and (c) 1. and (3) (e) (intro.) and 1. of the statutes takes effect on January 1, 2015.
