reglab/statecodes huggingface dataset:
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-7 - CPA Certificate and Licenses › Section 4701-7-02 - Substantial equivalency; comparability

Current through all regulations passed and filed through July 1, 2024
(A) The board may rely on the "National
			 Qualifications Appraisal Service" of the "National Association of State Boards
			 of Accountancy" to assist it in determining the states that have, with respect
			 to Ohio, substantially equivalent requirements for the CPA certificate in
			 accordance with the provisions of division (A)(5) of section
			 4701.06
			 of the Revised Code.
(B) The board
			 may rely on the "International Qualifications Appraisal Board" to assist it in
			 determining the countries that have, with respect to Ohio, comparable
			 requirements for the CPA certificate in accordance with the provisions of
			 division (A)(5) of section
			 4701.06
			 of the Revised Code. The board shall maintain a list of countries meeting the
			 requirements.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-7 - CPA Certificate and Licenses › Section 4701-7-04 - Practice of public accounting and regulated services

Current through all regulations passed and filed through July 1, 2024
(A) "Practice of
			 public accounting" means either of the following:
(1) The performance of or offering to perform
			 any engagement that will result in the issuance of any report in accordance
			 with the professional standards defined in rule
			 4701-9-03,
			 4701-9-04,
			 4701-9-05,
			 or
			 4701-9-06
			 of the Administrative Code.
(2) The
			 performance of or offering to perform services in accordance with applicable
			 professional standards defined in Chapter 4701-9 of the Administrative Code,
			 other than those described in paragraph (A)(1) of this rule, such as consulting
			 services, personal financial planning services, or the preparation of tax
			 returns or the furnishing of advice on tax matters by a proprietorship,
			 partnership, limited liability company, professional association, corporation
			 or other business organization, that advertises to the public as a "certified
			 public accountant," "CPA," "public accountant," or "PA."
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-7 - CPA Certificate and Licenses › Section 4701-7-06 - Exemptions from the Ohio permit requirement

Current through all regulations passed and filed through July 1, 2024
(A) Pursuant to division (A) of section
			  4701.14  of the Revised Code, a certified public accountant who meets any of the
			 criteria described in paragraph (C), (D), (F), or (G) of this rule may use the
			 term "certified public accountant" without holding an Ohio permit or an Ohio
			 registration as required by section  4701.10  of the Revised Code.
(B) Pursuant to division (B) of section
			  4701.14  of the Revised Code, a public accountant who meets any of the criteria
			 described in paragraph (C), (D), (E), or (G) of this rule may use the term
			 "public accountant" without holding an Ohio permit or an Ohio registration as
			 required by section  4701.10  of the Revised Code.
(C) A certified public accountant or public
			 accountant who requests a waiver of the requirements due to retirement must
			 submit to the board an affidavit that the certified public accountant or public
			 accountant is retired from public accounting practice. A certified public
			 accountant or public accountant who receives a waiver of the requirements due
			 to retirement must use the term "retired" after the CPA or PA designation. The
			 qualification must be displayed adjacent to the designation, in a font size and
			 style at least as prominent as that used for the designation itself.
(D) A certified public accountant or public
			 accountant who requests a waiver of the requirements due to health reasons,
			 military service, or foreign residence must submit appropriate documentation to
			 the board supporting the request.
(E) A public accountant who does not meet the
			 residence requirement described in paragraph (A) of rule 4701-3-01 of  the Administrative Code may request a waiver of the requirements if the public accountant is in good standing at the time of the request.
(F) A certified public accountant who holds a
			 CPA certificate who resides 
								outside Ohio and is employed
			 
								outside Ohio may request a waiver of the requirements
			 if the certified public accountant is licensed to practice public accounting in
			 
								another state at the time of the request.
(G) A certified public accountant or public
			 accountant may request a waiver of the requirements for a reason not specified
			 in paragraph (C), (D), (E), or (F) of this rule by stating the reasons why
			 fulfillment of the requirements would result in a hardship. If the board grants
			 a waiver based upon the provisions of this paragraph, it may require that the
			 certified public accountant or public accountant place the term "inactive"
			 after the CPA or PA designation. The qualification must be displayed adjacent
			 to the designation, in a font size and style at least as prominent as that used
			 for the designation itself.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-7 - CPA Certificate and Licenses › Section 4701-7-07 - International reciprocity

