AB345-ASA1,9,1614 185.363 (2) Legal counsel, certified public accountants licensed or certified
15under ch. 442,
or other persons as to matters the director or officer believes in good
16faith are within the person's professional or expert competence.
AB345-ASA1, s. 26 17Section 26. 186.094 (2) of the statutes is amended to read:
AB345-ASA1,9,2018 186.094 (2) Legal counsel, certified public accountants licensed or certified
19under ch. 442,
or other persons as to matters the director or officer believes in good
20faith are within the person's professional or expert competence.
AB345-ASA1, s. 27 21Section 27. 186.15 (1) of the statutes is amended to read:
AB345-ASA1,9,2522 186.15 (1) Annual audit. Except as provided in sub. (2), the board of directors
23shall hire a licensed certified public accountant licensed or certified under ch. 442 or
24other qualified person to conduct a comprehensive annual audit of the records,
25accounts and affairs of the credit union.
AB345-ASA1, s. 28
1Section 28. 187.31 (2) of the statutes is amended to read:
AB345-ASA1,10,52 187.31 (2) Legal counsel, certified public accountants licensed or certified
3under ch. 442,
or other professional persons or experts employed by the incorporated
4Roman Catholic church, as to matters the director or officer believes in good faith are
5within the person's professional or expert competence.
AB345-ASA1, s. 29 6Section 29. 187.41 (2) of the statutes is amended to read:
AB345-ASA1,10,107 187.41 (2) Legal counsel, certified public accountants licensed or certified
8under ch. 442,
or other professional persons or experts employed by the religious
9organization, as to matters the director or officer believes in good faith are within the
10person's professional or expert competence.
AB345-ASA1, s. 30 11Section 30. 198.167 of the statutes is amended to read:
AB345-ASA1,11,6 12198.167 Certified public accountant; annual report. The directors of the
13district shall employ annually the commission or a certified public accountant
14licensed or certified under ch. 442 approved by said commission who shall be
15qualified to, and who shall with all due diligence, examine and report upon the
16system of accounts kept by the district, all the contracts of whatsoever kind made and
17entered into by the board of directors within the year immediately preceding, and the
18properties and investments of the district. Said The certified public accountant shall
19in the report make such recommendations and suggestions as to the certified public
20accountant shall seem proper and required for the good of the district, and the
21efficient and economical or advantageous management and operation of the public
22utility or utilities of the district; and the certified public accountant shall in the
23report make such recommendations and suggestions as to the system of accounts
24kept, or in the certified public accountant's judgment to be kept, by the district, in
25connection with each public utility, the classification of the public utilities of the

1district and the establishment of a system of accounts for each class, the manner in
2which such accounts shall be kept, the form of accounts, records, and memoranda
3kept or to be kept, including accounts, records, and memoranda of receipts and
4expenditures of money, and depreciation and sinking fund accounts, as in the
5certified public accountant's judgment may be proper and necessary, and shall not
6conflict with the requirements of the commission.
AB345-ASA1, s. 31 7Section 31. 214.76 (2) and (4) of the statutes are amended to read:
AB345-ASA1,11,168 214.76 (2) The certified public accountant shall deliver the audit report to a
9committee composed of 3 or more members of the board of directors, none of whom
10may be an officer, employee or agent of the savings bank. The committee shall
11present the nature, extent and conclusions of the report at the next meeting of the
12board of directors. A written summary of the committee's presentation, together
13with a copy of the audit report and a list of all criticisms made by the certified public
14accountant conducting the audit and any response of any member of the board of
15directors or any officer of the savings bank, shall be personally served or sent by
16certified mail to all members of the board of directors.
AB345-ASA1,11,23 17(4) The audit report filed with the division shall be certified by the certified
18public
accountant conducting the audit. If a savings bank fails to cause an audit to
19be made, the division shall order an audit to be made by an independent certified
20public accountant at the savings bank's expense. Instead of the audit required under
21sub. (1), the division may accept an audit or portion of an audit made exclusively for
22a deposit insurance corporation or for a financial regulator of another state if the
23home office of the savings bank is located in that state.
AB345-ASA1, s. 32 24Section 32. 215.523 (2) of the statutes is amended to read:
AB345-ASA1,12,3
1215.523 (2) Legal counsel, certified public accountants licensed or certified
2under ch. 442,
or other persons as to matters the director or officer believes in good
3faith are within the person's professional or expert competence.
