SB55-ASA1-AA1,1263,42 442.02 (1m) (intro.) A person shall be considered to be in practice as a certified
3public accountant, within the meaning and intent of this chapter, if any of the
4following conditions is met:
SB55-ASA1-AA1, s. 3605pt 5Section 3605pt. 442.02 (1m) (a) of the statutes is amended to read:
SB55-ASA1-AA1,1263,96 442.02 (1m) (a) The person holds himself or herself out to the public in any
7manner as one skilled in the knowledge, science, and practice of accounting, and as
8qualified and ready to render professional service therein as a certified public
9accountant for compensation.
SB55-ASA1-AA1, s. 3605pv 10Section 3605pv. 442.02 (1m) (b) of the statutes is amended to read:
SB55-ASA1-AA1,1263,1411 442.02 (1m) (b) The person maintains an office for the transaction of business
12as a certified public accountant or, except as an employee of a certified public
13accountant, practices accounting, as distinguished from bookkeeping, for more than
14one employer.
SB55-ASA1-AA1, s. 3605px 15Section 3605px. 442.02 (1m) (dm) of the statutes is created to read:
SB55-ASA1-AA1,1263,1616 442.02 (1m) (dm) The person provides or offers to provide an attest service.
SB55-ASA1-AA1, s. 3605pz 17Section 3605pz. 442.02 (5m) of the statutes is amended to read:
SB55-ASA1-AA1,1263,2318 442.02 (5m) Subsection (1m) (f) does not prohibit any officer, employee,
19partner, or principal of any organization from affixing his or her signature to any
20statement or report in reference to the affairs of that organization with any wording
21designating the position, title, or office that he or she holds in that organization and
22does not prohibit any act of a public official or public employee in the performance
23of his or her duties
.
SB55-ASA1-AA1, s. 3605rb 24Section 3605rb. 442.02 (6) of the statutes is amended to read:
SB55-ASA1-AA1,1264,4
1442.02 (6) Every member of a partnership and every officer and director of a
2corporation
firm who, in the capacity of partner, officer or director as a member of the
3firm
, does any of the things enumerated in sub. (1m) (a) to (f), shall be considered to
4be in practice as a certified public accountant.
SB55-ASA1-AA1, s. 3605rd 5Section 3605rd. 442.02 (7) of the statutes is renumbered 442.025 (1) and
6amended to read:
SB55-ASA1-AA1,1264,117 442.025 (1) (intro.) Nothing contained in this chapter shall prevent the
8employment
Persons employed by a certified public accountant, or by a public
9accountant,
or by a firm or corporation furnishing public accounting services as
10principal, of persons
licensed under this chapter to serve as accountants in various
11capacities, as needed, if all of the following conditions are met:
SB55-ASA1-AA1,1264,1412 (a) The employees serving as accountants work under the control and
13supervision of certified public accountants, or accountants with certificates of
14authority granted under s. 442.06
.
SB55-ASA1-AA1,1264,1715 (b) Those The employees serving as accountants shall do not issue any
16statements or reports over their own names except office reports to their employer
17that are customary.
SB55-ASA1-AA1,1264,1918 (c) The employees serving as accountants are not in any manner held out to the
19public as certified public accountants as described in this chapter.
SB55-ASA1-AA1, s. 3605rf 20Section 3605rf. 442.02 (8) of the statutes is renumbered 442.025 (2) and
21amended to read:
SB55-ASA1-AA1,1264,2422 442.025 (2) Nothing contained in this chapter shall apply to a A practicing
23attorney, who, in connection with his or her professional work renders any
24accounting service.
SB55-ASA1-AA1, s. 3605rh
1Section 3605rh. 442.02 (9) of the statutes is renumbered 442.025 (3) and
2amended to read:
SB55-ASA1-AA1,1265,63 442.025 (3) (intro.) Nothing contained in this chapter shall apply to any
4persons who may be
A person employed by more than one person, partnership or
5corporation,
for the purpose of keeping books, making trial balances , or statements,
6and preparing audits or reports, if all of the following requirements are met:
SB55-ASA1-AA1,1265,87 (a) The audits or reports described in this subsection are not used or issued by
8the employers as having been prepared by a certified public accountant.
