Wyo. Code R. 061-0001-1
Accountants, Board of Certified Public
Effective Date: 08/24/2001 to 08/29/2003
Rule Type: Superceded Rules & Regulations
Reference Number: 061.0001.1.08242001
Section 1. Authority. The Wyoming Board of Certified Public Accountants hereby adopts and promulgates the following rules and regulations as authorized by the Act and the Wyoming Administrative Procedure Act, W.S. 16-3-101 et seq.
Section 2. Definitions. Unless otherwise stated or required by the context, the definitions set forth in this section shall apply to the construction and interpretation of any rules, regulations, interpretations and statements of reason adopted by the Wyoming Board of Certified Public Accountants.
(a) 'Act' means the Certified Public Accountants Act of 1975, W.S. 33-3-101, et seq.
(b) 'Board' means the Wyoming Board of Certified Public Accountants, a public authority, created pursuant to W.S. 33-3-103.
(c) 'State' includes the states of the United States, the District of Columbia, Puerto Rico, Guam, and the U.S. Virgin Islands. The term 'State' means this state.
(d) 'AICPA' or 'Institute' means the American Institute of Certified Public Accountants.
(e) 'Certified Public Accountant' or 'CPA' is a person holding a certified public accountant certificate issued pursuant to W.S. 33-3-109; 33-3-114; 33-3-115; or 33-3-116, which certificate has neither been suspended nor revoked.
(f) 'Registrant' means any certificate holder, permit holder or firm registered under the provisions of the Act and the Rules and Regulations.
(g) 'Practice of Public Accounting' or 'practicing' shall be deemed to mean holding out to be a certified public accountant or a certified public accounting firm in any manner and offering to perform or performing for a client one or more types of services involving accounting or auditing skills, including the issuance of reports on financial statements or the preparation of financial statements; or of one or more kinds of management advisory, financial advisory, litigation support services or consulting services; or the preparation of tax returns or the furnishing of advice on tax matters.
The practice of public accounting shall exclude any of the following:
i) services rendered by those employees of a governmental unit or an employee rendering accounting services only to his employer; and
ii) the performance of reviews required under the Board's Peer Review Program.
(h) 'Financial Statements' are statements and footnotes related thereto that purport to show financial position which relates to a point in time or changes in financial position which are related to a period of time, including statements which use a cash or another comprehensive basis of accounting. The term includes Balance Sheets, Statements of Income, Statements of Retained Earnings, Statement of Cash Flows, Statements of Changes in Financial Position and Statements of Changes in Owner's Equity. The term does not include incidental financial data included in management advisory services reports to support recommendations to a client, nor does it include tax returns and supporting schedules.
(i) “Opinions on Financial Statements” are any opinions expressed in accordance with generally accepted auditing standards as to the fairness of presentation of information used for guidance in financial transactions or for accounting for or assessing the status or performance of commercial and non-commercial enterprises, whether public, private or governmental.
(j) “Enterprise” is any person or entity, whether organized for profit or not, for which a permit holder provides public accounting services.
(k) “Client” is any person or other entity which retains a permit holder or his firm, engaged in the practice of public accounting for the performance of professional services.
(l) “Permit Holder” is a person holding a certified public accounting certificate issued under this Act and who has been issued a permit-to-practice pursuant to W.S. 33-3-120; and a firm holding a permit-to-practice pursuant to W.S. 33-3-118 and 33-3-120; which permit has not expired nor been revoked or suspended. This term includes each firm of which a permit holder is a partner, officer or shareholder, and each partner, officer or shareholder of a firm which is a permit holder.
(m) “Permit” or “Permit-to-Practice” is a permit to engage in the practice of public accounting as a certified public accountant issued by the Board under W.S. 33-3-120; which permit has not expired nor been revoked or suspended.
(n) “License” is used synonymously with the term “permit-to-practice” as appropriate in the context of the rules.
(o) “Holder” is a person who has been awarded a certificate of certified public accountant by the Board for successful completion of the Uniform AICPA Examination under W.S. 33-3-109, or by reciprocity under W.S. 33-3-116.
(p) “Holding Out” means any action initiated by a certificate holder that informs others of his or her status as a CPA. Any action includes but is not limited to any oral or written representation to another regarding the CPA status, the use of the CPA designation on business cards or letterhead, the display of the certificate, or listing as a CPA in the local telephone directories.
