reglab/statecodes huggingface dataset:
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:04 - Continuing professional education › Section 20:75:04:19 - Evaluating learning activity quality

Current through Register Vol. 51, page 10, July 15, 2024
Continuing professional education program sponsors must have an effective means for evaluating learning activity quality as to content and presentation. A program sponsor must provide a mechanism for a CPA or PA participating in a program to evaluate whether learning objectives and learning outcomes were met. Evaluation should be solicited from each participant either in writing or electronically to determine the following:
(1) Stated learning objectives were met;
(2) Prerequisite requirements were appropriate, if applicable;
(3) Program materials were accurate, relevant, and contributed to the achievement of the learning objectives;
(4) Time allotted to the learning activity was appropriate;
(5) Individual instructors were effective, if applicable;
(6) Facilities and technological equipment were appropriate;
(7) Handout or advance preparation materials were satisfactory; and
(8) Audio and video materials were effective.
Program sponsors must periodically review evaluation results to assess program effectiveness and inform developers and instructors of evaluation results.
Program sponsors must ensure instructional methods used are appropriate for the learning activities. Learning activities must be presented in a manner consistent with the descriptive and technical materials provided. Informal organizations sponsoring continuing professional education courses may abdicate retention of required documentation to the participating CPA or PA.
General Authority:
SDCL  36-20B-12(3).
Law Implemented:
SDCL  36-20B-27.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:04 - Continuing professional education › Section 20:75:04:20 - Standards for continuing professional education program reporting

Current through Register Vol. 51, page 10, July 15, 2024
A program sponsor must provide each CPA or PA participating in the program with documentation of participation, which includes the following:
(1) Continuing professional education program sponsor name and address;
(2) Name of CPA or PA;
(3) Course title;
(4) Course field of study;
(5) Date offered or completed;
(6) Location, if applicable;
(7) Type of instructional or delivery method used;
(8) Number of continuing professional education credit hours awarded;
(9) Description of computation used to determine the amount of credit awarded; and
(10) Verification by continuing professional education program sponsor representative.
Program sponsors must retain adequate documentation for four years to support compliance with these standards. Informal organizations sponsoring continuing professional education courses may abdicate retention of required documentation to the participating CPA or PA.
General Authority:
SDCL  36-20B-12(3).
Law Implemented:
SDCL  36-20B-27.
Definitions, §
											20:75:04:00.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:04 - Continuing professional education › Section 20:75:04:21 - Continuing professional education program sponsors retention of adequate documentation

Current through Register Vol. 51, page 10, July 15, 2024
A program sponsor must retain or have access to documentation for four years to support compliance with standards. A program sponsor must retain or have access to the following:
(1) Records of participants;
(2) Dates and locations;
(3) Instructor names and credentials;
(4) Number of continuing professional credits earned by participants;
(5) Results of program evaluations; and
(6) Evidence of compliance with responsibilities included in these standards.
Sponsors must have access to or maintain copies of program materials, evidence that the program materials were developed and reviewed by qualified parties, and a record of how continuing professional education credits were determined. Informal organizations presenting continuing professional education courses may abdicate responsibility for retention of required documentation to a participating CPA or PA.
General Authority:
SDCL  36-20B-12(3).
Law Implemented:
SDCL  36-20B-27.
Definitions, §
											20:75:04:00.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:04 - Continuing professional education › Section 20:75:04:22

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL  36-20B-12(3).
Law Implemented:
SDCL  36-20B-27.
Definitions, §
											20:75:04:00.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:00 - Licensee definition

Current through Register Vol. 51, page 10, July 15, 2024
A licensee for the purpose of this chapter is as defined in SDCL  36-20B-1 or an individual exercising practice privileges pursuant to SDCL  36-20B-66 or  36-20B-67.
General Authority:
SDCL  36-20B-12.
Law Implemented:
SDCL  36-20B-1(9),  36-20B-66,  36-20B-67.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:01 - Independence