SB55-ASA1-AA1,1265,119 (b) The persons employed as described in this subsection do not do any of the
10things enumerated in sub. s. 442.02 (1m) (f) without complying with sub. except as
11authorized under s. 442.02
(5m).
SB55-ASA1-AA1, s. 3605rj 12Section 3605rj. 442.02 (10) of the statutes is renumbered 442.025 (4) and
13amended to read:
SB55-ASA1-AA1,1265,1714 442.025 (4) Nothing contained in this chapter shall apply to The holders of
15state-granted certified public accountant certificates from other states who may be
16temporarily in this state on professional business incident to their regular practice
17in the states of their domicile, but with neither residence nor office in this state.
SB55-ASA1-AA1, s. 3605rL 18Section 3605rL. 442.025 of the statutes is created to read:
SB55-ASA1-AA1,1265,20 19442.025 Applicability. This chapter does not require a certificate or license
20under this chapter for any of the following:
SB55-ASA1-AA1,1265,21 21(5) A public official or public employee in performing his or her duties.
SB55-ASA1-AA1,1265,24 22(6) A person who performs services involving the use of accounting skills,
23including management advisory services, the preparation of tax returns, and the
24preparation of financial statements without issuing reports on the statements.
SB55-ASA1-AA1,1266,4
1(7) A person who prepares financial statements and issues information thereon
2that does not purport to be in compliance with the statement on standards for
3accounting and review services issued by the American Institute of Certified Public
4Accountants.
SB55-ASA1-AA1, s. 3605rn 5Section 3605rn. 442.03 (1) of the statutes is renumbered 442.03 and amended
6to read:
SB55-ASA1-AA1,1266,137 442.03 Licenses required. No person may lawfully practice in this state as
8a certified public accountant either in the person's own name, or as an employee, or
9under an assumed name, or as an officer, member or employee of a firm, or as an
10officer or employee of a corporation
a member of a firm, unless the person has been
11granted by the examining board a certificate as a certified public accountant, and
12unless the person, firm or corporation, jointly and severally, has and firm have
13complied with all of the provisions of this chapter, including licensure.
SB55-ASA1-AA1, s. 3605rp 14Section 3605rp. 442.03 (2) of the statutes is repealed.
SB55-ASA1-AA1, s. 3605rr 15Section 3605rr. 442.03 (3) of the statutes is repealed.
SB55-ASA1-AA1, s. 3605rt 16Section 3605rt. 442.04 (3) of the statutes is repealed.
SB55-ASA1-AA1, s. 3605rv 17Section 3605rv. 442.04 (4) (b) of the statutes is repealed.
SB55-ASA1-AA1, s. 3605rx 18Section 3605rx. 442.04 (4) (bm) of the statutes is amended to read:
SB55-ASA1-AA1,1266,2419 442.04 (4) (bm) After December 31, 2000, a A person may not take the
20examination leading to the certificate to practice as a certified public accountant
21unless the person has completed at least 150 semester hours of education with an
22accounting concentration at an institution, and has received a bachelor's or higher
23degree with an accounting concentration from an institution, except as provided in
24par. (c).
SB55-ASA1-AA1, s. 3605rz 25Section 3605rz. 442.04 (4) (c) of the statutes is amended to read:
SB55-ASA1-AA1,1267,8
1442.04 (4) (c) If an applicant has a bachelor's or higher degree from an
2institution but does not have a resident major in accounting required in par. (b) or
3an accounting concentration required in par. (bm), the examining board may review
4such other educational experience from an institution as the applicant presents and,
5if the examining board determines that such other experience provides the
6reasonable equivalence of a resident major in accounting required in par. (b) or an
7accounting concentration required in par. (bm), the examining board shall approve
8the applicant for examination.
