Wyo. Code R. 061-0001-1
Accountants, Board of Certified Public
Effective Date: 09/05/2008 to 08/25/2009
Rule Type: Superceded Rules & Regulations
Reference Number: 061.0001.1.09052008
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) 'AICPA' or 'Institute' means the American Institute of Certified Public Accountants.
(b) 'Certified Public Accountant' or 'CPA' is a person holding a certified public accountant certificate issued pursuant to W.S. 33-3-109; 33-3-115; or 33-3-116, which certificate has not been suspended, revoked, surrendered or expired.
(c) 'Registrant' means any certificate holder, permit holder or office registered under the provisions of the Act and the Rules and Regulations.
(d) 'Practice of Public Accounting' or 'practicing' means a certificate or permit holder providing any type of service listed in Chapter 3, Section 1(b)(i-xxi) or providing advice involving the use of accounting skills; any auditing, review, or compilation service; any management advisory service; or any tax or consulting service; any litigation support service, including but not limited to expert witness testimony; or the performance of on-site reviews required by W.S. 33-3-132 when the services are provided to individuals or organizations which are residents of or domiciled in the State of Wyoming and any part of the services are performed within the state.
(e) 'Financial Statements' means statements and footnotes related thereto that undertake to present an actual or anticipated financial position as of a point in time, or results of operations, cash flow, or changes in financial position for a period of time, in conformity with generally accepted accounting principles or another comprehensive basis of accounting. 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.
(f) 'Report' when used with reference to financial statements means an opinion, report, or other form of language that states or implies assurance as to the reliability of any financial statement and that also includes or is accompanied by any statement or implication that the person or CPA firm issuing it has special knowledge or competence in accounting or auditing. Such a statement or implication of special knowledge or competence may arise from the use by the issuer of the report of names or titles indicating that the person or CPA firm is a certified public accountant or auditor, or from the use of language in the report itself. The term 'report' includes any form of language which disclaims an opinion when such form of language is conventionally understood to imply any positive assurance as to the reliability of the financial statements referred to and/or special competence on the part of the person or CPA firm issuing such language; and it includes any other form of language that is conventionally understood to imply such assurance and/or other special knowledge or competence.
(g) 'Enterprise' is any person or entity, whether organized for profit or not, for which a certificate holder provides public accounting services.
(h) 'Client' is any person or organization other than the holder's employer that engages a certificate or permit holder to perform professional services.
(i) 'Permit Holder' is a CPA firm pursuant to W.S. 33-3-118, W.S. 33-3-120, and Chapter 4 of the Rules and Regulations, which is in good standing.
(j) 'Permit' or 'Permit-to-Practice' is a permit to engage in the practice of public accounting as a certified public accounting firm issued by the Board under W.S. 33-3-118, W. S. 33-3-120, and Chapter 4 of the Rules and Regulations which is in good standing.
(k) 'License' is used synonymously with the term 'certificate' or 'permit' as appropriate in the context of the rules.
(l) 'Holder' is a person who has been awarded a CPA certificate by the Board for successful completion of the Uniform AICPA Examination under W.S. 33-3-109; under W. S. 33-3-115; by reciprocity under W.S. 33-3-116; or a CPA firm that has been issued a permit under W. S. 33-3-118, W. S. 33-3-120, and Chapter 4 of the Rules and Regulations.
(m) 'Holding Out' means any action initiated by a certificate holder which states or implies he is skilled in the practice of accounting, or any action that informs others of the CPA status. Any action includes but is not limited to any oral or written representation to another regarding accounting skills or 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.
(n) 'Professional Services' are any services performed or offered to be performed by a certificate or permit holder in the practice of public accounting.
(o) 'CPA Firm' is a partnership, limited liability partnership, limited liability company, flexible limited liability company, sole proprietorship, or any type of corporation engaged in the practice of public accounting.
(p) 'Office' is any location established and maintained in Wyoming for the practice of public accounting which is advertised as an office of a certified public accountant in accordance with W. S. 33-3-119.