Current through Register Vol. 51, page 10, July 15, 2024
A licensee shall comply with Section ET 1.200 of the American Institute of Certified Public Accountants (AICPA), and additionally comply with the independence rules of the United States Securities and Exchange Commission (SEC), United States Department of Labor (DOL), Public Company Accounting Oversight Board (PCAOB) and United States Government Accountability Office (GAO) applicable to the licensees' engagement.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-12(4).
AICPA Professional Standards
,
Volume 2
,
ET Section 1.200
, as of July 1, 2019, American Institute of Certified Public Accountants. Copies may be viewed at the board's office or obtained from the American Institute of Certified Public Accountants, 1211 Avenue of the Americas, New York, NY 10036. Cost: Annual Online Subscription, Member $199/Non-Member $249.
Government Auditing Standards
, by the United States Government Accountability Office (GAO) December 2011 Revision, or July 2018 Revision, as applicable. Copies may be viewed at the board's office or obtained from the United States Government Accountability Office, Washington, D.C. 20548; or from their website at
www.gao.gov/yellowbook
. Cost: first document free, each additional copy $2.
United States Department of Labor (DOL)
: 29 CFR § 2509.75-9 (July 1, 2016). Available online at: https://www.gpo.gov/fdsys/pkg/CFR-2016-title29-vol9/pdf/CFR-2016-title29-vol9-sec 2509-75-9.pdf.
Public Company Accounting Oversight Board (PCAOB)
: Rules Section 3, Auditing and Related Professional Practice Standards (May 2, 2014). Available online at:
http://pcaobus.org/Rules/PCAOBRules/Pages/Section_3.aspx
.
United States Securities and Exchange Commission (SEC)
: 68 FR 6005 (February 5, 2003). Available online at:
https://www.sec.gov/rules/final/33-8183a.htm
.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:02 - Integrity and objectivity - Conflict of interest

Current through Register Vol. 51, page 10, July 15, 2024
A licensee may not in the performance of professional services knowingly misrepresent facts or subordinate the licensee's judgment to others. In tax practice, however, a licensee may resolve doubt in favor of a client if there is reasonable support for the position.
A conflict of interest may occur if a licensee performs a professional accounting service for a client or employer and the licensee or the licensee's firm has a material relationship with another person, entity, product, or service that could be viewed as impairing the licensee's objectivity. If this material relationship is disclosed to and consent is obtained from the client, employer, or other applicable parties, this section does not prohibit the performance of the professional accounting service.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-12(4).
Auditing, accounting, and review standards, §
											20:75:05:05; Accounting principles, §
											20:75:05:06.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:03 - Acceptance of commission or contingent fee

Current through Register Vol. 51, page 10, July 15, 2024
A licensee in public practice may not perform any professional services for a commission or contingent fee for, or receive such a commission or fee from, a client for whom the licensee or licensee's firm also performs:
(1) An audit or review of a financial statement;
(2) A compilation of a financial statement if the licensee expects, or reasonably might expect, that a third party will use the financial statement and the licensee's compilation report does not disclose a lack of independence; or
(3) An examination of prospective financial information.
This prohibition applies during the period in which the licensee or the licensee's firm is engaged to perform any of the services listed in this section as well as the period covered by any historical financial statements involved in any such listed services.
For purposes of this section, a contingent fee is a fee established for the performance of any service pursuant to an arrangement in which no fee is 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 the service.
A licensee's fees may vary depending, for example, on the complexity of services rendered. Fees are not regarded as being contingent if they are fixed by courts or other authorities or, in tax matters, if they are based on the results of judicial proceedings or the findings of governmental agencies. The preparation of original or amended tax returns or claims for refunds does not fall within these exceptions.
A licensee who is not prohibited by this rule 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 licensee recommends or refers a product or service to which the commission relates.
Any licensee who accepts a referral fee for recommending or referring any service of a licensee to any such person or entity or who pays a referral fee to obtain a client shall disclose such acceptance or payment to the client.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-40,  36-20B-41.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:04 - Competence

Current through Register Vol. 51, page 10, July 15, 2024
A licensee shall comply with the following standards and with any interpretations thereof by bodies designated by the Council of the American Institute of Certified Public Accountants, or by other entities having similar generally recognized authority:
(1) Professional competence. Undertake only those professional services which the licensee or the licensee's firm can reasonably expect to complete with professional competence, including compliance, where applicable, with §§
									20:75:05:07  and 20:75 :05:08;
(2) Due professional care. Exercise due professional care in the performance of professional services;
(3) Planning and supervision. Adequately plan and supervise the performance of professional services; and
(4) Sufficient relevant data. Obtain sufficient relevant data to afford a reasonable basis for conclusions or recommendations in relation to professional services performed.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-40,  36-20B-41.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:05 - Auditing, accounting, and review standards