SB55-ASA1-AA1, s. 3605tb 9Section 3605tb. 442.04 (5) of the statutes is amended to read:
SB55-ASA1-AA1,1268,210 442.04 (5) The examining board may not grant a certificate as a certified public
11accountant to any person other than a person who is 18 years of age or older, does not
12have an arrest or conviction record, subject to ss. 111.321, 111.322 , and 111.335, and,
13except as provided in s. 442.05, has successfully passed a written an examination
14in such subjects affecting accountancy as the examining board considers necessary.
15If the person applying for the certificate passes the examination during the period
16beginning on May 17, 1996, and ending on December 31, 2000, the examining board
17may not grant the certificate unless the applicant has at least 3 years of public
18accounting experience or its equivalent, the sufficiency of the experience or the
19equivalency to be judged by the examining board. If the person applying for the
20certificate passes the examination after December 31, 2000, the
The examining
21board may not grant the certificate unless the applicant has at least 2 years one year
22of public accounting experience or its equivalent, the sufficiency of the experience or
23the equivalency to be judged by the examining board. The examining board shall
24ensure that evaluation procedures and examinations are nondiscriminatory, relate
25directly to accountancy, and are designed to measure only the ability to perform

1competently as an accountant. The examining board may use the examination
2service provided by the American Institute of Certified Public Accountants.
SB55-ASA1-AA1, s. 3605td 3Section 3605td. 442.06 of the statutes is repealed.
SB55-ASA1-AA1, s. 3605tf 4Section 3605tf. 442.07 (title) of the statutes is amended to read:
SB55-ASA1-AA1,1268,6 5442.07 (title) Requirements for practice as certified public accountant
6or public accountant.
SB55-ASA1-AA1, s. 3605th 7Section 3605th. 442.07 (1) of the statutes is amended to read:
SB55-ASA1-AA1,1268,198 442.07 (1) Any person who has been issued a certificate of the person's
9qualifications to practice as a certified public accountant, shall be styled and known
10as a "certified public accountant" and no other person shall assume to use such title
11or the abbreviation "C.P.A." or any other word, words, letters , or figures to indicate
12that the person using the same is a certified public accountant. The terms "chartered
13accountant" and "certified accountant" and the abbreviation "C.A." are specifically
14prohibited to such other persons as being prima facie misleading to the public. Any
15person who has been issued a certificate of authority, as herein provided, shall be
16styled and known as a "public accountant" and no other person, other than a certified
17public accountant, shall assume to use such designation or any other word, words,
18letters or figures to indicate that such person is entitled to practice as a public
19accountant.
SB55-ASA1-AA1, s. 3605tj 20Section 3605tj. 442.07 (2) of the statutes is repealed.
SB55-ASA1-AA1, s. 3605tL 21Section 3605tL. 442.07 (3) of the statutes is amended to read:
SB55-ASA1-AA1,1269,922 442.07 (3) Any partnership, which firm that is entitled to practice as certified
23public accountants in this state or any other state, and every resident member and
24resident manager
of which the firm who is a certified public accountant of this state,
25after registering the partnership firm name with the examining board, may use the

1designation "certified public accountants" in connection with the partnership firm
2name. Any partnership, every member and resident manager of which is a certified
3public accountant of this state or any other state or holds a certificate of authority
4under this chapter, after registering the partnership name with the examining
5board, may use the designation "public accountants" in connection with the
6partnership name. An assumed name, in use prior to September 21, 1935, may be
7used the same as a partnership name, provided the individual persons practicing as
8principals under that name hold certificates granted by the examining board and
9register the name with the examining board.
SB55-ASA1-AA1, s. 3605tn 10Section 3605tn. 442.08 of the statutes is repealed and recreated to read:
SB55-ASA1-AA1,1269,14 11442.08 Licensure. (1) The department shall issue a license to an individual
12who holds an unrevoked certificate as a certified public accountant, submits an
13application for the license on a form provided by the department, and pays the fee
14specified in s. 440.05 (1).
SB55-ASA1-AA1,1269,17 15(2) The department shall issue a license to a firm that submits an application
16for the license on a form provided by the department, pays the fee specified in s.
17440.05 (1), and does each of the following:
SB55-ASA1-AA1,1269,1818 (a) Identifies each office of the firm that is located in this state.
