1998 Minnesota Statutes

     326.1655 Definitions. 

    Subdivision 1.    Scope.  For the purposes of sections 
 326.165 to 326.229, the definitions in this section have the 
 meanings given. 

    Subd. 2.    Assurance or opinions on financial statements. 
  "Assurance or opinions on financial statements" are any 
 opinions or assurance expressed in accordance with generally 
 accepted auditing standards or other authoritative professional 
 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.  

    Subd. 3.    CPA.  "CPA" means certified public 
 accountant. 

    Subd. 4.    Financial statements.  "Financial statements"
 means a presentation of financial data, including accompanying 
 notes, if any, intended to communicate an entity's economic 
 resources and/or obligations at a point in time, or the changes 
 therein for a period of time, in accordance with generally 
 accepted accounting principles or a comprehensive basis of 
 accounting other than generally accepted accounting principles. 

    Incidental financial data to support recommendations to a 
 client, management advisory service reports, or tax returns and 
 supporting schedules do not constitute financial statements.  
 The statement, affidavit, or signature of preparers required on 
 tax returns neither constitutes an opinion on financial 
 statements nor requires a disclaimer of the opinion. 

    Subd. 5.    Firm.  "Firm" means an entity of CPAs or 
 LPAs organized as a CPA or LPA partnership, professional 
 corporation, professional limited liability company, or 
 professional limited liability partnership, any cooperative 
 auditing organization as specified in section 326.192, 
 subdivision 4, or any CPA or LPA practice in any other form of 
 business organization authorized by law for use by CPAs and 
 LPAs, including individual partners or shareholders. 

    Subd. 6.    LPA.  "LPA" means licensed public accountant.
 Licensed public accountants are those accountants who were 
 eligible for licensure on July 1, 1979, under the law in effect 
 on that date and who were issued a license as a licensed public 
 accountant by the board at that time. 

    Subd. 7.    Practice of public accounting.  The 
 "practice of public accounting" is:  (1) holding one's self out 
 to the public as skilled in the knowledge and practice of 
 accounting; (2) expressing any form of assurance on financial 
 statements; or (3) expressing opinions on financial statements 
 for credit purposes, for use in courts and for other purposes 
 involving third parties. 

    HIST: 1979 c 326 s 1; 1980 c 591 s 1,2; 1998 c 340 s 1,20