Section 61-28B-3 - Definitions. (Repealed effective July 1, 2012.)
61-28B-3. Definitions. (Repealed effective July 1, 2012.)
As used in the 1999 Public Accountancy Act:
A. "attest" means to provide the following financial statement services:
(1) an audit or other engagement performed in accordance with the statements on auditing standards;
(2) a review of a financial statement performed in accordance with the statement on standards for accounting and review services;
(3) an examination of prospective financial information performed in accordance with the statements on standards for attestation engagements; and
(4) an engagement to be performed in accordance with the auditing standards of the public company accounting oversight board;
B. "board" means the New Mexico public accountancy board;
C. "certificate" means the legal recognition issued to identify a certified public accountant or a registered public accountant pursuant to the 1999 Public Accountancy Act or prior law;
D. "certified public accountant" means a person certified by this state or by another state to practice public accountancy and use the designation;
E. "contingent fee" means a fee established for the performance of a service pursuant to an arrangement in which no fee will be charged unless a specific finding or result is attained or upon which the amount of the fee is dependent upon a finding or result. "Contingent fee" does not mean a fee set by the court or a public authority on a tax matter;
F. "director" means the executive director of the board;
G. "firm" means a sole proprietorship, professional corporation, partnership, limited liability company, limited liability partnership or other legal business entity that practices public accountancy;
H. "licensee" means a certified public accountant, certified public accountant firm, registered public accountant or registered public accountant firm;
I. "peer review" means a study, appraisal or review of one or more aspects of the professional work of a firm by a certified public accountant who is not affiliated with the firm being reviewed;
J. "permit" means the annual authority granted to practice as a certified public accountant firm or a registered public accountant firm;
K. "practice" means performing or offering to perform public accountancy for a client or potential client by a person who makes a representation to the public as being a permit holder or registered firm;
L. "public accountancy" means the performance of one or more kinds of services involving accounting or auditing skills, including the issuance of reports on financial statements, the performance of one or more kinds of management, financial advisory or consulting services, the preparation of tax returns or the furnishing of advice on tax matters;
M. "registered public accountant" means a person who is registered by the board to practice public accountancy and use the designation;
N. "report" means an opinion or other writing that:
(1) states or implies assurance as to the reliability of any financial statements;
(2) includes or is accompanied by a statement or implication that the person issuing it has special knowledge or competency in accounting or auditing indicated by the use of names, titles or abbreviations likely to be understood to identify the author of the report as a licensee; and
(3) includes the following types of reports as they are defined by board rule:
(a) a compilation report;
(b) a review report; or
(c) an audit report; and
O. "substantial equivalency" means a determination by the board that the education, examination and experience requirements for certification of another jurisdiction are comparable to or exceed the requirements of Paragraph (1) of Subsection A of Section 61-28B-26 NMSA 1978.