AB725,35,18
15(4) Except as provided in s. Accy
8.05
3.202, experience must include practice
16using United States related techniques as noted in sub. (3). Experience will be
17considered on its merit without restriction as to where it was acquired, so long as it
18is relevant to United States practice.
AB725,108
19Section
108. Accy 8.05 of the administrative code is renumbered Accy 3.202,
20and Accy 3.202 (2) (d), as renumbered, is amended to read:
AB725,35,2221
Accy 3.202
(2) (d) The applicant has successfully completed the professional
22ethics examination in s. Accy
3.10 2.306.
AB725,109
23Section
109. Chapter Accy 9 (title) of the administrative code is renumbered
24Chapter Accy 6 (title).
AB725,110
25Section
110. Accy 9.01 of the administrative code is repealed.
AB725,111
1Section
111. Accy 9.02 (Note) of the administrative code is renumbered Accy
26.101 (Note) and amended to read:
AB725,36,63
Accy 6.101
Note: The following questions are intended to assist firms in
4determining whether a peer review is required for renewal. An affirmative response
5to any part of any question means that a peer review is required. Caution: This list
6is not exclusive. Refer to the standards if in doubt.
AB725,36,87
1. Does your firm audit SEC clients, including employer-sponsored plans
8required to file a form 11-K with the SEC?
AB725,36,99
2. Does your firm currently perform the following types of engagements?
AB725,36,10
10• Engagements applying Statements on Auditing Standards (SASs) - Audits?
AB725,36,11
11• Agreed-upon procedures?
AB725,36,13
12• Engagements applying Statements on Standards for Accounting and Review
13Services (SSARS)?
AB725,36,14
14• Reviews of financial statements?
AB725,36,15
15• Compilations of financial statements with disclosures?
AB725,36,17
16• Compilations of financial statements where "Selected
17Information-Substantially All Disclosures Required Are Not Included?"
AB725,36,18
18• Compilations of financial statements that omit substantially all disclosures?
AB725,36,20
19• Engagements applying Statements on Standards for Attestation
20Engagements (SSAE)?
AB725,36,22
21• Engagements applying International Financial Reporting Standards (IFRS)
22or International Auditing Standards (IAS)?
AB725,36,23
23• Examinations of prospective financial statements under SAARS?
AB725,36,24
24• Compilations of prospective financial statements under SAARS?
AB725,36,25
25• Agreed-upon procedures of prospective financial statements?
AB725,37,1
1• Examinations of written assertions?
AB725,37,2
2• Reviews of written assertions?
AB725,37,3
3• Agreed-upon procedures of written assertions?
AB725,37,4
4• Engagements under Government Auditing Standards (Yellow Book)?
AB725,37,5
5• Engagements applying PCAOB Auditing Standards?
AB725,37,6
6• Engagements applying PCAOB Attestation Standards?
AB725,37,8
7• Work performed as subject to requirements of the AICPA peer-review
8program?
AB725,112
9Section
112. Accy 9.02 of the administrative code is renumbered Accy 6.101,
10and Accy 6.101 (1) and (2), as renumbered, are amended to read:
AB725,37,2011
Accy 6.101
(1) After January 1, 2005, an An application for renewal by a
12certified public accounting firm that provides or offers to provide attest services shall
13include a description of at least one peer review of the firm undergone
through a peer
14review program approved by the board, or approved by a board that regulates
15certified public accountants in another state, within 3 years preceding the
16application for renewal. The description shall identify the
board-approved peer
17review program
administrator, if administered by a peer-review program
18administrator approved by a board that regulates certified public accountants in any
19other CPA licensing jurisdiction, the outcome of the review
, and the year under
20review.
AB725,37,22
21(2) A firm is exempt from the peer review requirements in this section if it does
22not offer or perform attest services
as defined in s. 442.001 (1), Stats.
AB725,113
23Section
113. Accy 9.03 of the administrative code is renumbered Accy 6.201,
24and Accy 6.201 (intro.), as renumbered, is amended to read:
AB725,38,4
1Accy 6.201 Reports
Report from board-approved review programs
2peer-review program. (intro.)
Each board-approved peer review The
3peer-review program
described under s. Accy 6.002 (4) (a) 1. shall report the
4following to the board by December 1 of each even-numbered year:
AB725,114
5Section
114. Accy 9.04 of the administrative code is repealed.
AB725,115
6Section
115. Accy 9.05 of the administrative code is repealed.
AB725,116
7Section
116. Accy 9.06 of the administrative code is repealed.
AB725,117
8Section
117.
Nonstatutory provisions.
AB725,38,159
(1)
The accounting examining board shall research the feasibility of rules
10establishing continuing education requirements for renewal of a license under
11section 442.08 (1) of the statutes. The board shall prepare a report describing its
12findings and recommendations, including a description of any suggested changes to
13the statutes or the board's rules, and shall submit the report to the appropriate
14standing committees of the legislature in the manner provided under section 13.172
15(3) of the statutes no later than December 31, 2016.
AB725,38,1816
(2)
The requirements under sections 227.21 (2) (a) and 442.01 (2) of the statutes
17to obtain the consent of the attorney general and to hold a public hearing do not apply
18with respect to the enactment of this act.
AB725,118
19Section
118.
Effective dates. This act takes effect on the day after
20publication, except as follows:
AB725,38,2321
(1)
Notwithstanding section 227.265 of the statutes, the treatments of
22provisions of the administrative code take effect on the first day of the 3rd month
23following publication of this act in the Wisconsin Administrative Register.