Current through all regulations passed and filed through July 1, 2024
(A) The board may determine that the holder
			 of an accounting credential issued outside the United States meets the CPA
			 certification requirements if:
(1) A private
			 or governmental body recognized by the board issued the accounting credential,
			 and the holder of the credential met the issuing body's education requirement
			 and passed the issuing body's examination used to qualify its own domestic
			 candidates.
(2) The accounting
			 credential holder's education and the issuing body's examination are comparable
			 to the Ohio education and examination requirements for the CPA certificate.
(3) The accounting credential is
			 valid and in good standing at the time the holder applies for the CPA
			 certificate.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-7 - CPA Certificate and Licenses › Section 4701-7-08 - License qualification

Current through all regulations passed and filed through July 1, 2024
(A) A holder of a CPA certificate who holds
			 an Ohio registration must use the qualification "inactive" after the
			 designation "certified public accountant" or "CPA" each time the designation is
			 used. The qualification must be displayed adjacent to the designation, in a
			 font size and style at least as prominent as that used for the designation
			 itself.
(B) A holder of a PA
			 registration who holds an Ohio registration must use the qualification
			 "inactive" after the designation "public accountant" or "PA" each time the
			 designation is used. The qualification must be displayed adjacent to the
			 designation, in a font size and style at least as prominent as that used for
			 the designation itself.
(C) A
			 certified public accountant or public accountant who holds an Ohio registration
			 may not perform any public accounting services defined in paragraph (A) of rule
			 4701-7-04
			 of the Administrative Code or any regulated services defined in paragraph (C)
			 of rule
			 4701-7-04
			 of the Administrative Code.
(D)
								For purposes of this chapter, "designation" refers to
			 any written, verbal, or electronic form of use or disclosure.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-7 - CPA Certificate and Licenses › Section 4701-7-09 - Internet practice

Current through all regulations passed and filed through July 1, 2024
(A) A firm that provides public accounting
			 services to Ohio clients electronically shall provide, on the home page of the
			 firm's website, a means for regulators and the public to contact a responsible
			 licensed CPA in that firm regarding complaints, questions, or the firm's
			 compliance with applicable statutes and administrative regulations.
(B) The board may either bring an action or
			 file a complaint with the appropriate state accountancy board against any
			 certified public accountant or public accounting firm located and licensed in
			 another state who is not in compliance with paragraph (A) of this rule in
			 accordance with the provisions of division (A)(3) of section
			 4701.16 of the Revised Code.
Five Year Review (FYR) Dates:
				6/24/2019 and
				09/02/2019
Promulgated
				Under: 119.03
Statutory Authority: 4701.03
Rule
				Amplifies: 4701.03
Prior Effective Dates: 07/31/2003,
				07/16/2009
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-7 - CPA Certificate and Licenses › Section 4701-7-10 - Surrender of a CPA certificate

Current through all regulations passed and filed through July 1, 2024
(A) Subject to board approval, an individual
			 who holds a CPA certificate may surrender the certificate to the board at any
			 time and for any reason. The individual must file an affidavit with the board
			  to surrender the CPA
			 certificate. The affidavit shall state that the individual is aware that
			 surrender of the CPA certificate is a final act and that the board is under no
			 obligation to reinstate a surrendered CPA
			 certificate.
(B) An
			 individual who surrenders a CPA certificate may not apply for reinstatement of
			 the certificate without board approval. At the board's discretion, the
			 individual may be required to comply with specified requirements for issuance
			 of an original CPA certificate described in section
			 4701.06 of the Revised Code
			 prior to reinstatement.
Effective:
				9/7/2019
Five Year Review (FYR) Dates:
				6/18/2019 and
				09/07/2024
Promulgated
				Under: 119.03
Statutory
				Authority: 4701.03
Rule
				Amplifies: 4701.03
Prior
				Effective Dates: 07/31/2003, 07/16/2009
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-9 - Accounting Standards › Section 4701-9-01 - Integrity and objectivity

Current through all regulations passed and filed through July 1, 2024
(A) An Ohio permit holder shall maintain
			 integrity and objectivity, shall not knowingly misrepresent facts, shall be
			 free of conflicts of interest and shall not subordinate to others any
			 professional judgment.
(B)
								Notwithstanding rule
			 4701-11-01 of the
			 Administrative Code, if
								 an Ohio
			 permit holder has a conflict of interest between the interest of a client or
			 employer and another person, but the Ohio permit holder believes that
			 professional services can be performed with integrity
			 and objectivity, this rule shall not prohibit the performance of
			 professional services by the Ohio permit holder if the conflict of interest is
			 disclosed to, and consent is obtained from, such client or employer and the
			 other person.
(C) Disagreements
			 over the application of acceptable alternatives permitted by the professional
			 standards defined in Chapter 4701-9 of the Administrative Code do not result in
			 any subordination of professional judgment.
Five Year Review (FYR) Dates:
				09/26/2016 and
				09/26/2021
Promulgated
				Under: 119.03
Statutory
				Authority: 4701.03
Rule
				Amplifies: 4701.03
Prior
				Effective Dates: 1/17/75, 1/1/99, 8/5/99, 10/22/04, 8/25/05,
				12/14/12
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-9 - Accounting Standards › Section 4701-9-02 - General standards

