For purposes of this chapter, the terms in this part and in Minnesota Statutes, section 326A.01, have the meanings given.
"AICPA" means the American Institute of Certified Public Accountants.
"Applicant" means a person applying to take the Uniform Certified Public Accountant Examination. An "applicant" is also referred to as a "candidate." The term "applicant" also includes persons who have passed the examination but have not yet received their CPA certificates.
"Asynchronous" means a learning activity in which the participant has control over time, place, or pace of learning.
"Blended learning program" means an educational program incorporating multiple learning formats.
[Repealed, 38 SR 1367]
"Contested case" means a proceeding before the board in which the legal rights, duties, or privileges of specific parties are required by law or constitutional right to be determined after a board hearing.
"Financial statements" means statements and footnotes related to them that undertake to present an actual or anticipated financial position as of a point in time, or results of operations, cash flow, or changes in financial position for a period of time, in conformity with generally accepted accounting principles or another comprehensive basis of accounting. "Financial statements" does not include incidental financial data included in management advisory service reports to support recommendation to a client, nor does it include tax returns and supporting schedules.
"Group Internet-based program" means individual participation in synchronous learning with real-time interaction of an instructor or subject matter expert and built-in process for attendance and interactivity.
"Group live program" means synchronous learning in a group environment with real-time interaction of an instructor or subject matter expert that provides the required elements of attendance monitoring and engagement.
"Group program" means either a group Internet-based program or group live program.
"Independent study" means an educational process designed to teach a participant a given subject using a learning contract with a continuing professional education program sponsor.
[Repealed, 42 SR 736]
"Licensee" has the meaning given in Minnesota Statutes, section 326A.01, subdivision 9.
"NASBA" means the National Association of State Boards of Accountancy.
"Nano-learning program" means a tutorial program designed to permit a participant to learn a given subject in a ten-minute time frame through the use of electronic media and without interaction with a real-time instructor. A nano-learning program differs from a self-study program in that it is typically focused on a single learning objective and is not paper-based. A nano-learning program is not a group program. Nano-learning is not a substitute for comprehensive programs addressing complex issues.
"Professional engagement" means an agreement between a client and a licensee relative to the performance of professional services and the services performed under the agreement.
"Professional services" means services that require the specialized knowledge or skills associated with certified public accountants or persons registered under Minnesota Statutes, section 326A.06, paragraph (b), including:
issuing reports on financial statements;
providing management or financial advisory or consulting services;
preparing tax returns;
providing advice in tax matters; or
other services performed under a professional engagement.
"Peer review" has the meaning given in Minnesota Statutes, section 326A.01, subdivision 12.
"RAP" or "registered accounting practitioner" means a person registered by the board as a registered accounting practitioner under Minnesota Statutes, section 326A.06, paragraph (b), and part 1105.6600.
"RAP firm" means a sole proprietorship, corporation, partnership, or any other form of organization issued a RAP firm permit under this chapter.
"Registrant" means a person who is a registered accounting practitioner.
"Self-study program" means an educational program completed individually without the assistance or interaction of a real-time instructor.
[Repealed, 33 SR 476]
"Synchronous" means a group program in which participants simultaneously engage in learning activities.
27 SR 1425; 30 SR 422; 33 SR 476; 38 SR 1367; 40 SR 953; 42 SR 736
January 10, 2018