Chapter 3 - Accountants
CHAPTER 3 - ACCOUNTANTS
ARTICLE 1 - IN GENERAL
33-3-101. Citation.
This act may be cited as the"Certified Public Accountant's Act of 2005". This act applies onlyto certified public accountants and certified public accountant firms and thosewho hold themselves out to be a certified public accountant or a certifiedpublic accountant firm.
33-3-102. Definitions.
(a) As used in this act:
(i) "Board" means the Wyoming board of certifiedpublic accountants created by W.S. 33-3-103;
(ii) "State" means any state of the United Statesexcluding Wyoming, any territory or insular possession of the United States orthe District of Columbia;
(iii) Masculine terms when used in this act shall include thefeminine;
(iv) "Permit" means a permit to engage in the practiceof public accounting as a "certified public accountant firm" issuedby the board under W.S. 33-3-118 and 33-3-120 which has not expired, been revokedor suspended;
(v) "Examination" means a written examinationdescribed in W.S. 33-3-109(a)(iv);
(vi) "Attest service" means any of the financialstatement services described in the following subparagraphs. The statements onstandards specified in the following subparagraphs shall be adopted byreference by the board pursuant to the Wyoming Administrative Procedure Act andshall be those developed for general application by recognized nationalaccountancy organizations such as the American Institute of Certified PublicAccountants and the public company accounting oversight board:
(A) Any audit or other engagement performed in accordance withthe statements on auditing standards;
(B) Any review of a financial statement to be performed inaccordance with the statements on standards for accounting and review services;
(C) Any examination of prospective financial information to beperformed in accordance with the statement on standards for attestationengagements; or
(D) Any engagement to be performed in accordance with theauditing standards of the public company accountancy oversight board.
(vii) "Certificate" means a certificate as"certified public accountant" issued under this act or correspondingprovisions of prior law, or a corresponding certificate as certified publicaccountant issued after examination under the law of any other state;
(viii) "Certified public accountant firm" means any formof organization allowed by state law that has been issued a permit under thisact;
(ix) "Compilation service" means providing a serviceto be performed in accordance with the statements on standards for accountingand review services that is presented in the form of financial statements,information that is the representation of the client, the client's managementor owners without undertaking to express any assurance on the statements;
(x) "Home office" means the location specified by theclient as the address to which a service described in W.S. 33-3-116(a)(iv) isdirected;
(xi) "License" means an active certified publicaccountant certificate or any other comparable document issued by any otherstate based on completing education, examination and experience requirements;
(xii) "NASBA" means the national association of stateboards of accountancy;
(xiii) "Principal place of business" means the officelocation designated by the licensee for purposes of substantial equivalency andreciprocity;
(xiv) "Substantial equivalency" is a determination bythe board or its designee that the education, examination and experiencerequirements contained in the statutes and administrative rules of anotherjurisdiction are comparable to or exceed the education, examination andexperience requirements of W.S. 33-3-116(c)(i) or that an individual certifiedpublic accountant's education, examination and experience are comparable to orexceed the education, examination and experience requirements of W.S.33-3-116(c)(i). In ascertaining substantial equivalency the board shall takeinto account the qualifications without regard to the sequence in whichexperience, education or examination requirements were attained;
(xv) "This act" means W.S. 33-3-101 through 33-3-201.
33-3-103. Wyoming board of certified public accountants; creation;members; vacancies; removal; reappointment.
There is created a Wyoming board ofcertified public accountants. The board shall consist of five (5) membersappointed by the governor. Members of the board shall be citizens of the UnitedStates and residents of Wyoming. Four (4) members of the board shall be personswho hold certified public accountant certificates issued under the laws ofWyoming and are in good standing as certified public accountants. One (1)member of the board shall be a member of the general public. The members of theboard first to be appointed shall hold office, one (1) for one (1) year, two(2) for two (2) years and two (2) for three (3) years from July 1, 1975, theterm of each to be designated by the governor. Their successors shall beappointed for terms of three (3) years. Vacancies occurring during a term shallbe filled by appointment for the unexpired term. Upon the expiration of histerm of office a member shall continue to serve until his successor isappointed and qualified. The governor shall remove any member from the boardwhose certificate has been revoked or suspended, and may remove any member ofthe board as provided in W.S. 9-1-202. No person, who has served two (2)successive complete terms of one (1), two (2) or three (3) years is eligible forreappointment until after the lapse of one (1) year. An appointment to fill anunexpired term is not considered a complete term.
33-3-104. Board chairman; board secretary; regulations; quorum; seal;records.
Theboard shall elect annually a chairman and a secretary from its members. Thesecretary shall receive and account for all fees and other money received bythe board. A majority of the board shall constitute a quorum for thetransaction of business. The board shall have a seal which shall be judiciallynoticed. The board shall keep records of its proceedings. The board may employpersonnel and arrange for any assistance it may require in the performance ofits duties.
33-3-105. Annual register; contents.
