AB345-ASA1, s. 67 14Section 67. 442.07 (1) of the statutes is amended to read:
AB345-ASA1,21,215 442.07 (1) Any person who has been issued a certificate of the person's
16qualifications to practice as a certified public accountant, shall be styled and known
17as a "certified public accountant" and no other person shall assume to use such title
18or the abbreviation "C.P.A." or any other word, words, letters , or figures to indicate
19that the person using the same is a certified public accountant. The terms "chartered
20accountant" and "certified accountant" and the abbreviation "C.A." are specifically
21prohibited to such other persons as being prima facie misleading to the public. Any
22person who has been issued a certificate of authority, as herein provided, shall be
23styled and known as a "public accountant" and no other person, other than a certified
24public accountant, shall assume to use such designation or any other word, words,

1letters or figures to indicate that such person is entitled to practice as a public
2accountant.
AB345-ASA1, s. 68 3Section 68. 442.07 (2) of the statutes is repealed.
AB345-ASA1, s. 69 4Section 69. 442.07 (3) of the statutes is amended to read:
AB345-ASA1,21,175 442.07 (3) Any partnership, which firm that is entitled to practice as certified
6public accountants in this state or any other state, and every resident member and
7resident manager
of which the firm who is a certified public accountant of this state,
8after registering the partnership firm name with the examining board, may use the
9designation "certified public accountants" in connection with the partnership firm
10name. Any partnership, every member and resident manager of which is a certified
11public accountant of this state or any other state or holds a certificate of authority
12under this chapter, after registering the partnership name with the examining
13board, may use the designation "public accountants" in connection with the
14partnership name. An assumed name, in use prior to September 21, 1935, may be
15used the same as a partnership name, provided the individual persons practicing as
16principals under that name hold certificates granted by the examining board and
17register the name with the examining board.
AB345-ASA1, s. 70 18Section 70. 442.08 of the statutes is repealed and recreated to read:
AB345-ASA1,21,22 19442.08 Licensure. (1) The department shall issue a license to an individual
20who holds an unrevoked certificate as a certified public accountant, submits an
21application for the license on a form provided by the department, and pays the fee
22specified in s. 440.05 (1).
AB345-ASA1,21,25 23(2) The department shall issue a license to a firm that submits an application
24for the license on a form provided by the department, pays the fee specified in s.
25440.05 (1), and does each of the following:
AB345-ASA1,22,1
1(a) Identifies each office of the firm that is located in this state.
AB345-ASA1,22,42 (b) If any person who holds an ownership interest in the firm is not licensed
3under sub. (1), designates an individual licensed under sub. (1) as the individual
4responsible for the firm's compliance with this chapter.
AB345-ASA1,22,55 (c) Demonstrates, to the satisfaction of the department, each of the following:
AB345-ASA1,22,76 1. That all attest services provided by the firm in this state are under the charge
7of an individual licensed under sub. (1).
AB345-ASA1,22,108 2. That more than 50% of the ownership interest of the firm is held by
9individuals who hold certificates or licenses to practice as a certified public
10accountant issued under the laws of any state or foreign country.
AB345-ASA1,22,1311 3. That each person who holds an ownership interest in the firm, and who does
12not hold a certificate or license to practice as a certified public accountant, is an
13individual who actively participates in the firm or an affiliated entity.
AB345-ASA1,22,17 14(3) The examining board shall promulgate rules that define "ownership
15interest" for purposes of sub. (2) and for determining the percentage of a person's
16ownership interest in a firm. In promulgating the rules, the examining board shall
17consider the financial interests and voting rights of all members of a firm.
AB345-ASA1, s. 71 18Section 71. 442.083 of the statutes is created to read:
AB345-ASA1,22,23 19442.083 Renewal. The renewal dates and renewal fees for licenses issued
20under this chapter are specified under s. 440.08 (2) (a). The department may not
21renew a license issued to a firm unless, at the time of renewal, the firm satisfies the
22requirements under s. 442.08 (2) and demonstrates, to the satisfaction of the
23department, that the firm has complied with the requirements under s. 442.087.
AB345-ASA1, s. 72 24Section 72. 442.087 of the statutes is created to read:
AB345-ASA1,23,5
1442.087 Peer review. (1) Definition. In this section, "peer review" means
2a process for a person licensed under this chapter to evaluate the professional
3competency of the members of a firm who are responsible for attest services provided
4by the firm or who sign or authorize another individual to sign accounting reports
5or financial statements on behalf of the firm.