AB345-ASA1, s. 33 4Section 33. 217.08 (2) of the statutes is amended to read:
AB345-ASA1,12,245 217.08 (2) Annual license fee; additions and deletions of locations. Each
6licensee shall file with the division on or before December 1 of each year a statement
7listing the locations of the offices of the licensee and the names and locations of the
8agents authorized by the licensee. Every licensee shall also on or before December
91 of each year file a financial statement of its assets and liabilities as of a date not
10earlier than the preceding August 31 or, if the licensee is audited annually by an
11independent certified public accountant licensed or certified under ch. 442 at the end
12of each fiscal year, the licensee may submit financial statements certified by said the
13certified public
accountant for the licensee's latest fiscal year. Such statement shall
14be accompanied by the annual licensee fee for the calendar year beginning the
15following January 1 in an amount determined under s. 217.05. The amount of the
16surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect
17the number of such locations. Licensees which do not pay the maximum license fee
18under s. 217.05 and which do not maintain a bond or deposit of securities in the
19maximum sum of $300,000 as provided in s. 217.06 shall also file a supplemental
20statement setting forth any changes in the list of offices and agents with the division
21on or before April 1, July 1 and October 1 of each year, and the principal sum of the
22corporate surety bond or deposit of securities required by s. 217.06 shall be adjusted
23to reflect any increase or decrease in the number of such locations. Any additional
24license fees which may become due under s. 217.05 shall be paid to the division.
AB345-ASA1, s. 34 25Section 34. 221.0616 (2) of the statutes is amended to read:
AB345-ASA1,13,3
1221.0616 (2) Experts. Legal counsel, certified public accountants licensed or
2certified under ch. 442,
or other persons as to matters that the director or officer
3believes in good faith are within the person's professional or expert competence.
AB345-ASA1, s. 35 4Section 35. 440.05 (intro.) of the statutes is amended to read:
AB345-ASA1,13,7 5440.05 Standard fees. (intro.) The following standard fees apply to all initial
6credentials, except as provided in ss. 440.42, 440.43, 440.44, 440.51, 442.06, 444.03,
7444.05, 444.11, 447.04 (2) (c) 2., 449.17, 449.18 and 459.46:
AB345-ASA1, s. 36 8Section 36. 440.08 (2) (a) (intro.) of the statutes is amended to read:
AB345-ASA1,13,119 440.08 (2) (a) (intro.) Except as provided in par. (b) and in ss. 440.51, 442.04,
10442.06, 444.03, 444.05, 444.11, 448.065, 447.04 (2) (c) 2., 449.17, 449.18 and 459.46,
11the renewal dates and renewal fees for credentials are as follows:
AB345-ASA1, s. 37 12Section 37. 440.08 (2) (a) 2. of the statutes is repealed.
AB345-ASA1, s. 38 13Section 38. 442.001 of the statutes is renumbered 442.001 (intro.) and
14amended to read:
AB345-ASA1,13,15 15442.001 Definition Definitions. (intro.) In this chapter, "examining:
AB345-ASA1,13,16 16(3) "Examining board" means the accounting examining board.
AB345-ASA1, s. 39 17Section 39. 442.001 (1) of the statutes is created to read:
AB345-ASA1,13,1818 442.001 (1) "Attest service" means any of the following:
AB345-ASA1,13,2019 (a) An audit or any other engagement that is performed or intended to be
20performed in accordance with rules promulgated under s. 442.01 (1) (a).
AB345-ASA1,13,2221 (b) A review of a financial statement that is performed or intended to be
22performed in accordance with rules promulgated under s. 442.01 (1) (b).
AB345-ASA1,13,2523 (c) An examination of prospective financial information that is performed or
24intended to be performed in accordance with rules promulgated under s. 442.01 (1)
25(c).
AB345-ASA1, s. 40
1Section 40. 442.001 (4) of the statutes is created to read:
AB345-ASA1,14,32 442.001 (4) "Firm" means a proprietorship, partnership, limited liability
3partnership, corporation, service corporation, or limited liability company.
AB345-ASA1, s. 41 4Section 41. 442.001 (5) of the statutes is created to read:
AB345-ASA1,14,65 442.001 (5) "Member of a firm" means a director, manager, employee, officer,
6owner, shareholder, principal, or partner of a firm.
AB345-ASA1, s. 42 7Section 42. 442.01 (1) of the statutes is created to read:
AB345-ASA1,14,98 442.01 (1) The examining board shall promulgate rules that adopt by reference
9all of the following:
AB345-ASA1,14,1110 (a) The statements on auditing standards issued by the Auditing Standards
11Board of the American Institute of Certified Public Accountants.