Current through all regulations passed and filed through July 1, 2024
(A) An Ohio permit holder shall only
			 perform professional services
			 that can reasonably be expected by the Ohio permit holder or the Ohio permit
			 holder's registered firm to be completed with professional competence.
(B) An Ohio permit holder
			 
			 shall exercise due professional care in the performance
			 of professional services, including adequate planning and
			 supervision of all professional activities for which the Ohio permit holder is
			 responsible.
(C) An Ohio permit
			 holder  shall obtain sufficient relevant data to afford a
			 reasonable basis for conclusions or recommendations in relation to any
			 professional services performed.
(D)
								 The provisions
			 of this rule apply to a certified public accountant or public accountant who is
			 engaged in the practice of public accounting or the performance of regulated
			 services as defined by rule
			 4701-7-04
			 of the Administrative Code.
Five Year Review (FYR) Dates:
				09/26/2016 and
				09/26/2021
Promulgated
				Under: 119.03
Statutory
				Authority: 4701.03
Rule
				Amplifies: 4701.03
Prior
				Effective Dates: 1/17/75, 1/1/99, 8/5/99, 10/22/04,
				4/28/11
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-9 - Accounting Standards › Section 4701-9-03 - Generally accepted auditing standards

Current through all regulations passed and filed through July 1, 2024
(A) An Ohio permit holder shall be associated
			 with audited financial statements only if the Ohio permit holder has complied
			 with the applicable generally accepted auditing standards defined in paragraph
			 (B), (C), or (D) of this rule.
(B) Generally
			 accepted auditing standards applicable to audits of public companies required
			 to register with the "Securities and Exchange Commission" are defined as
			 "Auditing and Related Professional Practice Standards" issued by the "Public
			 Company Accounting Oversight Board" and published on its website (
www.pcaobus.org
).
(C) Generally accepted auditing standards for
			 federal agencies or entities receiving significant federal financial assistance
			 are defined as "Government Auditing Standards" issued by the "Comptroller
			 General of the United States" and published on the "Government Accountability
			 Office" website (
www.gao.gov
).
(D) Generally accepted auditing standards for
			 all entities except those specified in paragraph (B) or (C) of this rule are
			 defined as "Statements on Auditing Standards" issued by the "American Institute
			 of Certified Public Accountants" and published on its website (
www.aicpa.org
).
(E) An Ohio permit holder may comply with one
			 or more of the "International Standards on Auditing" issued by the
			 "International Auditing and Assurance Standards Board" and published on the
			 "International Federation of Accountants" website (
www.ifac.org
) in the following cases:
(1) The standards in paragraph (B) or (C) of
			 this rule, as applicable to the specific audit engagement, do not prohibit the
			 use of those standards.
(2) The
			 parent company of the entity being audited is located in a foreign country and
			 requires the use of those standards.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-9 - Accounting Standards › Section 4701-9-05 - Attestation standards

Current through all regulations passed and filed through July 1, 2024
(A)
								 "
								attestation engagement,"
			  is defined
			 as 
								an agreement
			 that describes a business relationship between a client and an Ohio permit
			 holder or public accounting firm that defines the scope, terms, and costs of
			 the agreement in which 
								the Ohio permit holder or
			 firm
								agrees to issue or does issue an examination
			 report, a review report, or an agreed-upon procedures report on subject matter,
			 or an assertion about the subject matter that is the responsibility of another
			 party.
(B)
								Examples of attestation engagements include audits,
			 financial forecasts and projections, reports on pro forma financial
			 information, reports on an entity's internal control over financial reporting,
			 compliance attestations, "WebTrust" examinations, "SysTrust" examinations, and
			 examinations or reviews of a management's discussion and presentation prepared
			 in accordance with the rules and regulations adopted by the "Securities and
			 Exchange Commission." The listed examples are not intended to be
			 all-inclusive.
(C) An Ohio permit
			 holder shall not be associated with any attestation
			 engagementdefined in paragraph (A) of
			 this rule, unless the Ohio permit holder or firm
			 has complied with the applicable standards for attestation engagements defined
			 in paragraph (D) or (E) of this rule.
(D) Attestation
			 standards for government agencies or entities receiving significant federal
			 financial assistance are defined in the "Government Auditing Standards" issued
			 by the "Comptroller General of the United States" and published on the
			 "Government Accountability Office" website (
www.gao.gov
).
(E) Attestation
			 standards for all entities except those specified in paragraph
			 (D) of
			 this rule are defined as "Statements on Standards for Attestation Engagements"
			 as part of "AICPA
			 Professional Standards" and published on its website (
www.aicpa.org
).
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-9 - Accounting Standards › Section 4701-9-06 - Accounting and review services standards

