THIS SECTION WAS AMENDED BY ACT 2014-178 IN THE 2014 REGULAR SESSION, EFFECTIVE OCTOBER 1, 2014. TO SEE THE AMENDED VERSION, SEE THE VERSION LABELED PENDING.
For purposes of this chapter, the following words and phrases shall have the meanings respectively ascribed in this section:
(1) AICPA. The American Institute of Certified Public Accountants.
(2) ATTEST. Providing the following financial statement services:
a. Any audit or other engagement to be performed in accordance with the Statements on Auditing Standards (SAS).
b. Any review of a financial statement to be performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS).
c. Any examination of prospective financial information to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE).
d. Any engagement to be performed in accordance with the auditing standards of the Public Company Accounting Oversight Board (PCAOB).
e. The statements on standards specified in this definition shall be adopted by reference by the board pursuant to rule making and shall be those developed for general application by recognized national accountancy organizations such as the AICPA and PCAOB.
(3) BOARD. The Alabama State Board of Public Accountancy created by Section 34-1-3, except the special meaning applicable only to Section 34-1-4.
(4) COMPILATION. Providing a service to be performed in accordance with Statements on Standards for Accounting and Review Services (SSARS) that is presenting in the form of financial statements, information that is the representation of management (owners) without undertaking to express any assurance on the statements.
(5) FIRM. A sole proprietorship, partnership, professional corporation, professional association, limited liability company, limited liability partnership, or any other form of business entity now or hereafter recognized by Alabama law.
(6) LICENSE. A certificate issued pursuant to Section 34-1-4, a permit issued pursuant to Section 34-1-11, registration pursuant to Section 34-1-8; or, in each case, a certificate or permit issued pursuant to corresponding provisions of prior law, or the practice privilege provided pursuant to Section 34-1-7.
(7) LICENSEE. The holder of a license.
(8) OWNER. Any person who holds an ownership interest in a firm.
(9) PEER REVIEW. The study, appraisal, or review of one or more aspects of the professional work of a licensee or firm that performs attest or compilation services, by a person or persons who hold licenses and who are not affiliated with the licensee or firm being reviewed.
(10) STATE. Any state, territory, or insular possession of the United States or the District of Columbia.