AB345: Bill Text

AB345, s. 30 Section 30. 214.76 (2) and (4) of the statutes are amended to read:

AB345,12,24 214.76 (2) The certified public accountant shall deliver the audit report to a committee composed of 3 or more members of the board of directors, none of whom may be an officer, employee or agent of the savings bank. The committee shall present the nature, extent and conclusions of the report at the next meeting of the board of directors. A written summary of the committee's presentation, together with a copy of the audit report and a list of all criticisms made by the certified public accountant conducting the audit and any response of any member of the board of directors or any officer of the savings bank, shall be personally served or sent by certified mail to all members of the board of directors.

AB345,13,7 (4) The audit report filed with the division shall be certified by the certified public accountant conducting the audit. If a savings bank fails to cause an audit to be made, the division shall order an audit to be made by an independent certified public accountant at the savings bank's expense. Instead of the audit required under sub. (1), the division may accept an audit or portion of an audit made exclusively for a deposit insurance corporation or for a financial regulator of another state if the home office of the savings bank is located in that state.

AB345, s. 31 Section 31. 215.523 (2) of the statutes is amended to read:

AB345,13,11 215.523 (2) Legal counsel, certified public accountants licensed or certified 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.

AB345, s. 32 Section 32. 217.08 (2) of the statutes is amended to read:

AB345,14,7 217.08 (2) Annual license fee; additions and deletions of locations. Each licensee shall file with the division on or before December 1 of each year a statement listing the locations of the offices of the licensee and the names and locations of the agents authorized by the licensee. Every licensee shall also on or before December 1 of each year file a financial statement of its assets and liabilities as of a date not earlier than the preceding August 31 or, if the licensee is audited annually by an independent certified public accountant licensed or certified under ch. 442 at the end of each fiscal year, the licensee may submit financial statements certified by said the certified public accountant for the licensee's latest fiscal year. Such statement shall be accompanied by the annual licensee fee for the calendar year beginning the following January 1 in an amount determined under s. 217.05. The amount of the surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect the number of such locations. Licensees which do not pay the maximum license fee under s. 217.05 and which do not maintain a bond or deposit of securities in the maximum sum of $300,000 as provided in s. 217.06 shall also file a supplemental statement setting forth any changes in the list of offices and agents with the division on or before April 1, July 1 and October 1 of each year, and the principal sum of the corporate surety bond or deposit of securities required by s. 217.06 shall be adjusted to reflect any increase or decrease in the number of such locations. Any additional license fees which may become due under s. 217.05 shall be paid to the division.

AB345, s. 33 Section 33. 221.0616 (2) of the statutes is amended to read:

AB345,14,11 221.0616 (2) Experts. Legal counsel, certified public accountants licensed or certified under ch. 442, or other persons as to matters that the director or officer believes in good faith are within the person's professional or expert competence.

AB345, s. 34 Section 34. 440.05 (intro.) of the statutes is amended to read:

AB345,14,15 440.05 Standard fees. (intro.) The following standard fees apply to all initial credentials, except as provided in ss. 440.42, 440.43, 440.44, 440.51, 442.06, 444.03, 444.05, 444.11, 447.04 (2) (c) 2., 449.17, 449.18 and 459.46:

AB345, s. 35 Section 35. 440.08 (2) (a) (intro.) of the statutes is amended to read:

AB345,14,19 440.08 (2) (a) (intro.) Except as provided in par. (b) and in ss. 440.51, 442.04, 442.06, 444.03, 444.05, 444.11, 448.065, 447.04 (2) (c) 2., 449.17, 449.18 and 459.46, the renewal dates and renewal fees for credentials are as follows:

AB345, s. 36 Section 36. 440.08 (2) (a) 2. of the statutes is repealed.

AB345, s. 37 Section 37. 442.001 of the statutes is renumbered 442.001 (intro.) and amended to read:

AB345,14,23 442.001 Definition Definitions. (intro.) In this chapter, "examining:

AB345,14,24 (3) "Examining board" means the accounting examining board.

AB345, s. 38 Section 38. 442.001 (1) of the statutes is created to read:

AB345,15,1 442.001 (1) "Attest service" means any of the following:

AB345,15,4 (a) An audit or any other engagement that is performed or intended to be performed in accordance with the statements on auditing standards issued by the American Institute of Certified Public Accountants.

AB345,15,7 (b) A review of a financial statement that is performed or intended to be performed in accordance with the statements on standards for accounting and review services issued by the American Institute of Certified Public Accountants.

AB345,15,11 (c) An examination of prospective financial information that is performed or intended to be performed in accordance with the statements on standards for attestation engagements issued by the American Institute of Certified Public Accountants.

AB345, s. 39 Section 39. 442.001 (2) of the statutes is created to read:

AB345,15,14 442.001 (2) "Compilation service" means a service that satisfies each of the following:

AB345,15,17 (a) The service is performed or intended to be performed in accordance with the statements on standards for accounting and review services issued by the American Institute of Certified Public Accountants.