Current through Register Vol. 51, page 10, July 15, 2024
A licensee may not permit the licensee's name to be associated with a report on financial statements as defined by SDCL  36-20B-3 unless the licensee complied with generally accepted auditing standards or accounting and review standards as applicable. Generally accepted auditing standards and accounting and review
standards are the standards set forth in the AICPA Professional Standards, Volume 1, AU
Sections 100 through 901, as of July 1, 2019;
AICPA Professional Standards, Volume 2
, AR Sections 20 through 9600, as of July 1, 2019;
AICPA Professional Standards, Volume 1
, AT Sections 20 through 801, as of July 1, 2019; and
AICPA Professional Standards, Volume 2
, ET Sections 0.300 through 3.400, as of July 1, 2019; by the American Institute of Certified Public Accountants.
Government Auditing Standards by the United States Government Accountability Office
, December 2011 Revision, or July 2018 Revision, as applicable. Licensees must justify departures from these standards.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-40,  36-20B-41.
AICPA Professional Standards, Volume 1
, AU Sections 100 through 901, as of July 1, 2019;
AICPA Professional Standards, Volume 2
, AR Sections 20 through 9600, as of July 1, 2019;
AICPA Professional Standards, Volume 1
, AT Sections 20 through 801, as of July 1, 2019; and
AICPA Professional Standards, Volume 2
, ET Sections 0.300 through 3.400, as of July 1, 2019, by the American Institute of Certified Public Accountants. Copies may be viewed at the board's office or obtained from the American Institute of Certified Public Accountants, 220 Leigh Farm Road, Durham, NC 27707. Cost:
AICPA Professional Standards
, Annual Online Subscription. Member $199/Non-Member $249.
Government Auditing Standards by the United States Government Accountability Office
, December 2011 Revision, or July 2018 Revision, as applicable. Copies may be viewed at the board's office or obtained from the United States Government Accountability Office, Washington, D.C. 20548; or from their website at
www.gao.gov/yellowbook
. Cost:
Government Auditing Standards
, first document free, each additional copy $2.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:06 - Accounting principles

Current through Register Vol. 51, page 10, July 15, 2024
If financial statements or other financial data contain any departure from an accounting principle promulgated by the Financial Accounting Standards Board and its predecessors, the Governmental Accounting Standards Board, or by other entities having similar authority as recognized by the board, a licensee may not:
(1) Express an opinion or state affirmatively that the statements or other data of any entity are presented in conformity with generally accepted accounting principles; or
(2) State that the licensee is not aware of any material modifications that should be made to such statements or data in order for them to be in conformity with generally accepted accounting principles.
If, however, the statements or data contain such a departure and the licensee can demonstrate that due to unusual circumstances the financial statements or data would otherwise have been misleading, the licensee may comply with this section by describing the departure, its approximate effects, if practicable, and the reason why compliance with the principle would result in a misleading statement.
Generally accepted accounting principles for nongovernmental entities are those pronouncements issued by the Financial Accounting Standards Board and its predecessor entities published by the Financial Accounting Standards Board (FASB), in Accounting Standards, Current Text, General Standards, as of August 2014, and Financial Accounting Standards Board (FASB), Accounting Standards, Current Text, Industry Standards, as of August 2014. Generally accepted accounting principles for governmental entities are those pronouncements of the Governmental Accounting Standards Board published in Codification of Governmental Accounting and Financial Reporting Standards, as of June 30, 2014.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-40,  36-20B-41.
Financial Accounting Standards Board (FASB), Accounting Standards
www.fasb.org/jsp/FASB/Page/SectionPage&cid=1176156316498
.
Codification of Governmental Accounting and Financial Reporting Standards
, as of June 30, 2012. Copies may be viewed at the board's office or obtained from Governmental Accounting Standards Board Order Department, P.O. Box 30784, Hartford, CT 06150. Cost: $105.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:07 - Professional standards and conduct

Current through Register Vol. 51, page 10, July 15, 2024
A licensee shall comply with professional ethical standards and conduct. Professional standards and conduct are those established and set forth in the
AICPA Professional Standards, Volume 2
,
ET Section
as of July 1, 2019, by the American Institute of Certified Public Accountants.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-40,  36-20B-41.
AICPA Professional Standards, Volume 2
, as of July 1, 2019, American Institute of Certified Public Accountants. Copies may be viewed at the board's office or obtained from the American Institute of Certified Public Accountants, 220 Leigh Farm Road, Durham, NC 27707. Cost: Members $199/Non-Members $249.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:08 - Interpretations