SB55-ASA1-AA1,1269,2119 (b) If any person who holds an ownership interest in the firm is not licensed
20under sub. (1), designates an individual licensed under sub. (1) as the individual
21responsible for the firm's compliance with this chapter.
SB55-ASA1-AA1,1269,2222 (c) Demonstrates, to the satisfaction of the department, each of the following:
SB55-ASA1-AA1,1269,2423 1. That all attest services provided by the firm in this state are under the charge
24of an individual licensed under sub. (1).
SB55-ASA1-AA1,1270,3
12. That more than 50% of the ownership interest of the firm is held by
2individuals who hold certificates or licenses to practice as a certified public
3accountant issued under the laws of any state or foreign country.
SB55-ASA1-AA1,1270,64 3. That each person who holds an ownership interest in the firm, and who does
5not hold a certificate or license to practice as a certified public accountant, is an
6individual who actively participates in the firm or an affiliated entity.
SB55-ASA1-AA1,1270,10 7(3) The examining board shall promulgate rules that define "ownership
8interest" for purposes of sub. (2) and for determining the percentage of a person's
9ownership interest in a firm. In promulgating the rules, the examining board shall
10consider the financial interests and voting rights of all members of a firm.
SB55-ASA1-AA1, s. 3605tp 11Section 3605tp. 442.083 of the statutes is created to read:
SB55-ASA1-AA1,1270,16 12442.083 Renewal. The renewal dates and renewal fees for licenses issued
13under this chapter are specified under s. 440.08 (2) (a). The department may not
14renew a license issued to a firm unless, at the time of renewal, the firm satisfies the
15requirements under s. 442.08 (2) and demonstrates, to the satisfaction of the
16department, that the firm has complied with the requirements under s. 442.087.
SB55-ASA1-AA1, s. 3605tr 17Section 3605tr. 442.087 of the statutes is created to read:
SB55-ASA1-AA1,1270,22 18442.087 Peer review. (1) Definition. In this section, "peer review" means
19a process for a person licensed under this chapter to evaluate the professional
20competency of the members of a firm who are responsible for attest services provided
21by the firm or who sign or authorize another individual to sign accounting reports
22or financial statements on behalf of the firm.
SB55-ASA1-AA1,1271,2 23(2) Renewal of firm licenses. After January 1, 2005, the department may not
24renew the license of a firm unless, at least once every 3 years, the firm undergoes the
25peer review that is specified in the rules promulgated under sub. (3) and that is

1conducted by a person approved by the examining board under the rules who is not
2affiliated with the firm or members of the firm undergoing review.
SB55-ASA1-AA1,1271,10 3(3) Rules. The examining board shall promulgate rules that describe the peer
4review required to renew a firm's license under sub. (2). The rules shall include
5requirements for the examining board to approve one or more persons to conduct the
6peer reviews. The rules shall also require each person approved by the examining
7board to conduct peer reviews to periodically report to the examining board on the
8effectiveness of the peer reviews conducted by the person and to provide the
9examining board with a listing of all firms that have undergone peer review
10conducted by the person.
SB55-ASA1-AA1,1271,15 11(4) Confidentiality. A person approved by the examining board to conduct
12peer reviews may not disclose to any person, including the examining board or the
13department, any information obtained or document produced during the course of or
14as a result of a review unless the firm undergoing the review consents to the
15disclosure.
SB55-ASA1-AA1, s. 3605tt 16Section 3605tt. 442.10 (1) of the statutes is amended to read:
SB55-ASA1-AA1,1272,217 442.10 (1) Whenever any person, as a certified public accountant or public
18accountant
, signs or certifies any report, schedule, or statement relative to the affairs
19of any corporation, association, or partnership in which the person is financially
20interested or by which the person is regularly engaged as an officer or employee, the
21signature or certification shall be accompanied by a specific statement setting forth
22the fact that the person is financially interested in or is an officer or regular employee
23of the corporation, association, or partnership. If the person is both financially
24interested and an officer or regular employee, the statement shall cover both
25financial interest and employment. In the case of a corporation holding a certificate

1of authority
firm signing or certifying as above described in this subsection, the
2interest of any of its stockholders members shall be disclosed.
