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325.220 Definitions for chapter.
As used in this chapter, unless the context otherwise requires:
(1) "Board" means the State Board of Accountancy;
(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 service" means providing the following financial statement services:
(a) Any audit or other engagement subject to and to be performed in
accordance with the current versions of the American Institute of Certified
Public Accountants (AICPA) Statements on Auditing Standards (SAS),
and Government Auditing Standards issued by the United States
Government Accountability Office;
(b) Any review or compilation of a financial statement subject to and to be
performed in accordance with the current versions of the American
Institute of Certified Public Accountants (AICPA) Statements on
Standards for Accounting and Review Services (SSARS);
(c) Any examination of prospective financial information or other professional
services to be performed in accordance with the current versions of the
American Institute of Certified Public Accountants (AICPA) Statements on
Standards for Attestation Engagements (SSAE); or
(d) Any engagement to be performed in accordance with the Public
Company Accounting Oversight Board Auditing Standards;
(5) "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 one (1) or more types of services involving the use of accounting,
attest, or compilation services, including the issuance of reports on financial
statements, or one (1) or more types of management advisory, financial
advisory, or consulting services, or the preparation of tax returns or the
furnishing of advice on tax matters. This definition shall not prohibit anyone
who is not a certified public accountant from performing accounting services,
such as the preparation of tax returns or financial statements, for which
attestation by the preparer is not required;
(6) "Firm" means a sole proprietorship, partnership, professional service
corporation, or any other form of business organization that is authorized to
operate under the laws of this Commonwealth, complies with the provisions of
this chapter, and is issued a license to practice by the board or is exempt from
having to obtain a license pursuant to KRS 325.301;
(7) "Firm manager" means a licensee of this state or another state designated by a
firm to be responsible for the firm complying with the firm registration and firm
licensing requirements contained in this chapter and administrative regulations
promulgated thereunder;
(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 practice monitoring process designed to promote
quality in accounting and auditing services, and protect the public interest. The
process shall comply with standards that are equivalent to or more stringent
than the current version of the Standards for Performing and Reporting on Peer
Reviews issued by the American Institute of Certified Public Accountants
(AICPA);
(11) "Peer review committee" means any person or persons administering a peer
review program that is equivalent to or more stringent than a program as
outlined in the American Institute of Certified Public Accountants (AICPA)'s
current version of the Standards for Performing and Reporting on Peer
Reviews, including provisions that provide guidance for administering peer
reviews; and
(12) "Substantial equivalency" means a determination by the board or its designee
that the education, examination, and experience requirements in the statutes
and administrative regulations of another state for the licensing of a certified
public accountant are comparable or better than those contained in the Uniform
Accountancy Act issued by the American Institute of Certified Public
Accountants (AICPA) and National Association of State Boards of Accountancy
(NASBA), or that an individual certified public accountant's education,
examination, and experience qualifications are comparable or exceed these
national standards.
Effective:June 8, 2011
History: Amended 2011 Ky. Acts ch. 31, sec. 1, effective June 8, 2011. -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
ch. 248, sec. 2, effective July 15, 1994.
Amended 1992 Ky. Acts ch. 18,
sec. 2, effective July 14, 1992. -- Amended 1990 Ky. Acts ch. 285, sec. 1,
effective July 13, 1990. -- Amended 1984 Ky. Acts ch. 117, sec. 1, effective July
13, 1984. -- Amended 1968 Ky. Acts ch. 143, sec. 1. -- Created 1946 Ky. Acts
ch. 210, sec. 21.
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