The board shall prepare for public distribution,in July of each year, an annual register which shall contain the names,arranged alphabetically by classifications, of all certified publicaccountants, the names of the members of the board and other matters deemedproper by the board. Copies of the register shall be made available to eachcertificate holder who requests a copy.
33-3-106. Compensation of board members; expenses.
Each member of the board shall receive assalary the sum paid each day to members of the state legislature, for each dayspent in the discharge of his official duties and mileage and per diemallowance as allowed to state employees. Compensation, reimbursement ofexpenses and all other obligations incurred by the board shall be paid from thecertified public accountant's account.
33-3-107. Fees; collection; certified public accountant's account;disbursements; transfer of existing funds.
Allfees collected under the provisions of this act shall be paid by the secretaryof the board at the end of each month into the Wyoming state treasury. TheWyoming state treasurer shall account for all collections and other funds ofthe board in a separate account. The treasurer shall credit five percent (5%)of all money collected each year to the general fund and the balance to thecertified public accountant's account. All funds of any organization ofcertified public accountants held by the Wyoming state treasurer on theeffective date of this act shall be transferred to and become a part of thecertified public accountant's account.
33-3-108. Rules and regulations; procedure.
(a) The board shall prescribe rules and regulations notinconsistent with the provisions of this act as it deems consistent with, orrequired by, the public welfare. The rules and regulations shall include:
(i) Rules of procedure for governing the conduct of mattersbefore the board;
(ii) Rules of professional conduct for establishing andmaintaining high standards of competence and integrity for certified publicaccountants in the profession of public accountancy;
(iii) Regulations governing educational and experiencerequirements for issuance of the certificate of certified public accountant,and further educational requirements, and not exceeding one hundred twenty(120) hours for each three (3) year period, to be met from time to time bycertificate holders in order to maintain their professional knowledge andcompetence, as a condition to continuing in the practice of public accountancyas a certified public accountant;
(iv) Regulations governing certified public accountant firmspracticing public accounting which use the title "certified publicaccountant", including but not limited to rules concerning style, name,title and affiliation with any other organization;
(v) Rules governing the determination of substantialequivalence for practice privileges or the issuance of certificates;
(vi) Rules exempting certificate holders from maintainingactive, inactive or retired status as determined by the board.
(b) All rules and regulations of the board shall be promulgatedin compliance with the Wyoming Administrative Procedure Act.
33-3-109. Certified public accountant; qualifications.
(a) An active certificate of "certified publicaccountant" shall be granted by the board to any person:
(i) Who is a resident of Wyoming or has a place of business inWyoming, or as an employee, is regularly employed in Wyoming; and
(ii) Who has attained the age of majority in Wyoming; and
(iii) Repealed by Laws 2005, ch. 1, 2.
(iv) Who has passed a written examination in accounting andauditing and other related subjects the board determines to be appropriate; and
(v) Who, prior to January 1, 2012, meets the requirements ofsubparagraphs (A) and (B) or subparagraphs (C) and (D) of this paragraph or, onor after January 1, 2012, meets the requirements of subparagraphs (C) and (D)of this paragraph:
(A) Earned a baccalaureate degree conferred by a college oruniversity recognized by the board, with a total education program to includean accounting concentration or equivalent as determined to be appropriate bythe rules and regulations of the board, or what the board determines to besubstantially the equivalent of the foregoing;
(B) Completed at least four (4) years of full-time experiencein the practice of public accounting. The experience shall include providingany type of service or advice involving the use of accounting skills, anyauditing, review or compilation service, any management advisory or financialadvisory service, or any tax or consulting service. Experience shall beverified by an active certified public accountant or the equivalent asdetermined by the board, or by providing representative samples of work asdetermined by the board. The experience shall be acceptable if it is gainedthrough employment in government, industry, academia or public accounting;
(C) Completed at least one hundred fifty (150) semester hoursof college education including a baccalaureate or higher degree conferred by acollege or university acceptable to the board, the total educational program toinclude an accounting concentration or equivalent as determined to beappropriate by the rules and regulations of the board;
(D) Completed at least one (1) year of full-time experience inthe practice of public accounting. The experience shall include providing anytype of service or advice involving the use of accounting skills, any auditing,review, or compilation service, any management advisory or financial advisoryservice, or any tax or consulting service. Experience shall be verified by anactive certified public accountant or the equivalent as determined by theboard, or by providing representative samples of work as determined by theboard. The experience shall be acceptable if it is gained through employmentin government, industry, academia or public accounting.
(b) Repealed by Laws 1993, ch. 77, 2.
(c) As used in this act, "the practice of certified publicaccounting" means holding oneself out to the public or otherwise in such amanner as to state or imply that one is:
(i) Skilled in the practice of accounting and auditing;
(ii) Qualified to express any form of assurance on financialstatements;
(iii) Qualified to express opinions on financial statements forcredit purposes, for use in the courts or for other purposes involving thirdparty reliance on these financial statements; or
(iv) Skilled in the provision of any accounting serviceincluding recording and summarizing financial transactions, analyzing andverifying financial information, reporting financial results to an employer,clients or other parties and rendering tax or management advisory services toany employer, clients or other parties.