Current through Register Vol. 51, page 10, July 15, 2024
In the interpretation and application of this chapter, the board shall consider interpretations of similar rules issued by the American Institute of Certified Public Accountants.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-40,  36-20B-41.
AICPA Professional Standards, Volume 2
, as of July 1, 2019, American Institute of Certified Public Accountants, 220 Leigh Farm Road, Durham, NC 27707. Cost: Members $199/Non-Members $249.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:09 - Confidential client information

Current through Register Vol. 51, page 10, July 15, 2024
A licensee may not without the consent of the client disclose any confidential information pertaining to the client obtained in the course of performing professional services. This rule does not do any of the following:
(1) Relieve a licensee of any obligations under §§
									20:75:05:07  and 20:75:05:08;
(2) Affect in any way a licensee's obligation to comply with a validly issued subpoena or summons enforceable by order of a court;
(3) Prohibit disclosures in the course of a peer review of a licensee's professional services; or
(4) Preclude a licensee from responding to an inquiry made by the board or an investigative or disciplinary body established by law or formally recognized by the board.
An individual who conducts a peer review and the individual's firm may not disclose any confidential client information which comes to their attention from a licensee but they may furnish such information to an investigative or disciplinary body as described in subdivision (4) of this section.
A board member, a member of a recognized investigative or disciplinary body, and a practice reviewer may not use to their own advantage or disclose any confidential client information that comes to their attention in carrying out their official responsibilities. This prohibition does not restrict the exchange of information with recognized investigative or disciplinary bodies or affect in any way compliance with a validly issued and enforceable subpoena or summons.
A licensee reviewing a practice in connection with a prospective purchase or merger may not use to the licensee's advantage or disclose any confidential client information that comes to the licensee's attention.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-40,  36-20B-41.
Confidentiality of reports, §
											20:75:07:16.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:10 - Client records

Current through Register Vol. 51, page 10, July 15, 2024
Terms used in this section are as follows:
(1) Client-provided records are accounting or other records belonging to the client that were provided to the licensee on behalf of the client;
(2) Client records prepared by the licensee or firm are accounting or other records such as tax returns, general ledgers, subsidiary journals, and supporting schedules such as detailed employee payroll records and depreciation schedules that the licensee was engaged to prepare for the client;
(3) Supporting records are information not reflected in the client's books and records that are otherwise not available to the client with the result that the client's financial information is incomplete. Supporting records include adjusting, closing, combining, or consolidating journal entries, including computations supporting such entries that are produced by the licensee during an engagement;
(4) Licensee's working papers include audit programs, analytical review schedules, and statistical sampling results, analyses, and schedules prepared by the client at the request of the licensee.
Upon request, a licensee must furnish to a client or former client any requested client-provided records, client records prepared by the member, or supporting records that are in the custody or control of the licensee or firm. A licensee may withhold client records prepared by the licensee if the preparation of such records is not complete or there are fees due the licensee for the engagement to prepare those records. A licensee may withhold supporting records if there are fees due to the member for the specific work product.
Once a licensee has complied with the client's or former client's requests, the licensee need not comply with any subsequent requests to provide the same information, unless subsequent to complying with a request, a client experiences a loss of records due to a natural disaster or an act of war. In such cases, the licensee shall comply with an additional request to provide such records.
Licensee's working papers are the property of the licensee and need not be provided to the client, unless a contractual agreement exists requiring the licensee to do so.
When a licensee is required to return or provide records to a client, the licensee should comply with the client's request as soon as practicable, but no later than 45 days after the request is made.
A licensee may charge the client a reasonable fee for the time and expense incurred to retrieve and copy such records and require that such fee be paid before the records are provided to the client, provide the requested information in any format usable by the client, and make and retain copies of any records returned or provided to the client.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-40,  36-20B-41.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:11 - Acting through others

Current through Register Vol. 51, page 10, July 15, 2024
A licensee may not permit others to carry out on the licensee's behalf, either with or without compensation, acts which, if carried out by the licensee, would place the licensee in violation of this chapter.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-40,  36-20B-41.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:12 - Advertising