Current through all regulations passed and filed through July 1, 2024
(A) An Ohio permit holder who is in the
			 practice of public accounting shall be associated with unaudited financial
			 statements only if the Ohio permit holder has complied with the applicable
			 accounting and review services standards defined in paragraph (B) of this
			 rule.
(B) Accounting and review
			 services standards are defined as part of
			 "Statements on Standards for Accounting and Review Services" issued by the
			 "American Institute of Certified Public Accountants" and published on its
			 website (
www.aicpa.org
).
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-9 - Accounting Standards › Section 4701-9-08 - Consulting standards

Current through all regulations passed and filed through July 1, 2024
(A) An Ohio permit holder
			 or public accounting firm shall be associated
			 with a consulting engagement only if the Ohio permit holder
			 or firm has complied with the applicable
			 standards for consulting services defined in paragraph (B) of this
			 rule.
(B) Consulting services
			 standards are defined as part of "Statements on
			 Standards for Consulting Services" and "Statements on Standards for Valuation
			 Services" issued by the "American Institute of Certified Public Accountants"
			 and published on its website (
www.aicpa.org
).
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-9 - Accounting Standards › Section 4701-9-09 - Tax services standards

Current through all regulations passed and filed through July 1, 2024
(A) An Ohio permit holder who prepares a tax
			 return, signs a tax return, or recommends a tax return position for a client,
			 employer, or other third-party recipient of tax services shall comply with the
			 applicable standards for tax services defined as part of
			 "Statements on Standards for Tax Services" issued by the "American Institute of
			 Certified Public Accountants" and published on its website (
www.aicpa.org
).
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-9 - Accounting Standards › Section 4701-9-10 - Quality control standards

Current through all regulations passed and filed through July 1, 2024
(A) A 
								public
			 accounting firm that performs accounting and auditing services in
			 accordance with the professional standards defined in Chapter 4701-9 of the
			 Administrative Code shall comply with the applicable standards for quality
			 control defined in paragraph (B) of this rule.
(B) Quality control standards are defined as
			 part of "Statements on Quality Control Standards"
			 issued by the "American Institute of Certified Public Accountants" and
			 published on its website (
www.aicpa.org
).
(C) An Ohio permit holder
			 or public accounting firm may comply with one or
			 more of the "International Standards on Quality Control" issued by the
			 "International Auditing and Assurance Standards Board" and published on the
			 "International Federation of Accountants" website (
www.ifac.org
) if the standards in paragraph
			 (B) of this rule, as applicable to the specific accounting or auditing
			 engagement, permit the use of those standards.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-11 - Ethics Standards › Section 4701-11-01 - Independence

Current through all regulations passed and filed through July 1, 2024
(A) An Ohio permit
			 holder shall be independent in the performance of audits of public companies as
			 required by applicable standards issued by the "Securities and Exchange
			 Commission" and published on its website
			 (www.sec.gov).
(B) An Ohio permit
			 holder shall be independent in the performance of professional services for
			 government agencies and entities receiving significant federal financial
			 assistance as required by applicable standards issued by the "Comptroller
			 General of the United States" and published on the "Government Accountability
			 Office" website (
www.gao.gov
).
(C) An Ohio permit holder shall be
			 independent in the performance of professional services, excluding those
			 referenced in paragraph (A) or (B) of this rule, as required by the "Code of
			 Professional Conduct" issued by the "American Institute of Certified Public
			 Accountants" and published on 
								its website (
www.aicpa.org
).
Effective: 12/12/2016
Five Year
				Review (FYR) Dates: 09/26/2016 and
				12/11/2021
Promulgated
				Under: 119.03
Statutory
				Authority: 4701.03
Rule
				Amplifies: 4701.03
Prior
				Effective Dates: 1/17/75, 9/19/94, 8/5/99, 10/22/04,
				9/14/07
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-11 - Ethics Standards › Section 4701-11-02 - Confidential client information

Current through all regulations passed and filed through July 1, 2024
(A) An Ohio permit holder shall not disclose
			 any confidential information obtained in the course of a professional
			 engagement except with the consent of the client.
(B) This rule shall not be construed:
(1) To relieve an Ohio permit holder of the
			 obligation to comply with Chapter 4701-9 of the Administrative Code,
(2) To affect in any way the compliance with
			 a validly issued subpoena or summons enforceable by order of a court,
(3) To prohibit review of the
			 professional practice of an Ohio permit holder as part of a
			 peer
			 review, or
(4) To preclude an Ohio
			 permit holder from responding to any inquiry made by the professional ethics
			 committee or trial board of a professional accounting organization of which the
			 Ohio permit holder is a member, by a duly constituted investigative or
			 disciplinary body of a state CPA society, or under state statutes.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-11 - Ethics Standards › Section 4701-11-03 - Contingent fees