(q) “Professional Services” are any services performed or offered to be performed by a permit holder for a client in the course of the practice of public accounting.
(r) “Firm” is a proprietorship, partnership, limited liability partnership, limited liability company, flexible limited liability company or corporation engaged in the practice of public accounting, including individual partners, members, or shareholders thereof organized in accordance with W.S. 33-3-118, W. S. 17-15-103, W.S. 17-21-1105, or W. S. 17-15-144 and the Rules and Regulations.
“Examination” is a written examination as described in W.S. 33-3-109(a)(iv).
“W.S.” means the Wyoming Statutes in their most recently published form, including all amendments.
(u) Masculine/singular terms when used in these provisions shall also include the feminine/plural.
(v) 'Practice Unit' means each permit holder who practices public accounting as an individual, sole proprietor, or in conjunction with a partnership, corporation, limited liability partnership or limited liability company, or flexible limited liability company.
(w) 'Peer Review' means a review under a practice monitoring program as approved by the Board such as the programs sponsored by the American Institute of Certified Public Accountants (AICPA).
(x) 'Original Certificate' means the certificate issued to an individual as a result of passing the Uniform CPA examination.
(y) 'Reciprocal Certificate' means a certificate issued to an individual based on a certificate issued in another jurisdiction.
(z) 'Commission' is a fee, received or paid by others, which is calculated as a percentage of the total sale or service.
(aa) 'Contingent Fee' is a fee established for the performance of any service pursuant to an arrangement in which no fee will be charged unless a specified finding or result is attained, or in which the amount of the fee is otherwise dependent upon the finding or result of such service. A fee may vary depending, for example, on the complexity of services rendered.
(bb) 'Referral Fee' is a fee paid in exchange for producing a purchase of goods or services.
Section 3. Chairman. The chairman of the Board shall preside at all meetings and shall perform such other duties as the Board may direct. In the absence of the chairman, the Secretary shall perform the duties of the chairman.
Section 4. Secretary. In addition to those duties imposed under W.S. 33-3-104, the secretary of the Board shall maintain a record of the transactions and business of the Board. The record shall include a record of any certificates and permits issued and of any fees paid.
Section 5. Meetings.
(a) Regular meetings of the Board shall be held:
(i) in the first full week of May and November of each year to administer the Uniform AICPA Examination and for the consideration of such other business as may come before it.
(ii) in the month of July of each year for the election of officers for the ensuing year and the transaction of such other business as may come before it.
(b) Special meetings of the Board may be called only as provided in W.S. 16-4-404(b).
(c) Emergency meetings.
(d) An executive session may be conducted only upon a majority vote of the quorum, and only for the consideration of such matters as are described in W.S. 16-4-405.
Section 6. Interpretations. The Board will periodically issue interpretations necessary for the implementation of the Act.
Section 7. Records Retention. The Board shall comply with records retention schedules which were formally adopted on May 3, 2001.
Section 8. Language of Record. Examinations, applications, correspondence, and all other documents will be provided in the English language only. Requests for assistance with foreign language impediments will be considered on a case by case basis. If provided, any and all costs associated with usage exams, interpreters or other aids will be borne solely by the applicant.
Section 9. Change of Name and/or Address.
(a) All registrants shall notify the Board of any changes in name and/or address.
(b) Any notification from the Board to the registrant required or permitted under the Certified Public Accountants' Act shall be mailed to the last known name and address provided to the Board by the registrant, and shall be deemed proper service on said registrant.
Section 10. Change in Form or Scope of Practice, Employment or Firm Name. The registrant shall notify the Board as may be applicable as follows:
(a) within sixty (60) days of any changes in employment or scope of services with respect to attestation services;
(b) within thirty (30) days of the termination or transfer of a sole proprietorship, the admission or withdrawal of a partner, shareholder, or member from any registered partnership, limited liability partnership, corporation, limited liability company, or a flexible limited liability company;
(c) within sixty (60) days of the admission or withdrawal of any permit holder acting in the capacity of a resident manager of any office; or
(d) within sixty (60) days of any firm name change accompanied by applicable amended articles of incorporation or articles of organization.