2022 Hawaii Revised Statutes
Title 25. Professions and Occupations
466. Public Accountancy
466-3 Definitions.
§466-3 Definitions. When used in this chapter, the following terms have the meanings indicated:
"Attest" means providing the following financial statement services:
(1) Any audit or other engagement to be performed in accordance with the statements on auditing standards of the American Institute of Certified Public Accountants;
(2) Any compilation or review of a financial statement to be performed in accordance with the statements on standards for accounting and review services of the American Institute of Certified Public Accountants;
(3) Any examination of prospective financial information to be performed in accordance with the statements on standards for attestation engagements of the American Institute of Certified Public Accountants;
(4) Any engagement to be performed in accordance with the government auditing standards, also known as the Yellow Book, issued by the United States Government Accountability Office; and
(5) Any engagement to be performed in accordance with the standards of the Public Company Accounting Oversight Board.
"Board" means the state board of public accountancy established under section 466-4.
"Certified public accountant" means the designation given to a person licensed under section 466-5 or the law of any other state or foreign country.
"Department" means the department of commerce and consumer affairs.
"Director" means the director of commerce and consumer affairs.
"Firm" means a sole proprietorship, a corporation, a partnership, a limited liability company, or a limited liability partnership.
"Hawaii attest work" means attest services provided or attest reports issued by an individual or firm licensed and authorized to practice public accountancy in this State or any other state, to any of the following clients:
(1) An individual who is a resident of this State;
(2) A person, entity, firm, or trust that is domiciled within this State, or whose principal or home office is physically located within this State; or
(3) A subsidiary that has a physical presence in this State, and has a separate, stand-alone financial statement or report issued on that subsidiary.
"License" means the document issued by the board to a person designated as a certified public accountant under section 466-5, or a person licensed as a public accountant under section 466-6, or a valid comparable certificate, registration, or license of certified public accountant or public accountant issued after examination under the law of any other state or foreign country, or of a permit issued under section 466-7.
"Partner" means a partner in any general partnership, foreign general partnership, limited liability partnership, or foreign limited liability partnership.
"Partnership" means any general partnership, foreign general partnership, limited liability partnership, or foreign limited liability partnership.
"Peer review" means a study, appraisal, or review of one or more aspects of the professional work of a firm that issues attest reports by a person or persons who hold permits to practice public accountancy under section 466-7 or are licensed to practice public accountancy in any other state and who are not affiliated with the firm being reviewed.
"Permit" means a permit to actively practice public accountancy issued under section 466-7.
"Practice of public accountancy" means the performance or the offering to perform, by a person or firm holding itself out to the public as a licensee, for a client or potential client of one or more kinds of services involving the use of accounting or auditing skills, including the issuance of reports on financial statements, or of one or more kinds of management advisory or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters.
"Public accountant" means the designation given to a person licensed under section 466-6, or the law of any other state or foreign country.
"Report", when used with reference to financial statements, means an opinion, report, or other form of language that states or implies the measure of assurance as to the reliability of any financial statements, and that also includes, or is accompanied by, any statement or implication that the firm issuing it has special knowledge or competence in accounting or auditing.
"State" means any state, territory, or insular possession of the United States, except that "this State" means the State of Hawaii. [L 1973, c 158, pt of §2; am L 1989, c 110, §4; am L 1992, c 202, §162; am L 1996, c 93, §2; am L 2010, c 66, §2; am L 2016, c 145, § §1, 7]
