AB345: Bill Text

AB345, s. 10 Section 10. 115.817 (5) (b) 1. of the statutes is amended to read:

AB345,7,13 115.817 (5) (b) 1. At the close of each fiscal year, the board shall employ a licensed certified public accountant licensed or certified under ch. 442 to audit its accounts and certify the audit. The cost of the audit shall be paid from board funds.

AB345, s. 11 Section 11. 120.14 (3) of the statutes is amended to read:

AB345,7,17 120.14 (3) The annual meeting may authorize and direct an audit of the school district accounts by a licensed certified public accountant licensed or certified under ch. 442.

AB345, s. 12 Section 12. 120.18 (1) (gm) of the statutes is amended to read:

AB345,8,7 120.18 (1) (gm) Payroll and related benefit costs for all school district employees in the previous school year. Costs for represented employees shall be based upon the costs of any collective bargaining agreements covering such employees for the previous school year. If, as of the time specified by the department for filing the report, the school district has not entered into a collective bargaining agreement for any portion of the previous school year with the recognized or certified representative of any of its employees and the school district and the representative have been required to submit final offers under s. 111.70 (4) (cm) 6., increased costs limited to the lower of the school district's offer or the representative's offer shall be reflected in the report. The school district shall amend the annual report to reflect any change in such costs as a result of any award or settlement under s. 111.70 (4) (cm) 6. between the date of filing the report and October 1. Any such amendment shall be concurred in by the licensed certified public accountant licensed or certified under ch. 442 certifying the school district audit.

AB345, s. 13 Section 13. 127.01 (1r) of the statutes is amended to read:

AB345,8,13 127.01 (1r) "Audited financial statement" means a financial statement on which an independent certified public accountant, or an independent public accountant holding a certificate of authority licensed or certified under ch. 442, has expressed an opinion according to generally accepted accounting principles and has conducted an audit according to generally accepted auditing standards.

AB345, s. 14 Section 14. 127.01 (25m) (b) of the statutes is amended to read:

AB345,8,18 127.01 (25m) (b) The financial statement is reviewed according to generally accepted accounting principles by an independent certified public accountant or an independent public accountant who holds a certificate of authority licensed or certified under ch. 442.

AB345, s. 15 Section 15. 127.06 (1) (e) of the statutes is amended to read:

AB345,9,2 127.06 (1) (e) The department may extend the filing deadline under par. (a) 2. by up to 30 days in response to a written request from a warehouse keeper or an independent certified public accountant, or an independent public accountant holding a certificate of authority licensed or certified under ch. 442, that is auditing or reviewing the financial statement for a warehouse keeper if the department receives the request on or before the 5th day of the 4th month beginning after the close of the warehouse keeper's fiscal year and if the request states the reason for the extension.

AB345, s. 16 Section 16. 127.06 (1m) (e) of the statutes is amended to read:

AB345,9,10 127.06 (1m) (e) The department may extend the filing deadline under par. (b) 2. by up to 30 days in response to a written request from a grain dealer or an independent certified public accountant, or an independent public accountant who holds a certificate of authority licensed or certified under ch. 442, that is auditing or reviewing the financial statement for a grain dealer, if the department receives the written request on or before the 5th day of the 4th month beginning after the close of the grain dealer's fiscal year and if the request states the reason for the extension.

AB345, s. 17 Section 17. 148.19 (2) of the statutes is amended to read:

AB345,9,14 148.19 (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. 18 Section 18. 180.0701 (4) (c) of the statutes is amended to read:

AB345,9,17 180.0701 (4) (c) Ratification of the selection of independent certified public accountants licensed or certified under ch. 442.

AB345, s. 19 Section 19. 180.0826 (2) of the statutes is amended to read:

AB345,9,21 180.0826 (2) 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. 20 Section 20. 180.1903 (1) of the statutes is amended to read:

AB345,9,25 180.1903 (1) One Except as provided in sub. (1m), one or more natural persons licensed, certified, or registered pursuant to any provisions of the statutes, if all have the same license, certificate, or registration or if all are health care professionals, may organize and own shares in a service corporation. A service corporation may own, operate, and maintain an establishment and otherwise serve the convenience of its shareholders in carrying on the particular profession, calling , or trade for which the licensure, certification, or registration of its organizers is required.

AB345, s. 21 Section 21. 180.1903 (1m) of the statutes is created to read:

AB345,10,8 180.1903 (1m) A service corporation for carrying on the profession of certified public accounting may be organized under sub. (1) if more than 50% of the shareholders are certified public accountants.

AB345, s. 22 Section 22. 181.0850 (2) of the statutes is amended to read:

AB345,10,13 181.0850 (2) Professionals and experts. 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. 23 Section 23. 181.1620 (2) (intro.) of the statutes is amended to read:

AB345,10,20 181.1620 (2) (intro.) Accountant's Certified public accountant's report or officer's statement. If annual financial statements are reported upon by a certified public accountant licensed or certified under ch. 442, the certified public accountant's report must accompany them. If not, the statements must be accompanied by a statement of the president or the person responsible for the corporation's financial accounting records that includes all of the following:

AB345, s. 24 Section 24. 185.363 (2) of the statutes is amended to read:

AB345,10,24 185.363 (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. 25 Section 25. 186.094 (2) of the statutes is amended to read:

AB345,11,3 186.094 (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. 26 Section 26. 186.15 (1) of the statutes is amended to read:

AB345,11,8 186.15 (1) Annual audit. Except as provided in sub. (2), the board of directors shall hire a licensed certified public accountant licensed or certified under ch. 442 or other qualified person to conduct a comprehensive annual audit of the records, accounts and affairs of the credit union.

AB345, s. 27 Section 27. 187.31 (2) of the statutes is amended to read:

AB345,11,13 187.31 (2) Legal counsel, certified public accountants licensed or certified under ch. 442, or other professional persons or experts employed by the incorporated Roman Catholic church, as to matters the director or officer believes in good faith are within the person's professional or expert competence.

AB345, s. 28 Section 28. 187.41 (2) of the statutes is amended to read:

AB345,11,18 187.41 (2) Legal counsel, certified public accountants licensed or certified under ch. 442, or other professional persons or experts employed by the religious organization, as to matters the director or officer believes in good faith are within the person's professional or expert competence.

AB345, s. 29 Section 29. 198.167 of the statutes is amended to read:

AB345,12,14 198.167 Certified public accountant; annual report. The directors of the district shall employ annually the commission or a certified public accountant licensed or certified under ch. 442 approved by said commission who shall be qualified to, and who shall with all due diligence, examine and report upon the system of accounts kept by the district, all the contracts of whatsoever kind made and entered into by the board of directors within the year immediately preceding, and the properties and investments of the district. Said The certified public accountant shall in the report make such recommendations and suggestions as to the certified public accountant shall seem proper and required for the good of the district, and the efficient and economical or advantageous management and operation of the public utility or utilities of the district; and the certified public accountant shall in the report make such recommendations and suggestions as to the system of accounts kept, or in the certified public accountant's judgment to be kept, by the district, in connection with each public utility, the classification of the public utilities of the district and the establishment of a system of accounts for each class, the manner in which such accounts shall be kept, the form of accounts, records, and memoranda kept or to be kept, including accounts, records, and memoranda of receipts and expenditures of money, and depreciation and sinking fund accounts, as in the certified public accountant's judgment may be proper and necessary, and shall not conflict with the requirements of the commission.

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.