1997 Minnesota Statutes

     326.165 Board of accountancy. 

    Subdivision 1.    Purpose.  It is the policy of this 
 state to promote the dependability of information which is used 
 for guidance in financial transactions or for accounting for or 
 assessing the status or performance of commercial and 
 noncommercial enterprises, whether public, private or 
 governmental.  The public interest requires that persons engaged 
 in the practice of public accounting be qualified; that a public 
 authority competent to prescribe and assess the qualifications 
 of public accountants be established; that the expression of any 
 form of assurance or of opinions on financial statements be 
 reserved to persons who demonstrate their ability and fitness to 
 observe and apply the standards of the accounting profession; 
 and that the use of accounting titles likely to confuse the 
 public be prohibited. 

    Subd. 2.    Practice of public accounting.  The 
 "practice of public accounting" is:  (a) holding one's self out 
 to the public as skilled in the knowledge and practice of 
 accounting; or (b) expressing any form of assurance on financial 
 statements; or (c) expressing opinions on financial statements 
 for credit purposes, for use in courts and for other purposes 
 involving third parties. 

    Subd. 3.    Opinions on financial statements.  "Opinions 
 on financial statements" are any opinions expressed in 
 accordance with generally accepted auditing standards as to the 
 fairness of presentation of information which is used for 
 guidance in financial transactions or for accounting for or 
 assessing the status or performance of commercial and 
 noncommercial enterprises, whether public, private, or 
 governmental.  

    HIST: 1979 c 326 s 1; 1980 c 591 s 1,2