325.220 Definitions for chapter.
As used in this chapter, unless the context otherwise requires: <br>(1) "Board" means the State Board of Accountancy; <br>(2) "State" includes and means any state, territory, or insular possession of the United
States, or the District of Columbia;
(3) "Public accountant" means a public accountant issued a license to practice by the
Commonwealth of Kentucky under the Public Accounting Act of 1946 as amended;
(4) "Attest" means providing the following financial statement services:
(a) Any audit or other engagement to be performed in accordance with the
Statements on Auditing Standards (SAS);
(b) Any review of a financial statement to be performed in accordance with the
Statements on Standards for Accounting and Review Services (SSARS);
(c) Any examination of prospective financial information to be performed in
accordance with the Statements on Standards for Attestation Engagements <br>(SSAE); or
(d) Any engagement to be performed in accordance with the Public Company
Accounting Oversight Board Auditing Standards;
(5) "Compilation" means providing a service to be performed in accordance with the
Statements on Standards for Accounting and Review Services (SSARS) by <br>presenting information in the form of financial statements that is the representation <br>of management or owners of an entity without undertaking to express any assurance <br>on the statements;
(6) "Regulated activities" means the offering to perform or the performance for a client
or potential client by a person or firm holding a license issued under this chapter of <br>one (1) or more types of services involving the use of accounting, attest, or <br>compilation services, including the issuance of reports on financial statements, or <br>one (1) or more types of management advisory, financial advisory, or consulting <br>services, or the preparation of tax returns or the furnishing of advice on tax matters. <br>This definition shall not prohibit anyone who is not a certified public accountant <br>from performing accounting services, such as the preparation of tax returns or <br>financial statements, for which attestation by the preparer is not required;
(7) "Firm" means a sole proprietorship, partnership, professional service corporation, or
any other form of business organization that is authorized to operate under the laws <br>of this Commonwealth, complies with the provisions of this chapter, and is issued a <br>license to practice by the board or is exempt from having to obtain a license <br>pursuant to KRS 325.301;
(8) "License" means a license as a certified public accountant or a firm issued pursuant
to this chapter;
(9) "Licensee" means a certified public accountant, firm, or public accountant, holding
a license to practice issued under this chapter;
(10) "Peer review" means a study, appraisal, or review of one (1) or more aspects of the
professional work of a person or firm licensed to practice, or excluded from having
to obtain a license pursuant to KRS 325.301, and may include a quality assurance or <br>peer review, or any internal review or inspection that is required by professional <br>standards relating to quality control policies and procedures;
(11) "Review committee" means any person or persons carrying out, administering, or
overseeing a peer review program; and
(12) "Substantial equivalency" means a determination by the board or its designee that
the education, examination, and experience requirements in the statutes and <br>administrative regulations of another state for the licensing of a certified public <br>accountant are comparable or better than those contained in the Uniform <br>Accountancy Act issued by the American Institute of Certified Public Accountants <br>(AICPA) and National Association of State Boards of Accountancy (NASBA), or <br>that an individual certified public accountant's education, examination, and <br>experience qualifications are comparable or exceed these national standards.
Effective: July 15, 2008 <br>History: Amended 2008 Ky. Acts ch. 101, sec. 1, effective July 15, 2008. -- Amended
2000 Ky. Acts ch. 99, sec. 1, effective July 14, 2000. -- Amended 1994 Ky. Acts <br>ch. 248, sec. 2, effective July 15, 1994. Amended 1992 Ky. Acts ch. 18, sec. 2, <br>effective July 14, 1992. -- Amended 1990 Ky. Acts ch. 285, sec. 1, effective July 13, <br>1990. -- Amended 1984 Ky. Acts ch. 117, sec. 1, effective July 13, 1984. -- Amended <br>1968 Ky. Acts ch. 143, sec. 1. -- Created 1946 Ky. Acts ch. 210, sec. 21.
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