AB345,15,20 (b) The service consists of presenting, in the form of financial statements, information that is the representation of the management of the business that has requested the service.

AB345,15,22 (c) The service is provided without expressing any assurance on the financial statements specified in par. (b).

AB345, s. 40 Section 40. 442.001 (4) of the statutes is created to read:

AB345,15,25 442.001 (4) "Firm" means a proprietorship, partnership, limited liability partnership, corporation, service corporation, or limited liability company.

AB345, s. 41 Section 41. 442.001 (5) of the statutes is created to read:

AB345,16,3 442.001 (5) "Member of a firm" means a director, manager, employee, officer, owner, shareholder, principal, or partner of a firm.

AB345, s. 42 Section 42. 442.01 (2) of the statutes is amended to read:

AB345,16,13 442.01 (2) No 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 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 proposed standard or rule may, upon the adoption of such standard or rule, 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.

AB345, s. 43 Section 43. 442.01 (3) of the statutes is amended to read:

AB345,16,15 442.01 (3) The examining board shall record its proceedings.

AB345, s. 44 Section 44. 442.02 (title) of the statutes is amended to read:

AB345,16,17 442.02 (title) Public Certified public accountant, definition.

AB345, s. 45 Section 45. 442.02 (1m) (intro.) of the statutes is amended to read:

AB345,16,21 442.02 (1m) (intro.) A person shall be considered to be in practice as a certified public accountant, within the meaning and intent of this chapter, if any of the following conditions is met:

AB345, s. 46 Section 46. 442.02 (1m) (a) of the statutes is amended to read:

AB345,17,2 442.02 (1m) (a) The person holds himself or herself out to the public in any manner as one skilled in the knowledge, science, and practice of accounting, and as qualified and ready to render professional service therein as a certified public accountant for compensation.

AB345, s. 47 Section 47. 442.02 (1m) (b) of the statutes is amended to read:

AB345,17,7 442.02 (1m) (b) The person maintains an office for the transaction of business as a certified public accountant or, except as an employee of a certified public accountant, practices accounting, as distinguished from bookkeeping, for more than one employer.

AB345, s. 48 Section 48. 442.02 (1m) (dm) of the statutes is created to read:

AB345,17,10 442.02 (1m) (dm) The person provides or offers to provide an attest or compilation service.

AB345, s. 49 Section 49. 442.02 (5m) of the statutes is amended to read:

AB345,17,17 442.02 (5m) Subsection (1m) (f) does not prohibit any officer, employee, partner, or principal of any organization from affixing his or her signature to any statement or report in reference to the affairs of that organization with any wording designating the position, title, or office that he or she holds in that organization and does not prohibit any act of a public official or public employee in the performance of his or her duties.

AB345, s. 50 Section 50. 442.02 (6) of the statutes is amended to read:

AB345,17,22 442.02 (6) Every member of a partnership and every officer and director of a corporation firm who, in the capacity of partner, officer or director as a member of the firm, does any of the things enumerated in sub. (1m) (a) to (f), shall be considered to be in practice as a certified public accountant.

AB345, s. 51 Section 51. 442.02 (7) of the statutes is renumbered 442.025 (1) and amended to read:

AB345,18,5 442.025 (1) (intro.) Nothing contained in this chapter shall prevent the employment Persons employed by a certified public accountant, or by a public accountant, or by a firm or corporation furnishing public accounting services as principal, of persons licensed under this chapter to serve as accountants in various capacities, as needed, if all of the following conditions are met:

AB345,18,8 (a) The employees serving as accountants work under the control and supervision of certified public accountants, or accountants with certificates of authority granted under s. 442.06.

AB345,18,11 (b) Those The employees serving as accountants shall do not issue any statements or reports over their own names except office reports to their employer that are customary.

AB345,18,13 (c) The employees serving as accountants are not in any manner held out to the public as certified public accountants as described in this chapter.

AB345, s. 52 Section 52. 442.02 (8) of the statutes is renumbered 442.025 (2) and amended to read:

AB345,18,18 442.025 (2) Nothing contained in this chapter shall apply to a A practicing attorney, who, in connection with his or her professional work renders any accounting service.

AB345, s. 53 Section 53. 442.02 (9) of the statutes is renumbered 442.025 (3) and amended to read:

AB345,18,24 442.025 (3) (intro.) Nothing contained in this chapter shall apply to any persons who may be A person employed by more than one person, partnership or corporation, for the purpose of keeping books, making trial balances , or statements, and preparing audits or reports, if all of the following requirements are met:

AB345,19,2 (a) The audits or reports described in this subsection are not used or issued by the employers as having been prepared by a certified public accountant.

AB345,19,5 (b) The persons employed as described in this subsection do not do any of the things enumerated in sub. s. 442.02 (1m) (f) without complying with sub. except as authorized under s. 442.02 (5m).

AB345, s. 54 Section 54. 442.02 (10) of the statutes is renumbered 442.025 (4) and amended to read:

AB345,19,11 442.025 (4) Nothing contained in this chapter shall apply to The holders of state-granted certified public accountant certificates from other states who may be temporarily in this state on professional business incident to their regular practice in the states of their domicile, but with neither residence nor office in this state.

