V.I. Code tit. 27, § 250j (2019)
2019 US Virgin Islands Code|Title 27 - Professions and Occupations|Chapter 5A - Accountancy|§ 250j. Unlawful acts

 (a) Only permittees and individuals who have practice privileges under section 250q of this chapter may issue a report on financial statements of any person, firm, organization, or governmental unit or offer to render or render any attest or compilation service, as defined herein. This restriction does not prohibit any act of a public official or public employee in the performance of that person’s duties as such; or prohibit the performance by any non-permittees of other services involving the use of accounting skills, including the preparation of tax returns, management advisory services, and the preparation of financial statements without the issuance of reports thereon. Non-permittees may prepare financial statements and issue non-attest transmittals or information thereon which do not purport to be in compliance with the Statements on Standards for Accounting and Review Services (SSARS). (b) Permittees and individuals who have practice privileges under section 250q of this chapter performing attest or compilation services shall provide those services in accordance with applicable professional standards. (c) A person who does not hold a valid certificate or a practice privilege pursuant to section 250q of this chapter may not use or assume the title “certified public accountant”, or the abbreviation “CPA” or any other title, designation, words, letters, abbreviation, sign, card, or device tending to indicate that such person is a certified public accountant. (d) No firm may provide attest services or assume or use the title “certified public accountants”, or the abbreviation “CPAs”, or any other title, designation, words, letters, abbreviation, sign, card, or device tending to indicate that such firm is a CPA firm unless (1) the firm holds a valid permit issued under section 250d of this chapter, and (2) ownership of the firm is in accord with this Act and rules promulgated by the Board. (e) A person or firm that does not hold a valid certificate, permit or registration issued under sections 250c or 250d of this chapter may not assume or use the title “certified accountant”, “chartered accountant”, “enrolled accountant”, “licensed accountant”, “registered accountant”, “accredited accountant”, or any other title or designation likely to be confused with the titles “certified public accountant” or “public accountant”, or use any of the abbreviations “CA”, “LA”, “RA”, “AA”, or similar abbreviation likely to be confused with the abbreviations “CPA” or “PA.” The title “Enrolled Agent” or “EA” may be used only by individuals so designated by the Internal Revenue Service. (f)  (1) Non-permittees may not use language in any statement relating to the financial affairs of a person or entity that is conventionally used by permittees in reports on financial statements. In this regard, the Board shall issue safe harbor language non-permittees may use in connection with such financial information. (2) A person or firm that does not hold a valid certificate or permit issued under sections 250c or 250d of this chapter may not assume or use any title or designation that includes the words “accountant”, “auditor”, or “accounting”, in connection with any other language, including the language of a report, which implies that such person or firm holds such a certificate or permit or has special competence as an accountant or auditor, provided. However, this subsection does not prohibit any officer, partner, member, manager or employee of any firm or organization from affixing that person’s own signature to any statement in reference to the financial affairs of such firm or organization with any wording designating the position, title, or office that the person holds therein nor prohibit any act of a public official or employee in the performance of the person’s duties as such. (g) No person holding a certificate or firm holding a permit under this chapter may use a professional or firm name or designation that is misleading about the legal form of the firm, or about the persons who are partners, officers, members, managers or shareholders of the firm, or about any other matter. However, names of one or more former partners, members, managers or shareholders may be included in the name of a firm or its successor. A common brand name, including common initials, used by a CPA Firm in its name, is not misleading if the firm is a Network Firm, as defined in the AICPA Code of Professional Conduct (“Code”) and, when offering or rendering services that require independence under AICPA standards, the firm must comply with the Code’s applicable standards on independence. (h) None of the foregoing provisions of this section has any application to a person or firm holding a certification, designation, degree, or license granted in a foreign country entitling the holder thereof to engage in the practice of public accountancy or its equivalent in such country, whose activities in this Territory are limited to the provision of professional services to persons or firms who are residents of, governments of, or business entities of the country in which the person holds such entitlement, who performs no attest or compilation services as defined and who issues no reports with respect to the financial statements of any other persons, firms, or governmental units in this Territory and who does not use in the Territory any title or designation other than the one under which the person practices in such country, followed by a translation of such title or designation into the English language, if it is in a different language, and by the name of such country. (i) No holder of a certificate issued under section 250c of this chapter may perform attest services through any business form that does not hold a valid permit issued under section 250d of this chapter. (j) No individual permittee may issue a report in standard form upon a compilation of financial information through any form of business that does not hold a valid permit issued under section 250d of this chapter unless the report discloses the name of the business through which the individual is issuing the report, and the individual: (1) signs the compilation report identifying the individual as a CPA; (2) meets the competency requirement provided in applicable standards; and (3) undergoes no less frequently than once every three years, a peer review conducted in such manner as the Board shall by rule specify, and such review must include verification that such individual has met the competency requirements set out in professional standards for such services. (k) Nothing herein prohibits a practicing attorney or firm of attorneys from preparing or presenting records or documents customarily prepared by an attorney or firm of attorneys in connection with the attorney’s professional work in the practice of law. (l)  (1) A permittee may not for a commission recommend or refer to a client any product or service, or for a commission recommend or refer any product or service to be supplied by a client, or receive a commission, when the licensee also performs for that client: (A) An audit or review of a financial statement; or (B) A compilation of a financial statement when the permittee expects, or reasonably might expect, that a third party will use the financial statement and the permittee’s compilation report does not disclose a lack of independence; or (C) An examination of prospective financial information. (2) This prohibition applies during the period in which the permittee is engaged to perform any of the services listed in paragraph (1), and the period covered by any historical financial statements involved in such listed services. (3) A permittee who is not prohibited by this section from performing services for or receiving a commission and who is paid or expects to be paid a commission shall disclose that fact to any person or entity to whom the permittee recommends or refers a product or service to which the commission relates. (4) Any permittee who accepts a referral fee for recommending or referring any service of a permittee to any person or entity or who pays a referral fee to obtain a client shall disclose such acceptance or payment to the client. (m)  (1) A permittee may not: (A) perform for a contingent fee any professional services for, or receive such a fee from a client for whom the permittee or the permittee’s firm performs: (i) An audit or review of a financial statement; (ii) A compilation of a financial statement when the permittee expects, or reasonably might expect, that a third party will use the financial statement and the permittee’s compilation report does not disclose a lack of independence; or (iii) An examination of prospective financial information; or (B) Prepare an original or amended tax return or claim for a tax refund for contingent fee for any client. (2) The prohibition in paragraph (1) above applies during the period in which the permittee is engaged to perform any of the services listed above and the period covered by any historical financial statements involved in any such listed services. (3) Except as stated in the next sentence, a contingent fee is a fee established for the performance of any service pursuant to an arrangement in which no fee will be charged unless a specified finding or result is attained, or in which the amount of the fee is otherwise dependent upon the finding or result of such service. Solely for purposes of this section, fees are not regarded as being contingent if fixed by courts or other public authorities, or, in tax matters, if determined based on the results of judicial proceedings or the findings of governmental agencies. A permittee’s fees may vary depending, on the complexity of services rendered. (n) Notwithstanding provision to the contrary in this section, it is not a violation of this section for a firm that does not hold a valid permit under section 250d of this chapter and that does not have an office in the Territory to provide its professional services in the Territory so long as the firm complies with the requirements of section 250d(a)(2) or (3), whichever is applicable.