SB55-ASA1-AA1, s. 3605tv 3Section 3605tv. 442.10 (2) of the statutes is amended to read:
SB55-ASA1-AA1,1272,114 442.10 (2) Notwithstanding sub. (1), no person licensed under this chapter, and
5no firm of which the person is a partner or shareholder member, may express an
6opinion as an independent certified public accountant on financial statements of any
7enterprise unless the person and the firm are independent of the enterprise. The
8requirement for independence under this subsection also extends to the spouse of
9such a person and to other relatives having a financial or business relationship with
10the enterprise which, in the opinion of the examining board, may impair
11independence.
SB55-ASA1-AA1, s. 3605tx 12Section 3605tx. 442.11 (1) of the statutes is amended to read:
SB55-ASA1-AA1,1272,1513 442.11 (1) Uses any term other than certified public accountant or the
14abbreviation C. P. A. to indicate that he or she is a certified public accountant with
15a specially granted title.
SB55-ASA1-AA1, s. 3605tz 16Section 3605tz. 442.11 (2) of the statutes is amended to read:
SB55-ASA1-AA1,1272,2117 442.11 (2) While practicing under an assumed name, or as a member of a
18partnership firm, other than a partnership firm with a name that is registered under
19s. 442.07 as composed of certified public accountants, or as an officer of a corporation
20(3), announces, either in writing or by printing, that the assumed name, partnership
21or corporation
or firm is practicing as a certified public accountant.
SB55-ASA1-AA1, s. 3605vb 22Section 3605vb. 442.11 (3) of the statutes is repealed.
SB55-ASA1-AA1, s. 3605vd 23Section 3605vd. 442.11 (4) of the statutes is repealed.
SB55-ASA1-AA1, s. 3605vf 24Section 3605vf. 442.11 (6) of the statutes is repealed.
SB55-ASA1-AA1, s. 3605vh 25Section 3605vh. 442.11 (7) of the statutes is amended to read:
SB55-ASA1-AA1,1273,2
1442.11 (7) Practices as a certified public accountant or as a public accountant
2after his or her certificate has been revoked.
SB55-ASA1-AA1, s. 3605vj 3Section 3605vj. 442.11 (8) of the statutes is amended to read:
SB55-ASA1-AA1,1273,74 442.11 (8) As an individual, member of a partnership or officer or director of
5a corporation
or member of a firm, practices or permits the partnership or
6corporation
firm to practice as a certified public accountant or as a public accountant
7unless a license has been secured for the current licensure period.
SB55-ASA1-AA1, s. 3605vL 8Section 3605vL. 442.11 (9) of the statutes is amended to read:
SB55-ASA1-AA1,1273,119 442.11 (9) Sells, buys, gives, or obtains an alleged certificate as a certified
10public accountant, a certificate of authority or a license in any manner other than
11that provided for by this chapter.
SB55-ASA1-AA1, s. 3605vn 12Section 3605vn. 442.11 (10) of the statutes is amended to read:
SB55-ASA1-AA1,1273,1513 442.11 (10) Attempts to practice as a certified public accountant or as a public
14accountant
under the guise of a certificate not granted by the examining board or
15under cover of a certificate obtained illegally or fraudulently.
SB55-ASA1-AA1, s. 3605vp 16Section 3605vp. 442.11 (12) of the statutes is amended to read:
SB55-ASA1-AA1,1273,1817 442.11 (12) Attempts by any subterfuge to evade the provisions of this chapter
18while practicing as a certified public accountant.
SB55-ASA1-AA1, s. 3605vr 19Section 3605vr. 442.11 (13) of the statutes is amended to read:
SB55-ASA1-AA1,1274,220 442.11 (13) As an individual, a member of a partnership or an officer of a
21corporation
or member of a firm, permits to be announced by printed or written
22statement that any report, certificate, exhibit, schedule, or statement has been
23prepared by or under supervision of a certified public accountant or by or under
24supervision of a public accountant
when the person who prepared the report,

1certificate, exhibit, schedule, or statement was not a certified public accountant or
2public accountant
.
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