Current through all regulations passed and filed through July 1, 2024
(A)
								A contingent fee
			 is a fee established for the performance of any service pursuant to an
			 agreement 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. However, an Ohio permit holder's or
			 registered firm's fees may vary depending, for example, on the complexity of
			 the services rendered.
(B)
								An Ohio permit holder or registered firm shall
			 not:
(1)
									Practice public accounting for a contingent fee for, or
			 receive such a fee from, a client for whom any of the following professional
			 engagements are performed:
(a)
										An audit or review of a financial
			 statement.
(b)
										A compilation of a financial statement when the Ohio
			 permit holder expects, or reasonably might expect, that a third party may use
			 the financial statement and if the Ohio permit holder's compilation report does
			 not disclose a lack of independence.
(c)
										A report in
			 accordance with the attestation standards defined in rule
			 4701-9-05
			 of the Administrative Code.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-11 - Ethics Standards › Section 4701-11-04 - Commissions and referral fees

Current through all regulations passed and filed through July 1, 2024
(A)
								The
			 following words, when used in this chapter, shall have the following
			 meanings:
(1)
									"Commission" means compensation for
			 recommending or referring any product or service to be supplied by another
			 person or entity.
(2)
									"Engagement" or "engaged" shall have the meaning as defined
			 in rule
			 4701-13-01 of the
			 Administrative Code.
(3)
									"Referral fee"
			 means compensation for recommending or referring any service of an Ohio permit
			 holder or public accounting firm to any person.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-11 - Ethics Standards › Section 4701-11-05 - Form of practice and name

Current through all regulations passed and filed through July 1, 2024
(A) An Ohio permit holder may practice public
			 accounting as defined in rule
			 4701-7-04
			 of the Administrative Code, whether as an owner or employee, only in the
			 form of a sole proprietorship, a partnership, limited liability company,
			 professional association, corporation, or other legal entity whose
			 characteristics conform to the Revised Code and rules of the board.
(B)
								
								The name of a public accounting firm
			 as defined in
			 paragraph (P) of rule
			 4701-13-01 of the
			 Administrative Code may not be used unless such name has been registered
			 with the board.
(C) A misleading
			 public
			 accounting firm name is one which:
(1)
			 Contains any representation that would be likely to cause a reasonable person
			 to misunderstand or be confused about the legal form of the firm, or about who
			 are the owners or members of the firm, including reference to a type of
			 organization or an abbreviation thereof which does not accurately reflect the
			 form under which the firm is organized, including, but not limited to the
			 following:
(a) Implies the existence of a
			 corporation when the firm is not a corporation, such as through the use of the
			 words "corporation," "incorporated," "Ltd.," "professional corporation," or an
			 abbreviation thereof as part of the firm name if the firm name is not
			 incorporated or is not a professional corporation;
(b) Implies the existence of a partnership
			 when there is not a partnership such as by use of the term "partnership" or
			 "limited liability partnership" or the abbreviation "LLP" if the firm is not
			 such an entity;
(c) Includes the
			 name of an individual who is not a CPA if the title "CPAs" is included in the
			 firm name;
(d) Includes information
			 about or indicates an association with persons who are not members of the firm,
			 except as permitted pursuant to paragraph (D) of this rule; or
(e) Includes the terms "& Company,"
			 "& Associate," or "Group," but the firm does not include, in addition to
			 the named partner, another shareholder, owner, member, or staff
			 employee.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-11 - Ethics Standards › Section 4701-11-06 - Retention of client records

Current through all regulations passed and filed through July 1, 2024
(A) If a client makes a written request for
			 records from a public accounting firm or Ohio permit holder,
			  firm or
			  permit holder shall comply with the
			 request within forty-five days after receipt of the request. The
			 forty-five day deadline may be extended by the board
			 if the  firm or
			  permit holder requests an extension of
			 time in accordance with paragraph (I) of this rule.
(B) A client's records are any accounting or
			 other records belonging to the client that were provided to the
			 public
			 accounting firm or Ohio permit holder by or on behalf of the client, as
			 well as records defined in paragraph (E) of this rule as client
			 records.
(C) The workpapers of the
			 public
			 accounting firm or Ohio permit holder include, but are not limited to,
			 the following:
(1) The
			  firm's or
			  permit holder's notes or memos
			 regarding the engagement;
(2)
			 Records kept by the  firm or
			  permit holder of procedures applied,
			 tests performed, information obtained, and pertinent conclusions reached in the
			 engagement;
(3) Analyses and
			 schedules prepared by the client at the  firm's or Ohio permit holder's request,
			 and;
(4) Audit programs, audit
			 analyses and memoranda, letters of confirmation and representation, abstracts
			 of company documents, and schedules or commentaries either prepared or obtained
			 by the  firm or
			  permit holder.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-11 - Ethics Standards › Section 4701-11-07 - Board communications and required reporting