AB345-ASA1,23,10 6(2) Renewal of firm licenses. After January 1, 2005, the department may not
7renew the license of a firm unless, at least once every 3 years, the firm undergoes the
8peer review that is specified in the rules promulgated under sub. (3) and that is
9conducted by a person approved by the examining board under the rules who is not
10affiliated with the firm or members of the firm undergoing review.
AB345-ASA1,23,18 11(3) Rules. The examining board shall promulgate rules that describe the peer
12review required to renew a firm's license under sub. (2). The rules shall include
13requirements for the examining board to approve one or more persons to conduct the
14peer reviews. The rules shall also require each person approved by the examining
15board to conduct peer reviews to periodically report to the examining board on the
16effectiveness of the peer reviews conducted by the person and to provide the
17examining board with a listing of all firms that have undergone peer review
18conducted by the person.
AB345-ASA1,23,23 19(4) Confidentiality. A person approved by the examining board to conduct
20peer reviews may not disclose to any person, including the examining board or the
21department, any information obtained or document produced during the course of or
22as a result of a review unless the firm undergoing the review consents to the
23disclosure.
AB345-ASA1, s. 73 24Section 73. 442.10 (1) of the statutes is amended to read:
AB345-ASA1,24,11
1442.10 (1) Whenever any person, as a certified public accountant or public
2accountant
, signs or certifies any report, schedule, or statement relative to the affairs
3of any corporation, association, or partnership in which the person is financially
4interested or by which the person is regularly engaged as an officer or employee, the
5signature or certification shall be accompanied by a specific statement setting forth
6the fact that the person is financially interested in or is an officer or regular employee
7of the corporation, association, or partnership. If the person is both financially
8interested and an officer or regular employee, the statement shall cover both
9financial interest and employment. In the case of a corporation holding a certificate
10of authority
firm signing or certifying as above described in this subsection, the
11interest of any of its stockholders members shall be disclosed.
AB345-ASA1, s. 74 12Section 74. 442.10 (2) of the statutes is amended to read:
AB345-ASA1,24,2013 442.10 (2) Notwithstanding sub. (1), no person licensed under this chapter, and
14no firm of which the person is a partner or shareholder member, may express an
15opinion as an independent certified public accountant on financial statements of any
16enterprise unless the person and the firm are independent of the enterprise. The
17requirement for independence under this subsection also extends to the spouse of
18such a person and to other relatives having a financial or business relationship with
19the enterprise which, in the opinion of the examining board, may impair
20independence.
AB345-ASA1, s. 75 21Section 75. 442.11 (1) of the statutes is amended to read:
AB345-ASA1,24,2422 442.11 (1) Uses any term other than certified public accountant or the
23abbreviation C. P. A. to indicate that he or she is a certified public accountant with
24a specially granted title.
AB345-ASA1, s. 76 25Section 76. 442.11 (2) of the statutes is amended to read:
AB345-ASA1,25,5
1442.11 (2) While practicing under an assumed name, or as a member of a
2partnership firm, other than a partnership firm with a name that is registered under
3s. 442.07 as composed of certified public accountants, or as an officer of a corporation
4(3), announces, either in writing or by printing, that the assumed name, partnership
5or corporation
or firm is practicing as a certified public accountant.
AB345-ASA1, s. 77 6Section 77. 442.11 (3) of the statutes is repealed.
AB345-ASA1, s. 78 7Section 78. 442.11 (4) of the statutes is repealed.
AB345-ASA1, s. 79 8Section 79. 442.11 (6) of the statutes is repealed.
AB345-ASA1, s. 80 9Section 80. 442.11 (7) of the statutes is amended to read:
AB345-ASA1,25,1110 442.11 (7) Practices as a certified public accountant or as a public accountant
11after his or her certificate has been revoked.
AB345-ASA1, s. 81 12Section 81. 442.11 (8) of the statutes is amended to read:
AB345-ASA1,25,1613 442.11 (8) As an individual, member of a partnership or officer or director of
14a corporation
or member of a firm, practices or permits the partnership or
15corporation
firm to practice as a certified public accountant or as a public accountant
16unless a license has been secured for the current licensure period.
