061-1 Wyo. Code R. §§ 1-2 - 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, regulation, interpretations and statements of reason adopted by the Board.

(a) "Active Status" means the status required when a certificate holder performs any service as defined at W.S. 33-3-109(c) for an employer, another person, or an entity not wholly owned by the certificate holder with or without compensation.

(b) "Advertise" means any written or graphic statement made in any manner that 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, or any other notice, handbill, sign, catalog, letter, electronic media, or printed document that indicates services are offered or available.

(c) "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) Is restricted to the specified parties; and

(iii) Does not provide an opinion or negative assurance.

(d) "AICPA" or "Institute" means the American Institute of Certified Public Accountants or successor organizations.

(e) "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) of these rules.

(f) "Certified Public Accountant" or "CPA" is a person holding a certified public accountant certificate issued pursuant to W.S. W.S. 33-3-109, W.S. 33-3-115 or W.S. 33-3-116 or that has not been suspended, revoked, surrendered, or expired or a person who holds a certificate based on meeting the substantial equivalency standards and availing himself of practice privileges.

(g) "Client" is any person or organization other than the holder's employer that engages a certificate or permit holder to perform professional services.

(h) "Commission" is a fee, received or paid by others, that is calculated as a percentage of the total sale or service.

(i) "Contingent Fee" is a fee established for performing 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.

(j) "Designated Certificate Holder (DCH)" is the individual certificate holder responsible for registering the CPA firm and providing all CPA firm and office notifications required under W.S. 33-3-118 and W.S. 33-3-119, as well as other notifications required by these rules.

(k) "Financial Statements" means statements and related footnotes that 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.

(l) "Foreign" means any place outside the United States or its territories.

(m) "Holder" is a person who has been issued a CPA certificate by the Board pursuant to W.S. 33-3-109, W.S. 33-3-115 or W.S. W.S. 33-3-116 and chapter 3 of these rules, a CPA firm that has been issued a permit pursuant to W.S. 33-3-118, W.S. 33-3-120, and chapter 4 of these rules or a person or firm availing himself or itself of practice privileges.

(n) "Holding Out" means any action initiated by a 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, using a CPA designation on business cards or letterhead, displaying a certificate, or reference to any of the AICPA professional standards or any of the standards established in chapter 6, section 3 of these rules.

(o) "Inactive Status" means the status available when a holder does not perform any service as defined in W.S. 33-3-109(c) for an employer, another person, or an entity not wholly owned by the certificate holder, with or without compensation.

(p) "Licensee" means "holder" whether licensed in this State or as defined in section 2(m) of this chapter.

(q) "NASBA" means National Association of State Boards of Accountancy.

(r) "Office" means any location within the State of Wyoming where the practice of public accounting is performed by certificate holders as a CPA firm.

(s) "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.

(t) "Original Certificate" means the certificate issued to an individual as a result of passing the Uniform CPA examination and meeting the requirements set forth in W.S. 33-3-109(a) and chapter 3, section 2 of these rules.

(u) "Peer Review" means a review under a practice monitoring program as approved by the Board such as the programs sponsored by the AICPA.

(v) "Practice Privilege" means the ability to practice as a certificate or permit holder in Wyoming without obtaining a Wyoming certificate based on meeting the criteria established in W.S. 33-3-116(a) and chapter 10 of these rules or a permit based on W.S. 33-3-118(b)(xiv).

(w) "Professional Services" are any services performed or offered to be performed by a holder in the practice of public accounting.

(x) "Reciprocal Certificate" means a certificate issued to an individual based on a certificate issued in another jurisdiction.

(y) "Referral Fee" is a fee paid by a holder to any person in return for recommending or referring any service of a holder to any person.

(z) "Registrant" means any certificate holder, permit holder or person or firm availing himself or itself of practice privileges under the provisions of the certified public accountants' act and these rules.

(aa) "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 a 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 that disclaims an opinion when the language is conventionally understood to imply any positive assurance as to the reliability of the financial statements referred to or special competence on the part of the person or CPA firm issuing such language; and it includes any other language that is conventionally understood to imply an assurance or other special knowledge or competence.

(bb) "Retired Status" means the status available when a certificate holder has reached the age of sixty-five (65) or is disabled and no longer performs any service for compensation as defined in W.S. 33-3-109(c) for an employer, another person, or an entity not wholly owned by the certificate holder.

(cc) "Review" means a professional service as defined in the Statement on Standards for Accounting and Review Services as set forth in chapter 6, section 3(d) of these rules.

(dd) "Sole Proprietorship" means a certificate holder performs accounting services as defined in W.S. 33-3-109(c) for any person or organization other than his employer, himself, or an entity wholly owned by himself, and the certificate holder is compensated for services provided.

(ee) "Surrendered Status" means the certificate or affidavit of lost certificate has been returned to the Board's office. A person who surrenders a certificate is no longer a Wyoming CPA.

(ff) "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.

Notes

061-1 Wyo. Code R. §§ 1-2

Amended, Eff. 10/28/2019.