AB345-ASA1,14,1412 (b) The statements on standards for accounting and review services issued by
13the Accounting and Review Services Committee of the American Institute of
14Certified Public Accountants.
AB345-ASA1,14,1815 (c) The statements on standards for attestation engagements issued by the
16Auditing Standards Board, the Accounting and Review Services Committee, and the
17Consulting Services Executive Committee of the American Institute of Certified
18Public Accountants.
AB345-ASA1, s. 43 19Section 43. 442.01 (2) of the statutes is amended to read:
AB345-ASA1,15,320 442.01 (2) No standard or rule relating to professional conduct or unethical
21practice may be adopted until the examining board has held a public hearing with
22reference thereto, subject to the rules promulgated under s. 440.03 (1). No rule or
23standard shall become effective until 60 days after its adoption by the examining
24board. Any person who has appeared at the public hearing and filed written protest
25against any proposed standard or rule may, upon the adoption of such standard or

1rule, obtain a review thereof under ch. 227. Thereafter every person practicing as
2a certified public accountant in the state shall be governed and controlled by the rules
3and standards prescribed by the examining board.
AB345-ASA1, s. 44 4Section 44. 442.01 (3) of the statutes is amended to read:
AB345-ASA1,15,55 442.01 (3) The examining board shall record its proceedings.
AB345-ASA1, s. 45 6Section 45. 442.02 (title) of the statutes is amended to read:
AB345-ASA1,15,7 7442.02 (title) Public Certified public accountant, definition.
AB345-ASA1, s. 46 8Section 46. 442.02 (1m) (intro.) of the statutes is amended to read:
AB345-ASA1,15,119 442.02 (1m) (intro.) A person shall be considered to be in practice as a certified
10public accountant, within the meaning and intent of this chapter, if any of the
11following conditions is met:
AB345-ASA1, s. 47 12Section 47. 442.02 (1m) (a) of the statutes is amended to read:
AB345-ASA1,15,1613 442.02 (1m) (a) The person holds himself or herself out to the public in any
14manner as one skilled in the knowledge, science, and practice of accounting, and as
15qualified and ready to render professional service therein as a certified public
16accountant for compensation.
AB345-ASA1, s. 48 17Section 48. 442.02 (1m) (b) of the statutes is amended to read:
AB345-ASA1,15,2118 442.02 (1m) (b) The person maintains an office for the transaction of business
19as a certified public accountant or, except as an employee of a certified public
20accountant, practices accounting, as distinguished from bookkeeping, for more than
21one employer.
AB345-ASA1, s. 49 22Section 49. 442.02 (1m) (dm) of the statutes is created to read:
AB345-ASA1,15,2323 442.02 (1m) (dm) The person provides or offers to provide an attest service.
AB345-ASA1, s. 50 24Section 50. 442.02 (5m) of the statutes is amended to read:
AB345-ASA1,16,6
1442.02 (5m) Subsection (1m) (f) does not prohibit any officer, employee,
2partner, or principal of any organization from affixing his or her signature to any
3statement or report in reference to the affairs of that organization with any wording
4designating the position, title, or office that he or she holds in that organization and
5does not prohibit any act of a public official or public employee in the performance
6of his or her duties
.
AB345-ASA1, s. 51 7Section 51. 442.02 (6) of the statutes is amended to read:
AB345-ASA1,16,118 442.02 (6) Every member of a partnership and every officer and director of a
9corporation
firm who, in the capacity of partner, officer or director as a member of the
10firm
, does any of the things enumerated in sub. (1m) (a) to (f), shall be considered to
11be in practice as a certified public accountant.
AB345-ASA1, s. 52 12Section 52. 442.02 (7) of the statutes is renumbered 442.025 (1) and amended
13to read:
AB345-ASA1,16,1814 442.025 (1) (intro.) Nothing contained in this chapter shall prevent the
15employment
Persons employed by a certified public accountant, or by a public
16accountant,
or by a firm or corporation furnishing public accounting services as
17principal, of persons
licensed under this chapter to serve as accountants in various
18capacities, as needed, if all of the following conditions are met:
AB345-ASA1,16,2119 (a) The employees serving as accountants work under the control and
20supervision of certified public accountants, or accountants with certificates of
21authority granted under s. 442.06
.
AB345-ASA1,16,2422 (b) Those The employees serving as accountants shall do not issue any
23statements or reports over their own names except office reports to their employer
24that are customary.
