Administrative Rules of Montana › Department 24 - LABOR AND INDUSTRY › Chapter 24.201 - BOARD OF PUBLIC ACCOUNTANTS › Subchapter 24.201.3 - Definitions › Rule 24.201.301 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
(1) "AICPA" means the American Institute of
				Certified Public Accountants.
(2)
				"Blended learning program" means an educational program incorporating multiple
				learning formats, different delivery methods, and is synchronous and
				asynchronous.
(3) "Client" means
				the person, entity, or enterprise, whether organized for profit or not, which
				retains a permit holder for the performance of professional services. A client
				may be an entity served by governmental or nongovernmental agencies performing
				services similar to public accounting firms.
(4) "Continuing professional education (CPE)"
				means an integral part of the lifelong learning required to provide competent
				service to the public. It is the set of activities that enables CPAs to
				maintain and improve their professional competence.
(5) "CPAES" means NASBA CPA Examination
				Services.
(6) "Engagement review
				report" means a peer review where the peer reviewer evaluates and reports on
				whether engagements submitted for review by the firm are performed and reported
				on in conformity with applicable professional standards in all material
				respects.
(7) "Engagement review
				report rating of 'Fail'" means the engagements submitted for review by the
				review firm for the peer review year ended were not performed and/or reported
				on in conformity with applicable professional standards in all material
				respects.
(8) "Engagement review
				report rating of 'Pass'" means that nothing came to the reviewer's attention
				that caused him/her to believe that the engagements submitted for review by the
				review firm for the peer review year ended were not performed and reported on
				in conformity with applicable professional standards in all material
				respects.
(9) "Engagement review
				report rating of 'Pass with deficiencies'" means except for the deficiencies
				described in the report, nothing came to the reviewer's attention that caused
				him/her to believe the engagements submitted for review by the review firm for
				the peer review year ended were not performed and reported on in conformity
				with applicable professional standards in all material respects.
(10) "Financial statement" means a
				presentation of financial data, derived from accounting records and intended to
				communicate an entity's economic resources or obligations at a point in time,
				or the changes therein for a period of time. Financial presentations included
				in tax returns are not financial statements for purposes of this definition.
				Financial statements include, but are not limited to, the following:
(a) balance sheet;
(b) statement of income;
(c) statement of retained earnings;
(d) statement of changes in owners'
				equity;
(e) financial forecasts,
				projections, and similar presentations;
(f) statement of assets and liabilities (with
				or without owners' equity accounts);
(g) statement of revenue and
				expenses;
(h) summary of
				operations;
(i) statement of
				operations by product lines;
(j)
				statement of cash receipts and disbursements; and
(k) statement of cash flows.