(q) 'Organization' is a corporation, partnership, limited liability company, sole proprietorship, association, business trust, estate, trust, two or more persons having a joint or common interest, or any other legal or commercial entity.
(r) 'W.S.' means the Wyoming Statutes in their most recently published form, including all amendments.
(s) Masculine/singular terms when used in these provisions shall also include the feminine/plural.
(t) '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).
(u) 'Original Certificate' means the certificate issued to an individual as a result of passing the Uniform CPA examination as a Wyoming candidate and meeting the requirements as set forth in W. S. 33-3-109.
(v) 'Reciprocal Certificate' means a certificate issued to an individual based on a certificate issued in another jurisdiction.
(w) 'Commission' is a fee, received or paid by others, which is calculated as a percentage of the total sale or service.
(x) '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.
(y) 'Referral Fee' is a fee paid in exchange for producing a purchase of goods or services.
(z) 'Designated Certificate Holder (DCH)' is the Wyoming certificate holder responsible for registering the CPA firm and providing all CPA firm and office notifications required under W. S. 33-3-118, W. S. 33-3-119, as well as other notifications required by the Rules and Regulations.
(aa) 'NASBA' means National Association of State Boards of Accountancy.
(bb) 'Advertise' means the use of any written or graphic statement made in any manner which is used to advise, announce, apprise, command, give notice of, inform or make known that services are offered or available. It may include but is not limited to statements and representations made in a newspaper or other publication, radio or television ads, or the use of any other notice, handbill, sign, catalog, letter, electronic media, or printed document which indicates services are offered or available.
(cc) 'PCAOB' means Public Company Accounting Oversight Board.
(dd) 'Work papers' means the holders' records of procedures applied, the tests performed, the information obtained, and the conclusions reached in attest services, tax, consulting, special report, or other engagements. Work papers include, but are not limited to, work programs used to perform professional services, analyses, memoranda, letters of confirmation and representation, checklists, copies or abstracts of company documents, and schedules of commentaries prepared or obtained by the holder. The forms include, but are not limited to, handwritten, typed, printed, word processed, photocopied, photographed, computerized data, or any other form of letters, words, pictures, sounds or symbols.
(ee) 'Audit' means a professional service whereby the holder is engaged to examine financial statements, items, accounts, or elements of a financial statement, prepared by management, in order for an opinion to be expressed on financial statements, items, accounts, or elements as to whether the financial statements are presented in conformity with generally accepted accounting principles or other comprehensive basis of accounting or a performance audit performed in compliance with the Government Auditing Standards as referenced in Chapter 6, Section 3(b).
(ff) 'Review' means a professional service as defined in the Statements on Standards for Accounting and Review Services as set forth in Chapter 6, Section 3(d).
(gg) 'Compilation' means a professional service as defined in the Statements on Standards for Accounting and Review Services as set forth in Chapter 6, Section 3(d).
(hh) 'Agreed-Upon Procedure' means a professional service whereby a holder is engaged to issue a written finding that:
(i) is based on specific procedures that the specified parties agree are sufficient for their purposes;
(ii) are restricted to the specified parties; and
(iii) do not provide an opinion or negative assurance.
(ii) 'Active Status' means the status required when a certificate holder performs any service as defined in W. S. 33-3-109 and Section 2(d) of this chapter for an employer, another person, or an entity not wholly owned by the certificate holder with or without compensation.
(jj) 'Inactive Status' means the status required when a certificate holder does not perform any service as defined in W. S. 33-3-109 and Section 2(d) of this chapter for an employer, another person, or an entity not wholly owned by the certificate holder, with or without compensation.
(kk) 'Retired Status' means the status available when a certificate holder does not perform any service as defined in W. S. 33-3-109 and Section 2(d) of this chapter for an employer, another person, or an entity not wholly owned by the certificate holder, with or without compensation, and has reached the age of fifty-five (55) or is disabled.
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.