(d) There shall be a reasonable annual certificate fee to beestablished by board rules in accordance with W.S. 33-1-201. All certificatesshall expire on the last day of December of each year and may be renewedannually for a period of one (1) year by certificate holders and registrantswho meet the requirements specified in subsection (e) of this section and uponpayment of the annual fee. If the annual certificate fee is not paid by thefirst day of November, a late renewal fee as set by board rule in accordancewith W.S. 33-1-201 may be added to the renewal fee.
(e) Applications for renewal of an active certificate shall beaccompanied by evidence of satisfaction of the continuing educationrequirements during the three (3) years preceding the application. Failure byan individual applicant to furnish this evidence shall constitute grounds fornonrenewal under W.S. 33-3-121, unless the board determines the failure is dueto reasonable cause or excusable neglect. The board may renew a certificatedespite the failure to furnish evidence of satisfaction of the requirements ofcontinuing education upon the condition that the applicant follow a particularfuture program or schedule of continuing education. In issuing rules,regulations and individual orders regarding requirements of continuingeducation, the board may use and rely upon guidelines and pronouncements ofrecognized educational and professional associations, may prescribe thecontent, duration and organization of courses, shall take into account theapplicant's access to continuing education courses and any impediments to theinterstate practice of certified public accounting which may result fromdifferences in these requirements in other states and may provide forrelaxation or suspension of the requirements for applicants who certify thatthey do not intend to engage in the practice of certified public accountancy orfor instances of individual hardship.
(f) Persons holding a certificate issued under W.S. 33-3-109 or33-3-116 but who do not practice public accounting in Wyoming and have not lostthe right to active status shall place the certificate on an inactive status. A person classified as inactive shall pay an annual inactive fee not exceedingone-half (1/2) the annual fee charged to active certificate holders. If thefee is not paid by December 31, a late fee as set by board rule in accordancewith W.S. 33-1-201, may be added to the annual fee. A person classified asinactive may assume or use the title or designation "certified publicaccountant" or the abbreviation "CPA" and shall use the words"inactive" adjacent to the designation "CPA" or"certified public accountant".
(g) The board by regulation may allow persons to retire thecertificate. A person classified as retired shall pay a fee to be establishedby board rule in accordance with W.S. 33-1-201. A person classified as retiredmay assume or use the title or designation "certified publicaccountant" or the abbreviation "CPA" and shall use the words"retired" adjacent to the designation "CPA" or"certified public accountant".
(h) Any individual certificate holder or individual withpractice privileges who is responsible for supervising attestation services orcompilation services or who signs or authorizes someone to sign theaccountant's report on the financial statements shall meet the experience orcompetency requirements set forth in the professional standards for suchservices.
(j) Nothing in subsection (c) of this section shall beconstrued to prohibit public accountants from providing the services listed insubsection (c) of this section as long as the public accountant does not holdhimself out to be a certified public accountant.
(k) The board shall issue a certificate to a holder of asubstantially equivalent foreign designation provided that:
(i) The foreign authority which granted the designation makessimilar provision to allow a person who holds a valid certificate issued bythis state to obtain the foreign authority's comparable designation; and
(ii) The foreign designation:
(A) Was issued by a foreign authority that regulates thepractice of certified public accountancy and the foreign designation has notexpired or been revoked or suspended;
(B) Entitles the holder to issue reports upon financialstatements; and
(C) Was issued upon the basis of educational, examination and experiencerequirements established by the foreign authority or by law; and
(iii) The applicant:
(A) Received the designation based on educational andexamination standards substantially equivalent to those in effect in this stateat the time the foreign designation was granted;
(B) Completed an experience requirement substantiallyequivalent to the requirements of subparagraph (a)(v)(D) of this section in thejurisdiction which granted the foreign designation or has completed four (4)years of professional experience in this state or meets equivalent requirementswithin the ten (10) years immediately preceding the application as prescribedby board rule; and
(C) Passed a uniform qualifying examination in nationalstandards acceptable to the board.
(m) An applicant for a certificate under subsection (k) of thissection shall list in the application all jurisdictions, foreign and domestic,in which the applicant has applied for or holds a designation to practicepublic accountancy. Each holder of a certificate issued under subsection (k)of this section shall notify the board in writing within thirty (30) days afterits occurrence of any issuance, denial, revocation or suspension of adesignation or commencement of a disciplinary or enforcement action by anyjurisdiction.
(n) The board has sole authority to interpret the applicationof the provisions of subsections (k) and (m) of this section.
(o) An active certificate of "certified publicaccountant" shall be granted by the board to any person who makesapplication and demonstrates eligibility under the substantial equivalencystandard when the person establishes a principal place of business in thisstate. Qualifications may be established through a designee as provided inboard rule.
