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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