Current through all regulations passed and filed through July 1, 2024
(A) For purposes of this rule, "person" shall
			 have the same meaning as in division (T) of section
			 4701.01
			 of the Revised Code.
(B) All
			 official communications from the board are sent to a person's last physical or
			 electronic address of record as maintained by the board. If the communication
			 is not returned to the board, the person will be considered by the board to
			 have received such official communications, to be aware of the contents of such
			 official communications, and to be responsible for any actions required of them
			 by such official communications. If a person notifies the board in writing of a
			 failure to receive the official communication, the board will resend the
			 official communication to the person. The board will not extend any deadlines
			 nor abate any penalties unless it feels appropriate circumstances
			 exist.
(C) Any change in a person's
			 name, primary phone number, email,
								 or physical address must be
			 submitted to the board in writing.
(D) Official communications, unless otherwise
			 specifically designated by the board, shall require a response within fifteen
			 business days. A business day is defined as any day, Monday through Friday
			 excluding state holidays, that the board office is open.
(E)
								Any person or
			 public accounting firm that holds a license or registration issued by the board
			 shall notify the board within thirty days of:
(1)
									Any
			 administrative disciplinary action that the holder is the subject of or party
			 to before any court or agency of the United States of America, branch of the
			 armed forces of the United States of America, or the American institute of
			 certified public accountants;
(2)
									Cancellation,
			 revocation, suspension, or refusal to renew authority to practice as a
			 certified public accountant, a public accountant, or public accounting firm by
			 any other state, for any cause other than failure to pay registration fees in
			 that other state;
(3)
									Suspension or revocation of the right to practice
			 before any state or federal agency;
(4)
									The conviction of
			 any felony, or conviction of a misdemeanor involving dishonesty or fraud
			 regardless of whether sentence is imposed, suspended, or executed, and
			 regardless of any plea of no contest;
(5)
									Any final
			 judgment rendered against the holder in a civil court of law.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-11 - Ethics Standards › Section 4701-11-09 - Acts discreditable

Current through all regulations passed and filed through July 1, 2024
(A) Section
			 4701.03
			 of the Revised Code states the board may promulgate rules consistent with
			 the goal of maintaining a high standard of integrity and dignity in the
			 accounting profession.
(B) This
			 rule applies to acts by a person holding an Ohio permit, Ohio registration, CPA
			 certificate, PA registration, or public
			 accounting firm registration, by a person holding a foreign certificate
			 whose activities are regulated by the board, or by an owner of a public
			 accounting firm equity interest who does not hold an Ohio permit, Ohio
			 registration, CPA certificate, PA registration, foreign certificate, or firm
			 registration.
(C) The following
			 acts by any person defined in paragraph (B) of this rule are determined by the
			 board as conduct discreditable to the accounting profession as stated in
			 division (A)(10) of section
			 4701.16 of
			 the Revised Code:
(1) Using deceptive
			 representations in connection with the performance of services.
(2) Representing that services are of a
			 particular standard when they are not.
(3) Promoting one's professional services or
			 a
			 public accounting firm's services in any manner which is inconsistent
			 with upholding a high standard of integrity and dignity in the accounting
			 profession, including, but not limited to:
(a)
			 Misrepresenting facts or failing to disclose relevant facts.
(b) Creating a false or unjustified
			 expectation of favorable results.
(c) Implying abilities not supported by valid
			 educational background, professional attainments, or licensing
			 recognition.
(d) Implying the
			 ability to influence improperly any court, tribunal or other public body or
			 official.
(4) Engaging
			 in any deceptive trade practice prohibited by law.
(5) Committing fraud or deceit in the act of
			 verifying a CPA candidate's experience in accordance with paragraph (C) of rule
			 4701-7-05
			 of the Administrative Code, or making any false statement with respect to such
			 verification.
(6) Holding out to
			 the public that an accounting credential issued in a foreign country is in good
			 standing if that credential has been suspended or revoked under the laws of the
			 foreign country.
(7) Being
			 convicted of a felony or any crime involving dishonesty or fraud under the laws
			 of a foreign country.
(8) Failing
			 to follow specialized professional engagement requirements of governmental
			 bodies, commissions, or regulatory agencies.
(9) Assuming responsibility for, associating
			 with, or preparing materially false and misleading financial statements,
			 associated financial data, or accounting entries.
(10) Failing to file a tax return or failing
			 to remit taxes collected on behalf of others in a timely manner.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-11 - Ethics Standards › Section 4701-11-10 - Application of ethics rules to non-CPA owners

