Amendment CA1-SSA1-SB55

SB55-SSA1-CA1, s. 3605tL Section 3605tL. 442.07 (3) of the statutes is amended to read:

SB55-SSA1-CA1,872,18 442.07 (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.

SB55-SSA1-CA1, s. 3605tn Section 3605tn. 442.08 of the statutes is repealed and recreated to read:

SB55-SSA1-CA1,872,23 442.08 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).

SB55-SSA1-CA1,873,3 (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:

SB55-SSA1-CA1,873,4 (a) Identifies each office of the firm that is located in this state.

SB55-SSA1-CA1,873,7 (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.

SB55-SSA1-CA1,873,8 (c) Demonstrates, to the satisfaction of the department, each of the following:

SB55-SSA1-CA1,873,10 1. That all attest services provided by the firm in this state are under the charge of an individual licensed under sub. (1).

SB55-SSA1-CA1,873,13 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.

SB55-SSA1-CA1,873,16 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.

SB55-SSA1-CA1,873,20 (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.

SB55-SSA1-CA1, s. 3605tp Section 3605tp. 442.083 of the statutes is created to read:

SB55-SSA1-CA1,874,2 442.083 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.

SB55-SSA1-CA1, s. 3605tr Section 3605tr. 442.087 of the statutes is created to read:

SB55-SSA1-CA1,874,8 442.087 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.

SB55-SSA1-CA1,874,13 (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.

SB55-SSA1-CA1,874,21 (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.

SB55-SSA1-CA1,875,2 (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.

SB55-SSA1-CA1, s. 3605tt Section 3605tt. 442.10 (1) of the statutes is amended to read:

SB55-SSA1-CA1,875,14 442.10 (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.

SB55-SSA1-CA1, s. 3605tv Section 3605tv. 442.10 (2) of the statutes is amended to read:

SB55-SSA1-CA1,875,23 442.10 (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.

SB55-SSA1-CA1, s. 3605tx Section 3605tx. 442.11 (1) of the statutes is amended to read:

SB55-SSA1-CA1,876,3 442.11 (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.

SB55-SSA1-CA1, s. 3605tz Section 3605tz. 442.11 (2) of the statutes is amended to read:

SB55-SSA1-CA1,876,9 442.11 (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.

SB55-SSA1-CA1, s. 3605vb Section 3605vb. 442.11 (3) of the statutes is repealed.

SB55-SSA1-CA1, s. 3605vd Section 3605vd. 442.11 (4) of the statutes is repealed.

SB55-SSA1-CA1, s. 3605vf Section 3605vf. 442.11 (6) of the statutes is repealed.

SB55-SSA1-CA1, s. 3605vh Section 3605vh. 442.11 (7) of the statutes is amended to read:

SB55-SSA1-CA1,876,15 442.11 (7) Practices as a certified public accountant or as a public accountant after his or her certificate has been revoked.

SB55-SSA1-CA1, s. 3605vj Section 3605vj. 442.11 (8) of the statutes is amended to read:

SB55-SSA1-CA1,876,20 442.11 (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.

SB55-SSA1-CA1, s. 3605vL Section 3605vL. 442.11 (9) of the statutes is amended to read:

SB55-SSA1-CA1,876,24 442.11 (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.

SB55-SSA1-CA1, s. 3605vn Section 3605vn. 442.11 (10) of the statutes is amended to read:

SB55-SSA1-CA1,877,3 442.11 (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.

SB55-SSA1-CA1, s. 3605vp Section 3605vp. 442.11 (12) of the statutes is amended to read:

SB55-SSA1-CA1,877,6 442.11 (12) Attempts by any subterfuge to evade the provisions of this chapter while practicing as a certified public accountant.

SB55-SSA1-CA1, s. 3605vr Section 3605vr. 442.11 (13) of the statutes is amended to read:

SB55-SSA1-CA1,877,14 442.11 (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.

SB55-SSA1-CA1, s. 3605vt Section 3605vt. 442.12 (intro.) of the statutes is amended to read:

SB55-SSA1-CA1,877,17 442.12 Disciplinary action. (intro.) Subject to the rules promulgated under s. 440.03 (1), the examining board may do any of the following:

SB55-SSA1-CA1, s. 3605vv Section 3605vv. 442.12 (3) of the statutes is amended to read:

SB55-SSA1-CA1,877,23 442.12 (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.

SB55-SSA1-CA1, s. 3605vx Section 3605vx. 442.13 of the statutes is amended to read:

SB55-SSA1-CA1,878,12 442.13 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.

SB55-SSA1-CA1, s. 3605vz Section 3605vz. 442.14 of the statutes is repealed.

SB55-SSA1-CA1, s. 3608m Section 3608m. 447.34 (2) of the statutes is amended to read:

SB55-SSA1-CA1,878,17 447.34 (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.".

SB55-SSA1-CA1,878,18 1434. Page 1156, line 6: after that line insert:

SB55-SSA1-CA1,878,19 " Section 3608b. 452.07 (1m) of the statutes is created to read:

SB55-SSA1-CA1,878,21 452.07 (1m) The department shall promulgate rules that specify the supervisory duties of brokers under s. 452.12 (3).

