Tenn. Comp. R. & Regs. 0020-01-.01 - DEFINITIONS
(1) Unless otherwise stated, as used in this
chapter and each subsequent chapter of the Rules of the State Board of
Accountancy:
(a) "Act" means the Tennessee
Accountancy Act of 1998, Tenn. Code Ann. §
62-1-101
et seq.;
(b) "Accounting service"
means accounting, attest, tax, consulting or management advisory
services;
(c) "AICPA" means the
American Institute of Certified Public Accountants;
(d) "Attest" shall be defined as in Tenn.
Code Ann. §
62-1-103;
(e) "Board" shall be defined as in Tenn. Code
Ann. §
62-1-103;
(f) "Certificate" shall be defined as in
Tenn. Code Ann. §
62-1-103;
(g) "CPA" means "Certified Public Accountant"
and shall be defined as in Tenn. Code Ann. §
62-1-103;
(h) "Expired License" means a license that is
more than six months past the expiration date of the license;
(i) "Financial statements" means statements,
footnotes and other supplementary information 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 service reports to support
recommendations to a client; nor does it include tax returns and supporting
schedules;
(j) "License" means a
certificate issued under T.C.A. §
62-1-107,
a permit issued under T.C.A. §
62-1-108,
or a registration under T.C.A. §
62-1-109,
or, in each case, a certificate, license, or permit issued under corresponding
provisions of prior law;
(k)
"Member" means member in a limited liability company;
(l) "NASBA" means the National Association of
State Boards of Accountancy;
(m)
"Permit" means a permit to practice as a CPA or PA firm issued under
§§
62-1-108,
62-1-109
or corresponding provisions of prior law;
(n) "Partnership" or "Corporation" shall
include any form of business organization authorized under the laws of this or
any other state;
(o) "Practice of
public accountancy" means providing or offering to provide attest services to
the public, or using the titles "certified public accountant," "public
accountant," "CPA," or "PA";
(p)
"Professional service" means any service performed or offered by a licensee for
a client in the course of the practice of public accountancy;
(q) "PA" means "Public Accountant" and shall
be defined as in Tenn. Code Ann. §
62-1-103;
(r) "Registration" shall be defined as in
Tenn. Code Ann. §
62-1-103;
(s) "Report" shall be defined as in Tenn.
Code Ann. §
62-1-103.
This term, as defined in Tenn. Code Ann. §
62-1-103 of
the Act and used in Tenn. Code Ann. §
62-1-108
of the Act, and in these Rules, includes forms of language contained in a
report which refers to financial statements or other information, when such
forms of language express or deny any assurance as to the reliability of the
financial statements or other information to which it refers. Among the
possible sources of such forms of language are pronouncements by authoritative
bodies recognized by the Board describing the work that should be performed
and/or the responsibilities that should be assumed, for specified kinds of
professional engagements, and in addition prescribing the form of report which
should be issued upon completion of such engagements. A form of report
prescribed by such a pronouncement will ordinarily constitute a form of
language which is conventionally understood as implying assurance and
expertise;
(t) "Resident manager"
means a licensee designated by a firm to be responsible for an office
location's compliance with the Act and the rules of the Board. A resident
manager may be the resident manager of multiple office locations. Each office
location must have a CPA resident manager, with responsibility for that office,
whether that manager is an owner in the firm or not.
Notes
Authority: T.C.A. §§ 62-1-103, 62-1-105, 62-1-105(e), 62-1-108, 62-1-111(a), 62-1-111(a)(12), and Chapter No. 443 of the Public Acts of 1989, Sections 9 and 12.
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