TITLE 54

PROFESSIONS, VOCATIONS, AND BUSINESSES

CHAPTER 2

ACCOUNTANTS

54-206.  Definitions. As used in this chapter:

(1)  "AICPA" means the American institute of certified public accountants.

(2)  "Applicant" means any person having the requisite qualifications who makes application to the board for examination, or for initial issuance or renewal or reinstatement of a license under the provisions of this chapter.

(3)  "Attest" means providing the following professional services:

(a)  Any audit or other engagement to be performed in accordance with the statements on auditing standards;

(b)  Any review of a financial statement to be performed in accordance with the statements on standards for accounting and review services;

(c)  Any examination of prospective financial information to be performed in accordance with the statements on standards for attestation engagements;

(d)  Any engagement to be performed in accordance with the standards of the PCAOB; and

(e)  Any examination, review or agreed-upon procedures engagement to be performed in accordance with the statements on standards for attestation engagements, other than an examination described in paragraph (c) of this subsection.

(4)  "Board" means the Idaho state board of accountancy.

(5)  "Certificate" means that document issued by the board upon original approval of licensure. The original certificate does not constitute licensure and a person cannot represent himself or herself as a licensee unless a current and valid annual license has been issued by the board.

(6)  "Certified public accountant" or "CPA" means any person who holds a valid, unrevoked and unsuspended license under the provisions of chapter 2, title 54, Idaho Code, or an equivalent provision of the laws of another state designating said person as a certified public accountant.

(7)  "Client" means the person or entity that agrees with a licensee or licensee’s employer to receive any professional services with or without compensation and shall include all affiliates and related entities in the financial statements of an attest or compilation engagement.

(8)  "Compilation" means a service performed in accordance with statements on standards for accounting and review services that presents, in the form of historical or prospective financial statements, information that is the representation of management or owners without undertaking to express any assurance on the statements. The term "compilation" does not include financial statements accompanied by the language set forth in section 54-226(3), Idaho Code, whether used by a licensee or by a person not licensed under this chapter, as long as the financial statements are not accompanied by any other language of assurance or disclaimer.

(9)  "Financial statements" means a presentation of historical or prospective financial data, which may include accompanying notes, intended to communicate an entity’s economic resources or obligations at a point in time, or the changes therein for a period of time, in accordance with a comprehensive basis of accounting.

(10) "Firm" means a proprietorship, partnership, professional corporation, professional limited liability company, or any other form of professional organization permitted by Idaho law, registered under the requirements of section 54-214, Idaho Code.

(11) "Good character" means lack of a history of dishonest dealings or not having been convicted, found guilty, or received a withheld judgment or a suspended sentence in this state or in any other state of a crime that is deemed relevant in accordance with section 67-9411(1), Idaho Code.

(12) "License" means that authorization issued by the board upon original approval and on an annual basis permitting a qualified person to practice as a certified public accountant or licensed public accountant in the state of Idaho.

(13) "Licensed public accountant" or "LPA" means any person who holds a valid, unrevoked and unsuspended license under the provisions of chapter 2, title 54, Idaho Code, designating said person as a licensed public accountant.

(14) "Licensee" means the holder of a current valid license.

(15) "Member" means a person who has been admitted to membership in a firm that is organized as a limited liability company.

(16) "PCAOB" means the public company accounting oversight board.

(17) "Peer review" means a board-approved study, appraisal or review of one (1) or more aspects of the professional work of a licensee or firm that performs attest services or issues compilation reports, by a person or persons licensed under this chapter or by another state and who are independent of the licensee or firm being reviewed.

(18) "Permit" means a permit to practice as a firm issued under corresponding provisions of the laws of other states.

(19) "Person" means any natural living person.

(20) "Professional services" means services arising out of or related to the specialized knowledge or skills associated with certified public accountants or licensed public accountants.

(21) "Report," when used with reference to financial statements, means an opinion 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 any 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 such 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 such language; and it includes any other form of language that is conventionally understood to imply such assurance or special knowledge or competence.

(22) "State" means any state of the United States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Commonwealth of the Northern Mariana Islands and Guam; except that "this state" means the state of Idaho.

(23) "Substantial equivalency" or "substantially equivalent" means a determination by the board 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 for CPAs contained in this chapter or that an individual licensee’s education, examination and experience qualifications are comparable to or exceed the education, examination and experience requirements for CPAs contained in this chapter.

History:

[54-206, added 1993, ch. 239, sec. 6, p. 829; am. 1995, ch. 134, sec. 2, p. 582; am. 2002, ch. 92, sec. 5, p. 237; am. 2003, ch. 14, sec. 1, p. 32; am. 2008, ch. 128, sec. 2, p. 352; am. 2017, ch. 259, sec. 1, p. 636; am. 2020, ch. 175, sec. 12, p. 516; am. 2022, ch. 246, sec. 2, p. 787.]