(p) An active certificate of "certified publicaccountant" may be granted by the board to any person who makesapplication but does not meet the eligibility under the substantial equivalencystandard upon a showing:
(i) The applicant passed the uniform certified publicaccountant examination; and
(ii) The applicant had four (4) years of experience of the typeset forth in subparagraph (a)(v)(D) of this section within the ten (10) yearsimmediately preceding the application as prescribed by board rule.
33-3-110. Examinations and special tests; when held; use of preparedquestions and grading service.
Theexamination shall be held not less frequently than once each year. The boardmay make use of any part of the uniform certified public accountant examinationand advisory grading service as the board deems appropriate to assist it inperforming its duties. The board may administer a special test designed totest skills of foreign accountants. The special test shall be administered inconjunction with the examination as often as may be necessary.
33-3-111. Candidate for examination; eligibility.
Acandidate who has met the education requirement specified in W.S.33-3-109(a)(v), or who expects to meet the requirements within ninety (90) daysfollowing the examination, or with respect to whom the requirement has beenwaived, is eligible to take the examination when he has met the requirements ofW.S. 33-3-109(a)(i) and (ii). When any candidate is admitted to the examinationon the expectation that he will complete the education requirement withinninety (90) days, no certificate shall be issued, nor shall credit for any partof the examination be given, unless the requirement is in fact completed withinthat time or within the time the board in its discretion may determine uponapplication.
33-3-112. Reexamination; waiting period; credit for parts passed inother states.
(a) The board may by regulation prescribe the terms andconditions under which a candidate who passes one (1) or more of the subjectsof the examination may be reexamined in only the remaining subjects, withcredit for the subjects previously passed. It may also provide by regulationfor a reasonable waiting period for a candidate's reexamination in any subjecthe has failed.
(b) The board may provide by regulation for granting credit toa candidate for his satisfactory completion of any subject of the examinationgiven by the licensing authority in any state, if when he took the examinationin another state he was not a resident of Wyoming or, as an employee, was notregularly employed in Wyoming. The regulations shall include the requirementsthe board determines to be appropriate in order that any examination approvedas a basis for any credit shall be at least as thorough as the most recentexamination given by the board at the time of the granting of the credit.
33-3-113. Examination, reexamination and test fees.
(a) The board shall establish fees for all examinations asdetermined by rules and regulations of the board in accordance with therequirements of the Wyoming Administrative Procedure Act, as follows:
(i) In an amount sufficient to ensure funds adequate toadminister the examination required by W.S. 33-3-110;
(ii) In an amount sufficient to ensure funds adequate to administerthe special test to foreign applicants authorized by W.S. 33-3-110.
(iii) Repealed by Laws 1993, ch. 77, 2.
33-3-114. Repealed By Laws 2005, ch. 1, 2.
33-3-115. Certified public accountants; certificates under prior law.
Persons who hold certified publicaccountant certificates issued under prior laws of Wyoming are not required toobtain additional certificates or register under the provisions of this act,but are subject to all other provisions of this act. Certificates issued under priorlaw shall be considered certificates issued under the provisions of this act.All certificate holders who maintained the certificate on inactive status underprior law may continue to hold the certificate pursuant to the terms of thisact without meeting additional experience requirements under W.S.33-3-109(a)(v). All certificate holders whose principal place of business is inthis state and who provide services in Wyoming as defined in W.S. 33-3-109(c)shall maintain the certificate on active status. All certificate holders whoseprincipal place of business is not in this state and who are not eligible forpractice privileges as provided in W.S. 33-3-116 and who provide service inthis state as defined in W.S. 33-3-109(c) shall maintain the certificate onactive status. Certificate holders who are eligible for practice privileges asprovided in W.S. 33-3-116 may elect to maintain the Wyoming certificatepursuant to W.S. 33-3-109(d) through (f).
33-3-116. Certified public accountant; holders of certificates insister states.
