326.256. Definitions.

MISSOURI STATUTES AND CODES

Definitions.

326.256. 1. As used in this chapter, the following terms mean:

(1) "AICPA", the American Institute of Certified Public Accountants;

(2) "Attest" or "attest services", providing the following financialstatement services:

(a) Any audit or other engagement to be performed in accordance withthe Statements on Auditing Standards (SAS);

(b) Any examination of prospective financial information to beperformed in accordance with the Statements on Standards for AttestationEngagements (SSAE); or

(c) Any engagement to be performed in accordance with the auditingstandards and rules of the Public Company Accounting Oversight Board(PCAOB);

(3) "Board", the Missouri state board of accountancy establishedunder section 326.259 or its predecessor pursuant to prior law;

(4) "Certificate", a certificate issued under section 326.060* priorto August 28, 2001;

(5) "Certified public accountant" or "CPA", the holder of acertificate or license as defined in this section;

(6) "Certified public accountant firm", "CPA firm" or "firm", a soleproprietorship, a corporation, a partnership or any other form oforganization issued a permit under section 326.289;

(7) "Client", a person or entity that agrees with a licensee orlicensee's employer to receive any professional service;

(8) "Compilation", providing a service to be performed in accordancewith Statements on Standards for Accounting and Review Services (SSARS)that is presented in the form of financial statements information that isthe representation of management (owners) without undertaking to expressany assurance on the statements;

(9) "Home office", the location specified by the client as theaddress to which attest, compilation, or review services are directed;

(10) "License", a license issued under section 326.280, or privilegeto practice under section 326.283; or, in each case, an individual licenseor permit issued pursuant to corresponding provisions of prior law;

(11) "Licensee", the holder of a license as defined in this section;

(12) "Manager", a manager of a limited liability company;

(13) "Member", a member of a limited liability company;

(14) "NASBA", the National Association of State Boards ofAccountancy;

(15) "Peer review", a study, appraisal or review of one or moreaspects of the professional work of a licensee or certified publicaccountant firm that performs attest, review or compilation services, bylicensees who are not affiliated either personally or through theircertified public accountant firm being reviewed pursuant to the Standardsfor Performing and Reporting on Peer Reviews promulgated by the AICPA orsuch other standard adopted by regulation of the board which meets orexceeds the AICPA standards;

(16) "Permit", a permit to practice as a certified public accountantfirm issued under section 326.289 or corresponding provisions of prior lawor pursuant to corresponding provisions of the laws of other states;

(17) "Professional", arising out of or related to the specializedknowledge or skills associated with certified public accountants;

(18) "Public accounting":

(a) Performing or offering to perform for an enterprise, client orpotential client one or more services involving the use of accounting orauditing skills, or one or more management advisory or consulting services,or the preparation of tax returns or the furnishing of advice on taxmatters by a person, firm, limited liability company or professionalcorporation using the title "C.P.A." or "P.A." in signs, advertising,directory listing, business cards, letterheads or other publicrepresentations;

(b) Signing or affixing a name, with any wording indicating theperson or entity has expert knowledge in accounting or auditing to anyopinion or certificate attesting to the reliability of any representationor estimate in regard to any person or organization embracing financialinformation or facts respecting compliance with conditions established bylaw or contract, including but not limited to statutes, ordinances, rules,grants, loans and appropriations; or

(c) Offering to the public or to prospective clients to perform, oractually performing on behalf of clients, professional services thatinvolve or require an audit or examination of financial records leading tothe expression of a written attestation or opinion concerning theserecords;

(19) "Report", when used with reference to financial statements,means an opinion, report or other form of language that states or impliesassurance as to the reliability of any financial statements, and that alsoincludes or is accompanied by any statement or implication that the personor firm issuing it has special knowledge or competence in accounting orauditing. Such a statement or implication of special knowledge orcompetence may arise from use by the issuer of the report of names ortitles indicating that the person or firm is an accountant or auditor, orfrom the language of the report itself. The term report includes any formof language which disclaims an opinion when such form of language isconventionally understood to imply any positive assurance as to thereliability of the financial statements referred to or special competenceon the part of the person or firm issuing such language, or both, andincludes any other form of language that is conventionally understood toimply such assurance or such special knowledge or competence, or both;

(20) "Review", providing a service to be performed in accordance withStatements on Standards for Accounting and Review Services (SSARS) that isperforming inquiry and analytical procedures that provide the accountantwith a reasonable basis for expressing limited assurance that there are nomaterial modifications that should be made to the statements for them to bein conformity with generally accepted accounting principles or, ifapplicable, with another comprehensive basis of accounting;

(21) "State", any state of the United States, the District ofColumbia, Puerto Rico, the U.S. Virgin Islands and Guam; except that "thisstate" means the state of Missouri;

(22) "Substantial equivalency" or "substantially equivalent", adetermination by the board of accountancy or its designee that theeducation, examination and experience requirements contained in thestatutes and administrative rules of another jurisdiction are comparable toor exceed the education, examination and experience requirements containedin this chapter or that an individual certified public accountant'seducation, examination and experience qualifications are comparable to orexceed the education, examination and experience requirements contained inthis chapter;

(23) "Transmittal", any transmission of information in any form,including but not limited to any and all documents, records, minutes,computer files, disks or information.

2. The statements on standards specified in this section shall beadopted by reference by the board pursuant to rulemaking and shall be thosedeveloped for general application by the AICPA or other recognized nationalaccountancy organization as prescribed by board rule.