Subdivision 1. Scope.
When used in this chapter, the terms in this section have the meanings
Subd. 2. Attest.
"Attest" means to provide the following financial statement services:
(1) an audit or other engagement performed in accordance with the Statements on Auditing
(2) a review of a financial statement performed in accordance with the Statements on
Standards for Accounting and Review Services (SSARS); and
(3) an examination of prospective financial information performed in accordance with the
Statements on Standards for Attestation Engagements (SSAE).
Subd. 3. Board.
"Board" means the Minnesota Board of Accountancy established under
or its predecessor under prior law.
Subd. 4. Certificate.
"Certificate" means a certificate as a certified public accountant issued
, or corresponding provisions of prior law, or a corresponding certificate as
certified public accountant issued after examination under the law of any other state.
Subd. 5. Client.
"Client" means a person or entity that agrees with a licensee, a person
registered under section
326A.06, paragraph (b)
, or the person's or licensee's employers to receive
any professional service.
Subd. 6. Compilation.
"Compilation" means the provision of a service performed in
accordance with Statements on Standards for Accounting and Review Services (SSARS) that
presents in the form of financial statements information that is the representation of management
or owners without undertaking to express any assurance on the statements.
Subd. 7. CPA firm.
"CPA firm" means a sole proprietorship, a corporation, a partnership, or
any other form of organization issued a permit under section
Subd. 8. License.
"License" means a certificate issued under section
, a permit
issued under section
, or a certificate or permit issued under corresponding provisions of
Subd. 9. Licensee.
"Licensee" means the holder of a license.
Subd. 10. Manager.
"Manager" means a manager of a limited liability company.
Subd. 11. Member.
"Member" means a member of a limited liability company.
Subd. 12. Peer review.
"Peer review" means a study, appraisal, or review of one or more
aspects of the professional work of a certificate holder or CPA firm that performs attest or
compilation services, or the professional work of a person registered under section
, by a person or persons who hold certificates and who are not affiliated with the
certificate holder, CPA firm, or person being reviewed.
Subd. 13. Permit.
"Permit" means a permit to practice as a CPA firm issued under section
, or corresponding provisions of prior law, or under corresponding provisions of the
laws of other states.
Subd. 14. Professional.
"Professional" means arising out of or related to the specialized
knowledge or skills associated with certified public accountants or persons registered under
326A.06, paragraph (b)
Subd. 15. Report.
"Report," when used with reference to financial statements, means an
opinion, report, or other form of language that states or implies assurance as to the reliability of
any financial statements and that also includes or is accompanied by a statement or implication
that the person or firm issuing it has special knowledge or competence in accounting or auditing.
Such a statement or implication of special knowledge or competence may arise from use by the
issuer of the report of names or titles indicating that the person or firm is an accountant or auditor,
or from the language of the report itself. The term "report" includes any form of language that
disclaims an opinion when the form of language is conventionally understood to imply any
positive assurance as to the reliability of the financial statements referred to or special competence
on the part of the person or firm issuing the language. It includes any other form of language that
is conventionally understood to imply such assurance or such special knowledge or competence.
Subd. 16. State.
"State" means any state of the United States, the District of Columbia, Puerto
Rico, the U.S. Virgin Islands, and Guam; except that "this state" means the state of Minnesota.
Subd. 17. Substantial equivalency.
"Substantial equivalency" is a determination under
by the Board of Accountancy or its designee that the education, examination, and
experience requirements contained in the statutes and administrative rules of another jurisdiction
are comparable to, or exceed the education, examination, and experience requirements contained
in this chapter or that an individual CPA's education, examination, and experience qualifications
are comparable to or exceed the education, examination, and experience requirements contained
in this chapter.
History: 2001 c 109 art 1 s 3