(a) The board may allow practice privileges as follows:
(i) An individual whose principal place of business is not inthis state and who holds a valid license as a certified public accountant fromany state which the board, or its designee as determined by board rule and asprovided in W.S. 33-3-109(o), has determined to be in substantial equivalencewith subsection (c) of this section shall be presumed to have qualificationssubstantially equivalent to this state's requirements and shall have all theprivileges of certificate holders of this state without the need to obtain acertificate under W.S. 33-3-109. Notwithstanding any other provision of law,an individual who offers or renders professional services, whether in person orby mail, telephone or electronic means, under this subsection shall be grantedpractice privileges in this state and no notice, fee or other submission shallbe required of the individual. Any individual practicing under this paragraphshall be subject to the requirements of paragraph (a)(iii) of this section;
(ii) An individual whose principal place of business is not inthis state and who holds a valid license as a certified public accountant fromany state which the board, or its designee as determined by board rule and asprovided in W.S. 33-3-109(o), has not determined to be in substantialequivalence with the certified public accountant licensure requirements ofsubsection (c) of this section shall be presumed to have qualifications substantiallyequivalent to this state's requirements and shall have all the privileges ofcertificate holders of this state without the need to obtain a certificateunder W.S. 33-3-109 if the individual obtains from the board or its designeeverification that the individual's certified public accountant qualificationsare substantially equivalent to the certified public accountant licensurerequirements of subsection (c) of this section. Notwithstanding any otherprovision of law, an individual who offers or renders professional services,whether in person or by mail, telephone or electronic means, under thissubsection shall be granted practice privileges in this state and no notice,fee or other submission shall be required of the individual. Any individual practicingunder this paragraph shall be subject to the requirements of paragraph (a)(iii)of this section;
(iii) An individual licensee of another state exercising theprivileges afforded under this subsection and the firm which employs thatlicensee simultaneously consents as a condition of the grant of this privilege:
(A) To the personal and subject matter jurisdiction anddisciplinary authority of the board;
(B) To comply with this act and any board rules;
(C) That in the event the license from the state of theindividual's principal place of business is no longer valid, the individualwill cease offering or rendering professional services in this stateindividually and on behalf of a firm; and
(D) To the appointment of the state board which issued theirlicense as their agent upon whom process may be served in any action orproceeding by the board against the licensee.
(iv) An individual who qualifies for practice privileges underthis subsection shall only provide services through a firm which has obtained apermit issued under W.S. 33-3-118 when performing the following services forany entity with its home office in this state:
(A) Providing any financial statement audit or other engagementto be performed in accordance with statements on auditing standards;
(B) Providing any examination of prospective financialinformation to be performed in accordance with statements on standards forattestation engagements; or
(C) Providing any engagement to be performed in accordance withpublic company accounting oversight board auditing standards.
(b) A licensee of this state offering or rendering services orusing his certified public accountant title in another state shall be subjectto disciplinary action in this state for any act committed in another state forwhich the licensee would be subject to discipline. Notwithstanding W.S.33-3-123, the board shall investigate any complaint made by the board ofaccountancy of another state.
(c) An individual shall be deemed to meet the substantial equivalencyrequirements of this state if he meets the requirements of paragraph (i) or(ii) of this subsection:
(i) The individual holds a valid license as a certified publicaccountant from any state that requires as a condition of licensure that theindividual:
(A) Completes at least one hundred fifty (150) semester hoursof college education including a baccalaureate or higher degree conferred by acollege or university;
(B) Achieves a passing grade on the uniform certified publicaccountant examination; and
(C) Possesses at least one (1) year experience includingproviding any type of service or advice involving the use of accounting,attest, compilation, management advisory, financial advisory, tax or consultingskills, which may be obtained through government, industry, academic or publicpractice verified by a licensee or the equivalent of a licensee as determinedby the board.
(ii) The individual holds a valid license as a certified publicaccountant from any state that does not meet the requirements of paragraph (i)of this subsection but the individual has otherwise met the requirements ofparagraph (i) of this subsection or substantially similar requirements. Anyindividual who passed the uniform certified public accountant examination priorto January 1, 2012 may be exempted from the educational requirements insubparagraph (c)(i)(A) of this subsection for purposes of this paragraph.
(d) Nothing in this section shall be interpreted to prohibit anindividual who qualifies for practice privileges under this section fromapplying for a Wyoming certified public accountant certificate.
33-3-117. Repealed By Laws 2005, ch. 1, 2.
33-3-118. Certified public accountant firms.
(a) A certified public accounting firm that has been issued apermit under this act may practice in any form of organization allowed by statelaw.
(i) Repealed By Laws 2005, ch. 1, 2.
(ii) Repealed By Laws 2005, ch. 1, 2.
(iii) Repealed By Laws 2005, ch. 1, 2.
(b) The board shall grant or renew a permit to a certifiedpublic accounting firm demonstrating its qualifications in accordance with thissection:
(i) Repealed By Laws 2005, ch. 1, 2.
(ii) Repealed By Laws 2005, ch. 1, 2.
(iii) Repealed By Laws 2005, ch. 1, 2.
(iv) Repealed By Laws 2005, ch. 1, 2.
(v) Repealed By Laws 2005, ch. 1, 2.
(vi) Repealed By Laws 2005, ch. 1, 2.
(vii) Repealed By Laws 2005, ch. 1, 2.
(viii) Repealed By Laws 2005, ch. 1, 2.
(ix) Repealed By Laws 2009, Ch. 99, 2.
(x) Repealed By Laws 2009, Ch. 99, 2.
(xi) Repealed By Laws 2009, Ch. 99, 2.
(xii) Repealed By Laws 2009, Ch. 99, 2.
(xiii) Except as otherwise provided in this section, the followingshall be required to hold a permit issued under this section:
(A) Any firm with an office in this state performing any attestservices as defined in W.S. 33-3-102(a)(vi);
(B) Any firm with an office in this state that uses the title"CPA" or "CPA firm"; and
(C) Any firm that does not have an office in this state butperforms attest services described in W.S. 33-3-102(a)(vi)(A), (C) or (D) for aclient having its home office in this state.