Current through all regulations passed and filed through July 1, 2024
(A) Pursuant to division (D)(8) of section
			 4701.04 of the
			 Revised Code, a person who holds an equity interest in a public accounting
			 firm, but does not hold an Ohio permit or a foreign certificate, shall be
			 subject to either the "Code of Professional Conduct" issued by the "American
			 Institute of Certified Public Accountants" and published on its website (
www.aicpa.org
), or a comparable code of
			 conduct applicable to the person's profession.
(B) The person described in paragraph (A) of
			 this rule shall also be subject to the provisions of Chapter 4701-9 and Chapter
			 4701-11 of the Administrative Code as though the person
			 is the holder
			 of an Ohio permit or a foreign certificate.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-13 - Registration of Offices, Partnerships, and Corporations › Section 4701-13-02 - Public accounting firm registration requirements, renewal deadlines

Current through all regulations passed and filed through July 1, 2024
(A) All public
			 accounting firms shall pay an initial registration fee
			 based on the number of
			 certified public accountants employed by the firm:
(1)
									A public
			 accounting firm that employs up to four Ohio permit holders shall pay an
			 initial registration fee of thirty dollars.
(2)
									A public
			 accounting firm that employs five to nine Ohio permit holders shall pay an
			 initial registration fee of ninety dollars.
(3)
									A public
			 accounting firm that employs ten or more Ohio permit holders shall pay an
			 initial registration fee of one hundred eighty dollars.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-13 - Registration of Offices, Partnerships, and Corporations › Section 4701-13-03 - Public accounting firm insurance requirement

Current through all regulations passed and filed through July 1, 2024
Each public accounting firm in Ohio
				not organized as a proprietorship or general partnership shall provide written
				evidence satisfactory in form and substance to the board and shall provide a
				certification satisfactory in form and substance to the board as part of its
				triennial registration that it has purchased and will maintain in effect until
				its next registration professional liability insurance as follows:
(A)
								Public
			 accounting firms with up to four partners, shareholders, members or other Ohio
			 permit holders or foreign certificate holders shall purchase and maintain no
			 less than two hundred fifty thousand dollars of professional liability
			 insurance.
(B)
								Public accounting firms with five to nine partners,
			 shareholders, members or other Ohio permit holders or foreign certificate
			 holders shall purchase and maintain no less than five hundred thousand dollars
			 of professional liability insurance.
(C)
								Public accounting
			 firms with ten or more partners, shareholders, members or other Ohio permit
			 holders or foreign certificate holders shall purchase and maintain no less than
			 one million dollars of professional liability insurance.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-13 - Registration of Offices, Partnerships, and Corporations › Section 4701-13-04 - Change of peer review firm registration status

Current through all regulations passed and filed through July 1, 2024
A peer review firm may change its
				registration status to tax/consulting or non-attest if at least one of the
				following criteria has been met:
(A)
								The firm submits
			 an affidavit to the board confirming the firm has not performed any
			 engagement(s) subject to peer review standards since the firm's last peer
			 review.
(B)
								The firm submits to the board documentation from the
			 AICPA peer review committee confirming the firm's engagement(s) are not subject
			 to peer review.
(C)
								The firm submits proof of a completed peer review along
			 with all applicable attachments per rule
			 4701-13-07
			 of the Administrative Code, including an acceptance letter or completion letter
			 from the peer review committee, if the firm performed any engagement(s) subject
			 to peer review requirements since its last peer review.
Replaces: 4701-13-09
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-13 - Registration of Offices, Partnerships, and Corporations › Section 4701-13-05 - Change of firm name or ownership

