061-6 Wyo. Code R. §§ 6-3 - Competence and Technical Standards
(a) Competence
Rule. A holder shall not undertake any engagement for the performance of
professional services which cannot reasonably be completed with due
professional competence in a timely manner, including compliance, where
applicable, with Rules of Professional Conduct governing auditing standards,
accounting principles, accounting and review services and attestation
standards.
(b) Auditing Standards
Rule. Holders who perform auditing services shall comply with applicable
generally accepted auditing standards. Applicable generally accepted auditing
standards are :
(i) the standards and
interpretations set forth in the AICPA Codification of Statements on Auditing
Standards;
(ii) Government Auditing
Standards issued by the United States Government Accountability
Office;
(iii) standards issued by
the PCAOB; where applicable;
(iv)
the standards and interpretations set forth by the IASB;
(v) and other pronouncements having similar
generally recognized authority are considered to be interpretations of
generally accepted auditing standards, and departures there from must be
justified by those who do not follow them.
(c) Accounting Principles Rule. A holder
shall not express an opinion that financial statements are presented in
conformity with generally accepted accounting principles (GAAP) if such
financial statements contain any departure from accounting principles which has
a material effect on the financial statements taken as a whole, unless the
holder can demonstrate that, by reason of unusual circumstances, the financial
statements would otherwise have been misleading. In such a case, the holder's
report must describe the departure, the approximate effects thereof, if
practicable, and the reason why compliance with the accounting principle would
result in issuing a misleading statement. For purposes of this rule, GAAP and
the applicable financial reporting frameworks are considered to be defined by
pronouncements issued by:
(i) the (FASB)and
its predecessor entities, as published in FASB Accounting Standards,
Codification and Updates ;
(ii) the
GASB, and its predecessor entities, as published in the GASB
Codification;
(iii) the FASAB and
its predecessor entities, as published in the FASAB Handbook of Accounting
Standards and Other Pronouncements;
(iv) the IASB and its predecessor entities,
as published in the IFRS (including IFRS for SMEs)(the Red Book);
(v) and similar pronouncements issued by
other entities having similar generally recognized authority.
(d) Accounting and Review Services
Rule. A holder who performs accounting and review services shall conform to the
professional standards applicable to such services. For purposes of this rule,
such professional standards are considered to be defined by:
(i) Statements on Standards for Accounting
and Review Services issued by the AICPA ; and
(ii) by similar pronouncements by other
professional entities having similar generally recognized national and
international authority.
(e) Attestation Standards Rule. A holder
shall not be associated with assurances on representations other than
historical financial statements unless such assurances have been made in
accordance with:
(i) the Statements on
Standards for Attestation Engagements issued by the AICPA;
(ii) or the Government Auditing Standards,
where applicable.
(f)
Other Professional Standards Rule: In performing tax services, personal
financial planning, business valuation, litigation support and expert witness,
and other management advisory or consulting services holders shall comply with
the applicable professional standards for such services. For purposes of this
rule, such professional standards are defined by:
(i) the Statements on Standards for
Consulting Services, Statement on Standards for Tax Services, Statements on
Responsibilities in Personal Financial Planning Practice, Statements on
Standards for Valuation Services, Statements on Quality Control Standards and
Statements on Continuing Professional Education Standards all of which are
issued by the AICPA ;
(ii) the
Governmental Auditing Standards where applicable;
(iii) the PCAOB where applicable ;
(iv) or by similar pronouncements by other
entities having similar generally recognized authority.
Notes
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