AB345-ASA1, s. 82 17Section 82. 442.11 (9) of the statutes is amended to read:
AB345-ASA1,25,2018 442.11 (9) Sells, buys, gives, or obtains an alleged certificate as a certified
19public accountant, a certificate of authority or a license in any manner other than
20that provided for by this chapter.
AB345-ASA1, s. 83 21Section 83. 442.11 (10) of the statutes is amended to read:
AB345-ASA1,25,2422 442.11 (10) Attempts to practice as a certified public accountant or as a public
23accountant
under the guise of a certificate not granted by the examining board or
24under cover of a certificate obtained illegally or fraudulently.
AB345-ASA1, s. 84 25Section 84. 442.11 (12) of the statutes is amended to read:
AB345-ASA1,26,2
1442.11 (12) Attempts by any subterfuge to evade the provisions of this chapter
2while practicing as a certified public accountant.
AB345-ASA1, s. 85 3Section 85. 442.11 (13) of the statutes is amended to read:
AB345-ASA1,26,104 442.11 (13) As an individual, a member of a partnership or an officer of a
5corporation
or member of a firm, permits to be announced by printed or written
6statement that any report, certificate, exhibit, schedule, or statement has been
7prepared by or under supervision of a certified public accountant or by or under
8supervision of a public accountant
when the person who prepared the report,
9certificate, exhibit, schedule, or statement was not a certified public accountant or
10public accountant
.
AB345-ASA1, s. 86 11Section 86. 442.12 (intro.) of the statutes is amended to read:
AB345-ASA1,26,13 12442.12 Disciplinary action. (intro.) Subject to the rules promulgated under
13s. 440.03 (1), the examining board may do any of the following:
AB345-ASA1, s. 87 14Section 87. 442.12 (3) of the statutes is amended to read:
AB345-ASA1,26,1915 442.12 (3) In the case of a corporation or a partnership firm, revoke, limit, or
16suspend the license of the partnership or corporation firm, or reprimand it, if it is
17found that any officer, director or member of the firm has been guilty of such act or
18omission as would be cause for revoking, limiting, or suspending a certificate or
19license to the person as an individual or for reprimanding the person.
AB345-ASA1, s. 88 20Section 88. 442.13 of the statutes is amended to read:
AB345-ASA1,27,7 21442.13 Ownership of accountant's working papers. All statements,
22records, schedules, working papers, and memoranda made by a certified public
23accountant or public accountant incident to or in the course of professional service
24to clients by such a certified public accountant, except reports submitted by a
25certified public accountant or public accountant to a client, shall be and remain the

1property of such the certified public accountant, in the absence of an express
2agreement between such the certified public accountant and the client to the
3contrary. No such statement, record, schedule, working paper, or memorandum shall
4be sold, transferred, or bequeathed, without the consent of the client or the client's
5personal representative or assignee, to anyone other than one or more surviving
6partners or new or successor partners of such
any member of the firm of the certified
7public
accountant.
AB345-ASA1, s. 89 8Section 89. 442.14 of the statutes is repealed.
AB345-ASA1, s. 90 9Section 90. 447.34 (2) of the statutes is amended to read:
AB345-ASA1,27,1210 447.34 (2) Legal counsel, certified public accountants licensed under ch. 442,
11or other persons as to matters the director or officer believes in good faith are within
12the person's professional or expert competence.
AB345-ASA1, s. 91 13Section 91. 560.16 (6) (a) 3. of the statutes is amended to read:
AB345-ASA1,27,1614 560.16 (6) (a) 3. A verified statement of the financial condition and business
15operation of the existing business for the previous 3 years, certified by an
16independent certified public accountant licensed or certified under ch. 442.
AB345-ASA1, s. 92 17Section 92. 893.66 (title) of the statutes is amended to read:
AB345-ASA1,27,19 18893.66 (title) Accountants Certified public accountants; limitations of
19actions.
AB345-ASA1, s. 93 20Section 93. 893.66 (1) of the statutes is amended to read:
AB345-ASA1,28,221 893.66 (1) Except as provided in subs. (1m) to (4), an action to recover damages,
22based on tort, contract or other legal theory, against any certified public accountant
23licensed or certified under ch. 442 for an act or omission in the performance of

1professional accounting services shall be commenced within 6 years from the date
2of the act or omission or be barred.
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