AB345: Bill Text

AB345, s. 76 Section 76. 442.11 (3) of the statutes is repealed.

AB345, s. 77 Section 77. 442.11 (4) of the statutes is repealed.

AB345, s. 78 Section 78. 442.11 (6) of the statutes is repealed.

AB345, s. 79 Section 79. 442.11 (7) of the statutes is amended to read:

AB345,26,21 442.11 (7) Practices as a certified public accountant or as a public accountant after his or her certificate has been revoked.

AB345, s. 80 Section 80. 442.11 (8) of the statutes is amended to read:

AB345,27,2 442.11 (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.

AB345, s. 81 Section 81. 442.11 (9) of the statutes is amended to read:

AB345,27,6 442.11 (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.

AB345, s. 82 Section 82. 442.11 (10) of the statutes is amended to read:

AB345,27,10 442.11 (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.

AB345, s. 83 Section 83. 442.11 (12) of the statutes is amended to read:

AB345,27,13 442.11 (12) Attempts by any subterfuge to evade the provisions of this chapter while practicing as a certified public accountant.

AB345, s. 84 Section 84. 442.11 (13) of the statutes is amended to read:

AB345,27,21 442.11 (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.

AB345, s. 85 Section 85. 442.12 (intro.) of the statutes is amended to read:

AB345,27,24 442.12 Disciplinary action. (intro.) Subject to the rules promulgated under s. 440.03 (1), the examining board may do any of the following:

AB345, s. 86 Section 86. 442.12 (3) of the statutes is amended to read:

AB345,28,5 442.12 (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.

AB345, s. 87 Section 87. 442.13 of the statutes is amended to read:

AB345,28,18 442.13 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.

AB345, s. 88 Section 88. 442.14 of the statutes is repealed.

AB345, s. 89 Section 89. 447.34 (2) of the statutes is amended to read:

AB345,28,23 447.34 (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.

AB345, s. 90 Section 90. 560.16 (6) (a) 3. of the statutes is amended to read:

AB345,29,3 560.16 (6) (a) 3. A verified statement of the financial condition and business operation of the existing business for the previous 3 years, certified by an independent certified public accountant licensed or certified under ch. 442.

AB345, s. 91 Section 91. 893.66 (title) of the statutes is amended to read:

AB345,29,6 893.66 (title) Accountants Certified public accountants; limitations of actions.

AB345, s. 92 Section 92. 893.66 (1) of the statutes is amended to read:

AB345,29,12 893.66 (1) Except as provided in subs. (1m) to (4), an action to recover damages, based on tort, contract or other legal theory, against any certified public accountant licensed or certified under ch. 442 for an act or omission in the performance of professional accounting services shall be commenced within 6 years from the date of the act or omission or be barred.

AB345,29,13 (End)