(xiv) A firm which does not have an office in this state mayperform services described in W.S. 33-3-102(a)(vi)(B) or 33-3-102(a)(ix) for aclient having its home office in this state and may use the title "CPA or"CPA firm" without a permit issued under this section if:
(A) The firm has the qualifications described in paragraph(xvi) of this subsection and W.S. 33-3-132; and
(B) The firm performs the services through an individual withpractice privileges under W.S. 33-3-116(a).
(xv) A firm which is not subject to the requirements ofparagraph (xiii) or (xiv) of this subsection may perform other professionalservices while using the title "CPA" or "CPA firm" withouta permit if:
(A) The firm performs the services through an individual withpractice privileges under W.S. 33-3-116(a); and
(B) The firm can lawfully perform those services in the statewhere the individual with practice privileges has his principal place ofbusiness.
(xvi) Notwithstanding any other provision of law, at least asimple majority of the ownership of the firm, in terms of financial interestsand voting rights of all partners, officers, shareholders, members or managers,shall belong to holders of a certificate who are licensed in some state andthose partners, officers, shareholders, members or managers whose principalplace of business is in this state and who perform professional services inthis state shall hold a valid certificate issued under W.S. 33-3-109 or thecorresponding provision of prior law. Firms may include noncertificate holderowners but the firm and its ownership shall comply with rules promulgated bythe board;
(xvii) Any firm may include nonlicensed owners provided that:
(A) The firm designates a certificate holder of this state, orin the case of a firm which is required to have a permit pursuant to W.S.33-3-116(a)(iv) a licensee of another state who meets the requirements of W.S.33-3-116(a), who is responsible for the proper registration of the firm and thefirm identifies that individual to the board;
(B) All nonlicensed owners shall be active individualparticipants in the firm or the firm's affiliated entities;
(C) The firm complies with any other requirements imposed byboard rules;
(D) Any firm which is not in compliance with the requirementsof this paragraph due to changes in firm ownership or personnel after receivingor renewing a permit shall take corrective action to bring the firm back intocompliance. The board, through rule and regulation, shall specify a period oftime for firms to take corrective action. Failure to take corrective actionmay be grounds for suspension or revocation of the permit issued under thissection.
(c) Repealed By Laws 2005, ch. 1, 2.
(d) This section shall not be applied to prohibit any officeror employee of the state or federal government or political subdivision thereoffrom performing his official duties.
33-3-119. Accounting offices; registration.
An applicant for initial issuance orrenewal of a permit to practice under W.S. 33-3-118 shall register each officeof the firm within the state with the board and shall provide evidence that allattest and compilation services rendered in the state are under the charge of aperson holding a valid license issued under W.S. 33-3-109 or the correspondingprovision of prior law or the laws of some other state. The board shall byregulation prescribe the procedure to be followed in effecting theseregistrations.
33-3-120. Permits; annual fee; renewal; requirements.
(a) Permits to engage in the practice of public accounting as acertified public accountant firm in Wyoming shall be issued by the board tocertified public accountant firms registered under this act if all offices ofthe registrant in Wyoming are maintained and registered as required under W.S.33-3-119.
(b) There shall be an annual permit fee to be determined by theboard in accordance with W.S. 33-1-201. All permits shall expire on the lastday of December of each year and may be renewed annually for a period of one(1) year by registrants who meet the requirements specified in subsection (a)of this section and upon payment of the annual permit fee. If the annual permitfee is not paid by the first day of November, a late renewal fee as set by theboard in accordance with W.S. 33-1-201 shall be added to the renewal fee.
(c) Repealed By Laws 2005, ch. 1, 2.
(d) Repealed By Laws 2005, ch. 1, 2.
(e) Repealed By Laws 2005, ch. 1, 2.
(f) Repealed By Laws 2005, ch. 1, 2.
(g) Repealed By Laws 2005, ch. 1, 2.
33-3-121. Certificates and permits; disciplinary action; grounds.
(a) After notice and hearing, the board may revoke, refuse torenew, reprimand, censure, limit the scope of practice, place on probation withor without terms, conditions or limitations, or may suspend for a period not toexceed two (2) years, any certificate issued under this act or practiceprivilege or may revoke, suspend, limit the scope of practice, or refuse torenew any permit issued under this act or may censure the holder of a permitfor any of the following causes:
(i) Fraud or deceit in obtaining a certificate as certifiedpublic accountant or in obtaining a permit under this act;
(ii) Dishonesty, fraud or gross negligence in the practice ofpublic accounting;
(iii) Violation of any of the provisions of this act;
(iv) Violation of any rule promulgated by the board under theauthority granted by this act;
(v) Conviction of a felony under the laws of Wyoming or anyother state or of the United States;
(vi) Conviction of any crime, an element of which is dishonestyor fraud, under the laws of Wyoming or any state or of the United States;
(vii) Cancellation, revocation, suspension or refusal to renewthe authority to practice as a certified public accountant by any other statefor any cause other than failure to pay a fee;
(viii) Permanent revocation of the right to practice before anystate or federal agency;
(ix) Repealed By Laws 2005, ch. 1, 2.