(a) The Board shall meet at least three times a year. Additional meetings and conference call meetings may be scheduled as determined by the Board. All meetings shall be scheduled and conducted in compliance with W. S. 16-4-401 et.seq.
(b) The Board shall elect annually from among its members a chair and a secretary. The officers shall assume the duties of their respective offices at the conclusion of the meeting at which they were elected. They shall serve a term of one year, but shall be eligible for reelection.
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 1, 2008.
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.
(a) All certificate holders shall notify the Board of any changes in name, address, or employment within 60 days of the change.
(b) Any notification from the Board to the certificate or permit holder 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 holder, and shall be deemed proper service on said holder.
Section 10. Change in Form, Ownership, Scope of Practice or CPA firm Name. The designated certificate holder shall notify the Board as may be applicable as follows:
(a) within sixty (60) days of any changes in scope of services which affect the scheduling or timing of peer reviews;
(b) within sixty (60) days of the termination or transfer of a sole proprietorship, the admission or withdrawal of a partner, shareholder, member, or non-certificate holder from any permitted CPA firm.
(c) within sixty (60) days of the admission or withdrawal of any certificate holder acting in the capacity of a resident manager of any office or any change in the certificate holder designated to represent the firm;
(d) within sixty (60) days of any CPA firm name change accompanied by applicable amended articles of incorporation or articles of organization.
Section 11. Applications.
(a) All applications shall be reviewed and approved by the board's staff or a committee comprised of the board's staff and one board member.
(b) If an application is denied, the reasons for denial shall be communicated to the applicant in writing. The applicant shall have the right of reconsideration based on submission of new information and/or an appearance before the Board with the opportunity to demonstrate to the Board that the applicable requirements are met. Any request for reconsideration shall be submitted within thirty (30) days of the denial decision.
Section 12. Fees. Fees paid during the course of the current calendar year may be applied to fees due. Filing dates and assessment of related fees shall be established pursuant to W. S. 16-4-303.
(a) Certificate Fees:
| (i) | Wall Document: | $ 25.00 |
|---|---|---|
| (ii) | Active Status: | $220.00 |
| (iii) | Inactive Status: | $110.00 |
| (iv) | Paper Active Renewal: | $220.00 |
| (v) | Electronic Active Renewal: | $210.00 |
| (vi) | Paper Inactive Renewal: | $110.00 |
|---|---|---|
| (vii) | Electronic Inactive Renewal: | $105.00 |
| (viii) | Retired Status (one-time): | $ 50.00 |
| (ix) | Reinstate: | $450.00 |
| (x) | Activate - Active Status from Expired status: | $320.00 |
| (xi) | 1st Active Late Fee (11-1) : | $ 50.00 |
| (xii) | 2nd Active Late Fee (12-31): | $100.00 |
| (xiii) | Inactive Late Fee (12-31): | $ 25.00 |
| (i) | Firm Permit - Partnership, Corporation, Limited Liability Company, Sole Proprietor with one or more CPA employees: | $220.00 |
|---|---|---|
| (ii) | Firm Permit - Sole Proprietorship with no CPA employees: | $ 25.00 |
| (iii) | Peer Review Registration: | $ 0 |
| (iv) | Paper Renewal((i) above): | $220.00 |
| (v) | Electronic Renewal ((i) above): | $210.00 |
| (vi) | Paper Renew ((ii) above): | $ 25.00 |
| (vii) | Electronic Renewal ((ii) above): | $ 20.00 |
| (viii) | 1st Late Fee (11-1): | $ 50.00 |
| (ix) | 2nd Late Fee (12/31): | $100.00 |
(c) The following fees may be assessed for the costs and services required to provide copies or printouts of public records:
| (i) | NSF Fee: | $ 25.00 |
|---|---|---|
| (ii) | Credit Card Chargeback: | $ 25.00 |
| (iii) | Duplicate/Reprinted Certificate: | $ 15.00 |
| (iv) | 1st Certified Notice Fee: | $ 50.00 |
(v) 2nd Certified Notice Fee: $ 80.00