AB345, s. 55 Section 55. 442.025 of the statutes is created to read:

AB345,19,14 442.025 Applicability. This chapter does not require a certificate or license under this chapter for any of the following:

AB345,19,15 (5) A public official or public employee in performing his or her duties.

AB345,19,18 (6) A person who performs services involving the use of accounting skills, including management advisory services, the preparation of tax returns, and the preparation of financial statements without issuing reports on the statements.

AB345,19,22 (7) A person who prepares financial statements and issues information thereon that does not purport to be in compliance with the statement on standards for accounting and review services issued by the American Institute of Certified Public Accountants.

AB345, s. 56 Section 56. 442.03 (1) of the statutes is renumbered 442.03 and amended to read:

AB345,20,7 442.03 Licenses required. No person may lawfully practice in this state as a certified public accountant either in the person's own name, or as an employee, or under an assumed name, or as an officer, member or employee of a firm, or as an officer or employee of a corporation a member of a firm, unless the person has been granted by the examining board a certificate as a certified public accountant, and unless the person, firm or corporation, jointly and severally, has and firm have complied with all of the provisions of this chapter, including licensure.

AB345, s. 57 Section 57. 442.03 (2) of the statutes is repealed.

AB345, s. 58 Section 58. 442.03 (3) of the statutes is repealed.

AB345, s. 59 Section 59. 442.04 (3) of the statutes is repealed.

AB345, s. 60 Section 60. 442.04 (4) (b) of the statutes is repealed.

AB345, s. 61 Section 61. 442.04 (4) (bm) of the statutes is amended to read:

AB345,20,18 442.04 (4) (bm) After December 31, 2000, a A person may not take the examination leading to the certificate to practice as a certified public accountant unless the person has completed at least 150 semester hours of education with an accounting concentration at an institution, and has received a bachelor's or higher degree with an accounting concentration from an institution, except as provided in par. (c).

AB345, s. 62 Section 62. 442.04 (4) (c) of the statutes is amended to read:

AB345,21,2 442.04 (4) (c) If an applicant has a bachelor's or higher degree from an institution but does not have a resident major in accounting required in par. (b) or an accounting concentration required in par. (bm), the examining board may review such other educational experience from an institution as the applicant presents and, if the examining board determines that such other experience provides the reasonable equivalence of a resident major in accounting required in par. (b) or an accounting concentration required in par. (bm), the examining board shall approve the applicant for examination.

AB345, s. 63 Section 63. 442.04 (5) of the statutes is amended to read:

AB345,21,21 442.04 (5) The examining board may not grant a certificate as a certified public accountant to any person other than a person who is 18 years of age or older, does not have an arrest or conviction record, subject to ss. 111.321, 111.322 , and 111.335, and, except as provided in s. 442.05, has successfully passed a written an examination in such subjects affecting accountancy as the examining board considers necessary. If the person applying for the certificate passes the examination during the period beginning on May 17, 1996, and ending on December 31, 2000, the examining board may not grant the certificate unless the applicant has at least 3 years of public accounting experience or its equivalent, the sufficiency of the experience or the equivalency to be judged by the examining board. If the person applying for the certificate passes the examination after December 31, 2000, the The examining board may not grant the certificate unless the applicant has at least 2 years one year of public accounting experience or its equivalent, the sufficiency of the experience or the equivalency to be judged by the examining board. The examining board shall ensure that evaluation procedures and examinations are nondiscriminatory, relate directly to accountancy, and are designed to measure only the ability to perform competently as an accountant. The examining board may use the examination service provided by the American Institute of Certified Public Accountants.

AB345, s. 64 Section 64. 442.06 of the statutes is repealed.

AB345, s. 65 Section 65. 442.07 (title) of the statutes is amended to read:

AB345,21,25 442.07 (title) Requirements for practice as certified public accountant or public accountant.

AB345, s. 66 Section 66. 442.07 (1) of the statutes is amended to read:

AB345,22,13 442.07 (1) Any person who has been issued a certificate of the person's qualifications to practice as a certified public accountant, shall be styled and known as a "certified public accountant" and no other person shall assume to use such title or the abbreviation "C.P.A." or any other word, words, letters , or figures to indicate that the person using the same is a certified public accountant. The terms "chartered accountant" and "certified accountant" and the abbreviation "C.A." are specifically prohibited to such other persons as being prima facie misleading to the public. Any person who has been issued a certificate of authority, as herein provided, shall be styled and known as a "public accountant" and no other person, other than a certified public accountant, shall assume to use such designation or any other word, words, letters or figures to indicate that such person is entitled to practice as a public accountant.

AB345, s. 67 Section 67. 442.07 (2) of the statutes is repealed.

AB345, s. 68 Section 68. 442.07 (3) of the statutes is amended to read:

AB345,23,3 442.07 (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.

AB345, s. 69 Section 69. 442.08 of the statutes is repealed and recreated to read:

AB345,23,8 442.08 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).