(x) Failure of a certificate holder to furnish evidence showingthe satisfaction of the requirements of continuing education required by theboard;
(xi) Failure of a certificate or permit holder to showcompliance with W.S. 33-3-132 regarding practice monitoring programs.
(b) Upon receipt from the department of family services of acertified copy of an order from a court to withhold, suspend or otherwiserestrict a certificate or permit issued by the board or a practice privilege,the board shall notify the party named in the court order of the withholding,suspension or restriction of the certificate, practice privilege or permit inaccordance with the terms of the court order. No appeal under the WyomingAdministrative Procedure Act shall be allowed for a certificate, practiceprivilege or permit withheld, suspended or restricted under this subsection.
(c) In lieu of or in addition to any disciplinary actionspecifically provided in subsection (a) of this section, the board may requirea certificate, practice privilege or permit holder to complete such continuingprofessional education programs as the board may specify or undergo peer reviewas the board may specify.
33-3-122. Repealed By Laws 2005, ch. 1, 2.
33-3-123. Initiation of disciplinary proceedings; conduct ofproceedings.
Theboard may initiate proceedings under this act on its own motion or on thewritten complaint of any person. All proceedings before the board shall beconducted under the rules and regulations adopted by the board and inaccordance with the provisions of the Wyoming Administrative Procedure Act.
33-3-124. Reinstatement of certificate or permit for good cause shown.
Upon written application and after hearingand for good cause shown, the board may issue a new certificate to a certifiedpublic accountant whose certificate has been revoked or may reissue or modifythe suspension of any certificate, practice privilege or permit which has beenrevoked or suspended. A certificate, practice privilege or permit suspended orrestricted under W.S. 33-3-121(b) may be reissued without the hearing requiredunder this section if the department of family services provides notice thatthe applicant has complied with the terms of the court order that resulted inthe suspension or restriction of the certificate, practice privilege or permit.
33-3-125. Certified public accountant; use of designation;requirements.
(a) Except as permitted by the board under W.S. 33-3-109(f) and(g), no person shall assume or use the title or designation "certifiedpublic accountant" or the abbreviation "CPA" or any other title,designation, words, letters, abbreviation, sign, card or device tending toindicate that the person is a certified public accountant unless the person hasreceived a certificate as a certified public accountant under the provisions ofthis act or has a practice privilege under W.S. 33-3-116(a).
(b) No organization shall use the title or designation"certified public accountant" or the abbreviation "CPA" orany other title, designation, words, letters, abbreviation, sign, card ordevice tending to indicate that the organization is composed of certifiedpublic accountants unless the organization is registered as a certified publicaccountant firm under the provisions of this act and the certified publicaccountant firm holds a permit or is exempt from registration under W.S.33-3-118(b)(xiv) or (xv).
(c) A person who does not hold a certificate or practiceprivilege under this act and who completes a review shall only use thefollowing safe harbor language or other nonstatements on standards foraccounting and review services language, "I (We) have reviewed theaccompanying (financial statement) of the (name of entity) as of (time period)for the (period) then ended. These financial statements (information) are (is)the responsibility of the company's management. I (We) have not audited theaccompanying financial statements and accordingly do not express an opinion orany other form of assurance on them."
(d) A person who does not hold a certificate or practiceprivilege under this act and completes a compilation service shall only use thefollowing safe harbor language or other nonstatements on standards foraccounting and review services language, "I (We) have compiled theaccompanying (financial statement) of (name entity) as of (time period) for the(period) then ended. This compilation is limited to preparing in the form offinancial statements information that is the representation of management(owners). I (We) have not audited or reviewed the accompanying financialstatements and accordingly do not express an opinion or any other form ofassurance on them."
(e) Notwithstanding any other provision of law, it shall not bea violation of this act for a firm which does not hold a valid permit underW.S. 33-3-118 and which does not have an office in this state to provide itsprofessional services and practice public accounting in this state if itcomplies with the requirements of W.S. 33-3-118(b)(xiv) or (xv).
33-3-126. Use of misleading terms or abbreviations prohibited.
No person or organization shall use thetitle or designation "certified accountant", "charteredaccountant", "enrolled accountant", "registeredaccountant", "accredited accountant" or any other title ordesignation likely to be confused with "certified public accountant"or any of the abbreviations "CA", "RA", or "AA",or similar abbreviations likely to be confused with "CPA". Thissection shall not prohibit the use of the term "public accountant" orthe initials "PA".
33-3-127. Certified public accountant firm; wording used;requirements.