SB55-SSA1-CA1, s. 3608d Section 3608d. 452.12 (3) (a) of the statutes is renumbered 452.12 (3) and amended to read:

SB55-SSA1-CA1,879,3 452.12 (3) Broker's liability for acts of employees. Each broker shall supervise, and is responsible for the acts of, any broker, salesperson, or time-share salesperson employed by the broker.

SB55-SSA1-CA1, s. 3608f Section 3608f. 452.12 (3) (b) of the statutes is repealed.

SB55-SSA1-CA1, s. 3608h Section 3608h. 452.139 (2) (c) of the statutes is amended to read:

SB55-SSA1-CA1,879,9 452.139 (2) (c) Nothing in this subsection limits the liability of a broker under s. 452.12 (3) (a) for misrepresentations made by an employee who is a broker. Nothing in this subsection limits the liability of a client for a misrepresentation that the client makes in connection with brokerage services.".

SB55-SSA1-CA1,879,10 1435. Page 1156, line 6: after that line insert:

SB55-SSA1-CA1,879,11 " Section 3608d. 447.04 (1) (b) of the statutes is amended to read:

SB55-SSA1-CA1,879,17 447.04 (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).

SB55-SSA1-CA1, s. 3608f Section 3608f. 447.04 (1) (c) of the statutes is created to read:

SB55-SSA1-CA1,879,21 447.04 (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:

SB55-SSA1-CA1,879,22 a. Pays the fee specified in s. 440.05 (2).

SB55-SSA1-CA1,880,3 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.

SB55-SSA1-CA1,880,6 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.

SB55-SSA1-CA1,880,9 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.

SB55-SSA1-CA1,880,12 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.

SB55-SSA1-CA1,880,14 4. The examining board may promulgate rules to carry out the purposes of this paragraph.".

SB55-SSA1-CA1,880,15 1436. Page 1156, line 6: after that line insert:

SB55-SSA1-CA1,880,16 " Section 3608cg. 452.01 (3p) of the statutes is created to read:

SB55-SSA1-CA1,880,20 452.01 (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:

SB55-SSA1-CA1,880,22 (a) A receiver, trustee, administrator, executor, guardian, or other person appointed by or acting under the judgment or order of any court.

SB55-SSA1-CA1,880,23 (b) A public officer while performing his or her official duties.

SB55-SSA1-CA1,880,24 (c) A depository institution.

SB55-SSA1-CA1,881,2 (d) An employee of a person specified in pars. (a) to (c) when the employee is engaged in the specific performance as such an employee.

SB55-SSA1-CA1,881,4 (e) An attorney licensed to practice in this state while acting within the scope of his or her attorney's license.

SB55-SSA1-CA1, s. 3608cm Section 3608cm. 452.035 of the statutes is created to read:

SB55-SSA1-CA1,881,16 452.035 Closing agents. No person, including an escrow agent, as defined in s. 138.052 (5m) (a) or 707.49 (1) (d), may engage in the business or occupation of, or advertise or hold himself or herself out as, a closing agent unless the person is registered as a closing agent by the department. The department shall issue a certificate of registration as a closing agent to a person who submits an application to the department on a form provided by the department, pays the fee specified in s. 440.05 (1), and submits evidence satisfactory to the department that he or she is competent to act as a closing agent. Renewal applications shall be submitted to the department on a form provided by the department on or before the applicable renewal date specified under s. 440.08 (2) (a) and shall include the applicable renewal fee specified under s. 440.08 (2) (a).

SB55-SSA1-CA1, s. 3608cr Section 3608cr. 452.05 (1) (a) of the statutes is amended to read:

SB55-SSA1-CA1,881,19 452.05 (1) (a) Grant and issue licenses to brokers and salespersons and registrations to time-share salespersons and closing agents.

SB55-SSA1-CA1, s. 3608dg Section 3608dg. 452.11 (1) of the statutes is amended to read:

SB55-SSA1-CA1,881,22 452.11 (1) A nonresident may become a broker, salesperson or, time-share salesperson, or closing agent by conforming to all the provisions of this chapter.

SB55-SSA1-CA1, s. 3608dm Section 3608dm. 452.12 (6) (a) of the statutes is amended to read:

SB55-SSA1-CA1,882,2 452.12 (6) (a) Any licensee, except a time-share salesperson registered under s. 452.025 or a closing agent registered under s. 452.035, may apply for registration as an inactive licensee on or before the license renewal date. This paragraph does not apply after October 31, 1995.

SB55-SSA1-CA1, s. 3608dr Section 3608dr. 452.13 (1) (b) of the statutes is renumbered 452.01 (3w).

SB55-SSA1-CA1, s. 3608eg Section 3608eg. 452.13 (1) (c) of the statutes is created to read:

SB55-SSA1-CA1,882,7 452.13 (1) (c) "Closing funds" means any money related to the closing of real estate conveyance that is received by a closing agent. "Closing funds" does not include client funds, unless the client funds are transferred to a closing agent.