AB345-ASA1,17,2
1(c) The employees serving as accountants are not in any manner held out to the
2public as certified public accountants as described in this chapter.
AB345-ASA1, s. 53 3Section 53. 442.02 (8) of the statutes is renumbered 442.025 (2) and amended
4to read:
AB345-ASA1,17,75 442.025 (2) Nothing contained in this chapter shall apply to a A practicing
6attorney, who, in connection with his or her professional work renders any
7accounting service.
AB345-ASA1, s. 54 8Section 54. 442.02 (9) of the statutes is renumbered 442.025 (3) and amended
9to read:
AB345-ASA1,17,1310 442.025 (3) (intro.) Nothing contained in this chapter shall apply to any
11persons who may be
A person employed by more than one person, partnership or
12corporation,
for the purpose of keeping books, making trial balances , or statements,
13and preparing audits or reports, if all of the following requirements are met:
AB345-ASA1,17,1514 (a) The audits or reports described in this subsection are not used or issued by
15the employers as having been prepared by a certified public accountant.
AB345-ASA1,17,1816 (b) The persons employed as described in this subsection do not do any of the
17things enumerated in sub. s. 442.02 (1m) (f) without complying with sub. except as
18authorized under s. 442.02
(5m).
AB345-ASA1, s. 55 19Section 55. 442.02 (10) of the statutes is renumbered 442.025 (4) and amended
20to read:
AB345-ASA1,17,2421 442.025 (4) Nothing contained in this chapter shall apply to The holders of
22state-granted certified public accountant certificates from other states who may be
23temporarily in this state on professional business incident to their regular practice
24in the states of their domicile, but with neither residence nor office in this state.
AB345-ASA1, s. 56 25Section 56. 442.025 of the statutes is created to read:
AB345-ASA1,18,2
1442.025 Applicability. This chapter does not require a certificate or license
2under this chapter for any of the following:
AB345-ASA1,18,3 3(5) A public official or public employee in performing his or her duties.
AB345-ASA1,18,6 4(6) A person who performs services involving the use of accounting skills,
5including management advisory services, the preparation of tax returns, and the
6preparation of financial statements without issuing reports on the statements.
AB345-ASA1,18,10 7(7) A person who prepares financial statements and issues information thereon
8that does not purport to be in compliance with the statement on standards for
9accounting and review services issued by the American Institute of Certified Public
10Accountants.
AB345-ASA1, s. 57 11Section 57. 442.03 (1) of the statutes is renumbered 442.03 and amended to
12read:
AB345-ASA1,18,1913 442.03 Licenses required. No person may lawfully practice in this state as
14a certified public accountant either in the person's own name, or as an employee, or
15under an assumed name, or as an officer, member or employee of a firm, or as an
16officer or employee of a corporation
a member of a firm, unless the person has been
17granted by the examining board a certificate as a certified public accountant, and
18unless the person, firm or corporation, jointly and severally, has and firm have
19complied with all of the provisions of this chapter, including licensure.
AB345-ASA1, s. 58 20Section 58. 442.03 (2) of the statutes is repealed.
AB345-ASA1, s. 59 21Section 59. 442.03 (3) of the statutes is repealed.
AB345-ASA1, s. 60 22Section 60. 442.04 (3) of the statutes is repealed.
AB345-ASA1, s. 61 23Section 61. 442.04 (4) (b) of the statutes is repealed.
AB345-ASA1, s. 62 24Section 62. 442.04 (4) (bm) of the statutes is amended to read:
AB345-ASA1,19,6
1442.04 (4) (bm) After December 31, 2000, a A person may not take the
2examination leading to the certificate to practice as a certified public accountant
3unless the person has completed at least 150 semester hours of education with an
4accounting concentration at an institution, and has received a bachelor's or higher
5degree with an accounting concentration from an institution, except as provided in
6par. (c).
AB345-ASA1, s. 63 7Section 63. 442.04 (4) (c) of the statutes is amended to read:
AB345-ASA1,19,158 442.04 (4) (c) If an applicant has a bachelor's or higher degree from an
9institution but does not have a resident major in accounting required in par. (b) or
10an accounting concentration required in par. (bm), the examining board may review
11such other educational experience from an institution as the applicant presents and,
12if the examining board determines that such other experience provides the
13reasonable equivalence of a resident major in accounting required in par. (b) or an
14accounting concentration required in par. (bm), the examining board shall approve
15the applicant for examination.
AB345-ASA1, s. 64 16Section 64. 442.04 (5) of the statutes is amended to read:
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