No person shall assume or use the title ordesignation "certified public accountant" in conjunction with namesindicating or implying that there is an organization, or in conjunction withthe designation "and Company" or "and Co." or a similardesignation if there is in fact no bona fide organization registered under theprovisions of this act or under the provisions of a similar state act.
33-3-128. Repealed By Laws 2005, ch. 1, 2.
33-3-129. Unlawful act or practice; injunction or other order.
Wheneverany person has engaged in any acts or practices which constitute or willconstitute a violation of any provision of W.S. 33-3-125 through 33-3-127, theboard may make application to the appropriate court for an order enjoining suchacts or practices, and upon a showing by the board that the person has engagedin any illegal acts or practices, an injunction, restraining order or otherappropriate order shall be granted by such court without bond.
33-3-130. Violation; penalty.
Any person who violates any provision ofW.S. 33-3-125 through 33-3-127 is guilty of a misdemeanor, and upon convictionshall be fined not more than one thousand dollars ($1,000.00) or be imprisonednot more than twelve (12) months, or both.
33-3-131. Unlawful use of terms; advertising; prima facie evidence ofviolation.
Thedisplay or uttering by a person of a card, sign, advertisement or other printed,engraved or written instrument or device bearing a person's name in conjunctionwith the words "certified public accountant" or the abbreviation"CPA" is prima facie evidence in any action brought under W.S.33-3-129 or 33-3-130 that the person whose name is so displayed caused orprocured the display or uttered the card, sign, advertisement or other printed,engraved or written instrument or device and that the person is holding himselfout to be a certified public accountant. In any action, evidence of thecommission of a single act prohibited by this act is sufficient to justify aninjunction or a conviction without evidence of a general course of conduct.
33-3-132. Practice monitoring program.
(a) As used in this article:
(i) "Peer review" means a study, appraisal or reviewof one (1) or more aspects of the professional work of a person or firm in thepractice of certified public accountancy by a person who holds certificates andwho is not affiliated with the person or firm being reviewed;
(ii) "Practice monitoring program" means a programconsisting of peer reviews which are conducted in conformity with standardspromulgated by the peer review committees of the American Institute ofCertified Public Accountants;
(iii) "Reviewer" means a certified public accountantactive in public practice and fulfilling requirements for peer reviewers asestablished by the American Institute of Certified Public Accountants.
(b) The board may require, on a uniform basis, that certificateand permit holders undergo practice monitoring conducted in a manner the boardmay specify by rule and regulation.
(c) Except in any action before the board to enforce its rulesand regulations regarding the practice monitoring program, any report,statement, memorandum, transcript, finding, record or working paper preparedand any opinion formulated in connection with any practice monitoring program,which is in the possession of the board or the reviewer, shall be consideredprivileged and shall not be subject to discovery, subpoena or other means oflegal compulsion for release to any person or entity or be admissible asevidence in any judicial or administrative proceeding.
ARTICLE 2 - ACCOUNTANT LIABILITY
33-3-201. Accountants; liability; definitions.
(a) As used in this article, "accountant" means:
(i) Any individual holding a certificate as a certified publicaccountant under W.S. 33-3-109;
(ii) Any individual holding a practice privilege under W.S.33-3-116;
(iii) Any certified public accountant firm registered with thestate board of certified public accountants under W.S. 33-3-118;
(iv) Any firm that is exempt from registration pursuant to W.S.33-3-118(b)(xiv) or (xv); or
(v) Any employee, agent, partner, manager, member, officer orshareholder of any partnership, corporation or any other allowable form oforganization registered with the state board of certified public accountants.
(b) This section governs any action based on an act, error oromission occurring on or after July 1, 1995 brought against any accountant orfirm of accountants practicing in this state by any person claiming to havebeen injured as a result of financial statements or other information examined,compiled, reviewed, certified, audited or in the course of an engagement toprovide other public accountancy services.
(c) No action may be brought under this section unless:
(i) The plaintiff:
(A) Is the issuer, or his successor, of the financialstatements or other information examined, compiled, reviewed, certified,audited or otherwise reported or opined on by the defendant; and
(B) Engaged the defendant accountant to examine, compile,review, certify, audit or otherwise report or render an opinion on suchfinancial statements or to provide other public accountancy services; or
(ii) The defendant accountant or firm:
(A) Was aware at the time the engagement was undertaken withthe accountant's client that the financial statements or other information wereto be made available for use in connection with a specified transaction by theplaintiff and the transaction was specifically identified to the defendant; and
(B) Was aware that the plaintiff intended to rely upon suchfinancial statements or other information in connection with the specifiedtransaction.
(d) In order to be entitled to the limitation on liabilitycontained in this article, an accountant shall:
(i) Identify the purpose of the document and the persons orentities that are entitled to receive and rely upon the financial statement orother information examined, compiled, reviewed, certified, audited or otherwisereported or opined on by the accountant in the document prepared by theaccountant; and
(ii) Include thereon a statement in a prominent place thatadvises users of the document that the liability of the accountant to thirdparties who use the document may be limited pursuant to this article.