Current through all regulations passed and filed through July 1, 2024
(A)
								A public
			 accounting firm that changes its name shall notify the board within thirty days
			 of the effective date of the change.
(B)
								If two or more
			 public accounting firms subject to peer review requirements are merged by any
			 legal means, then the surviving public accounting firm shall retain the latest
			 firm registration deadline of the former public accounting
			 firms.
(C)
								If any public accounting firm subject to peer review
			 requirements is purchased, or otherwise acquired by another public accounting
			 firm, the firm acquiring the previous firm's client records will accept
			 responsibility for those client records subject to examination at the
			 purchasing firm's next scheduled peer review.
(D)
								If two or more
			 public accounting firms are merged by any legal means and not all of the
			 merging public accounting firms are subject to peer review requirements, then
			 the surviving public accounting firm shall be subject to peer review
			 requirements and retain the latest firm registration deadline of any former
			 public accounting firm subject to peer review, except that twelve months must
			 elapse between the time of the merger and the surviving public accounting
			 firm's next registration deadline.
(E)
								If two or more
			 public accounting firms are merged by any legal means and none of the former
			 public accounting firms are subject to peer review requirements, then the new
			 public accounting firm must complete a peer review within eighteen months of
			 the date of initial registration with the board.
(F)
								If a public
			 accounting firm subject to peer review requirements is divided, then each new
			 public accounting firm shall be subject to peer review requirements and retain
			 the firm registration deadline of the former public accounting firm, except
			 that at least twelve months must elapse before the new public accounting firms
			 must renew their firm registrations.
(G)
								If a public
			 accounting firm is dissolved and subsequently reestablished as another public
			 accounting firm with substantially similar ownership, then the successor public
			 accounting firm will retain the predecessor public accounting firm's firm
			 registration renewal deadline.
(H)
								The executive
			 director, subject to board approval may change a firm's registration renewal
			 deadline for just cause.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-13 - Registration of Offices, Partnerships, and Corporations › Section 4701-13-07 - Required submission of peer review documents

Current through all regulations passed and filed through July 1, 2024
(A)
								Each public
			 accounting firm that completes a peer review must submit to the board prior to
			 the firm's October thirty-first registration deadline, an acceptance letter
			 regarding the most recent peer review and all applicable attachments.
			 Applicable attachments may include:
(1)
									Peer review report
(2)
									Acceptance
			 letter
(3)
									Letter of response
(4)
									Completion
			 letter
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-13 - Registration of Offices, Partnerships, and Corporations › Section 4701-13-08 - Retention of documents relating to peer reviews

Current through all regulations passed and filed through July 1, 2024
(A) Each public accounting firm subject to
			 peer review shall maintain in 
								its records all documentation necessary to
			 establish that each peer review performed by a qualified peer reviewing firm
			 conformed to the peer review standards defined in paragraph (A) of rule
			 4701-13-06
			 of the Administrative Code. The documentation maintained by the public
			 accounting firm 
								includes the following:
(1) Documentation of reviewing firm
			 qualifications;
(2) Copies of all
			 peer review reports;
(3) All
			 comment letters related to 
									each peer review, including findings for further
			 consideration (FFC) forms.
(4) All
			 correspondence which indicates the public accounting firm's
			 concurrence or non concurrence with the results of the peer review;
			 and
(5) All proposed remedial
			 actions and all information relevant to those remedial actions, including
			  implementation and/or completion of the remedial actions.
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-13 - Registration of Offices, Partnerships, and Corporations › Section 4701-13-09 - Peer review deficiencies; hearings

Current through all regulations passed and filed through July 1, 2024
(A)
								The board may
			 rely on the peer review acceptance letter issued by the peer review committee,
			 defined in rule
			 4701-13-01
			 of the Administrative Code, and related peer review supporting documentation as
			 prima facie evidence in any disciplinary hearing involving a public accounting
			 firm arising under division (H) of section
			 4701.04 of the Revised Code held
			 in accordance with Chapter 119. of the Revised Code.
(B)
								If the board
			 determines that the peer review described in paragraph (A) of this rule
			 contains one or more violations of the professional standards defined in
			 Chapter 4701-9 of the Administrative Code, the board may take appropriate
			 disciplinary action under division (B) of section
			 4701.16 of the Revised Code and
			 held in accordance with Chapter 119. of the Revised Code.
Replaces: 4701-13-10
Ohio Administrative Code › Title 4701 - Accountancy Board › Chapter 4701-15 - Continuing Education › Section 4701-15-01 - Continuing education standards

Current through all regulations passed and filed through July 1, 2024
A licensee seeking renewal of an Ohio permit shall
				demonstrate participation in learning activities that maintain and/or improve
				professional competence as guided by the "Statement on Standards for
				Continuing Professional Education Programs," jointly issued by the "National
				Association of State Boards of Accountancy" and the "American Institute of
				Certified Public Accountants."
Five Year Review (FYR) Dates:
				3/5/2020 and
				09/01/2024
Promulgated
				Under: 119.03
Statutory
				Authority: 4701.11
Rule
				Amplifies: 4701.11
Prior
				Effective Dates: 01/17/1975, 04/26/1996, 09/20/1996, 08/05/1999, 12/01/2002,
				07/16/2009, 12/25/2014