A firm that files an application for licensure shall submit an application that:

1. (1) Identifies each office of the firm that is located in this state.
2. (2) If any person who holds an ownership interest in the firm is not a licensed certified public accountant, designates an individual licensed as a certified public accountant in Wisconsin as the individual responsible for the firm’s compliance with ch. 442, Stats.

3. (3) Demonstrates, to the satisfaction of the department, each of the following:

   1. (a) That all attest services provided by the firm in this state are under the charge of an individual licensed as a certified public accountant.
   2. (b) 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.
   3. (c) 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.
   4. (d) That the applicant has satisfied the peer review requirements in s. 442.087, Stats., and ch. Accy 6.

History

History: CR 03-071: cr. Register May 2004 No. 581, eff. 6-1-04; 2015 Wis. Act 217: renum. from Accy 4.037 and am. (3) (d) Register may 2016 No. 725, eff. 6-1-16.