Current through Register Vol. 51, page 10, July 15, 2024
A licensee may not use or participate in the use of any form of public communication referring to the licensee's professional services which contains a false, fraudulent, misleading, or deceptive statement or claim.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-40,  36-20B-41.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:13 - Solicitation

Current through Register Vol. 51, page 10, July 15, 2024
A licensee may not by any direct personal communication solicit an engagement to perform professional services under the following circumstances:
(1) The communication would violate §
									20:75:05:11  if it were a public communication;
(2) The entity solicited has made known to the licensee a desire not to receive direct communications; or
(3) The licensee knows or reasonably should know that the communication involves coercion, intimidation, threats, or harassing conduct.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-40(10),  36-20B-41.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:14 - Form of practice

Current through Register Vol. 51, page 10, July 15, 2024
A licensee may practice public accountancy only in a proprietorship, a partnership, a limited liability company, a limited liability partnership, or a professional corporation. A limited liability company, limited liability partnership, or professional corporation must denote its form of practice on the firm's letterhead.
General Authority:
SDCL  36-20B-12.
Law Implemented:
SDCL  36-20B-34(4).
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:15 - Firm names

Current through Register Vol. 51, page 10, July 15, 2024
A licensee may not practice public accountancy under a firm name that is misleading in any way. Names of one or more past partners, members, or shareholders may be included in the firm name of a successor organization. A partner surviving the death or withdrawal of all other partners may continue to practice under a partnership name for up to two years after becoming a sole practitioner.
General Authority:
SDCL  36-20B-12(4).
Law Implemented:
SDCL  36-20B-40,  36-20B-41.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:16 - Communications from board

Current through Register Vol. 51, page 10, July 15, 2024
A licensee shall, when requested, respond to communications from the board within 30 days after the mailing of the communications by registered or certified mail to the address shown on the records of the board.
General Authority:
SDCL  36-20B-12.
Law Implemented:
SDCL  36-20B-40,  36-20B-41.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:05 - Professional conduct › Section 20:75:05:17 - Records retention

Current through Register Vol. 51, page 10, July 15, 2024
A licensee shall comply with the record retention rules of the American Institute of Certified Public Accountants (AICPA), United States Government Accountability Office (GAO), United States Securities and Exchange Commission (SEC), Public Company Accounting Oversight Board (PCAOB), and United States Department of Labor (DOL) as applicable to the engagement.
General Authority:
SDCL 36-20B-12(4).
Law Implemented:
SDCL 36-20B-12(4).
AICPA Professional Standards
,
Volume 2
,
ET Section 1.200
, as of July 1, 2019, by the American Institute of Certified Public Accountants. Copies may be viewed at the board's office or obtained from the American Institute of Certified Public Accountants, 220 Leigh Farm Road, Durham, NC 27707. Cost: Annual Online Subscription, Member $199/Non-Members $249.
Government Auditing Standards
, by the United States Government Accountability Office, December 2011 Revision, or July 2018 Revision, as applicable. Copies may be viewed at the board's office or obtained from the United States Government Accountability Office, Washington, D.C. 20548; or from their web site at
www.gao.gov/yellowbook
. Cost:
Government Auditing Standards
, first document free, each additional copy $2.
United States Securities and Exchange Commission (SEC)
: Regulation S-X, 17 CFR §
												210.2-06 (March 3, 2003). Available online at:
http://www.sec.gov/rules/final/33-8180.htm
.
Public Company Accounting Oversight Board (PCAOB)
: AS 1215 Appendix A (June 9, 2004). Available online at:
https://pcaobus.org/Standards/Auditing/Pages/AS1215_Appendix_A.aspx
.
United States Department of Labor (DOL)
: 29 CFR § 2509.75-9 (July 1, 2016). Available online at:
https://www.gpo.gov/fdsys/pkg/CFR-2016-title29-vol9/pdf/CFR-2016-title29-vol9-sec2509-75-9.pdf
.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:06 - Modification of discipline › Section 20:75:06:01 - Modification of discipline

Current through Register Vol. 51, page 10, July 15, 2024
If the board suspends or revokes a certificate or permit, refuses to renew a permit, or revokes or limits practice privileges granted pursuant to SDCL  36-20B-66 or  36-20B-67, the individual or firm affected may petition the board in writing requesting modification of the suspension, revocation, refusal to renew, or limits on practice privileges. The petition may be filed with the board no less than two years after the effective date of the board's decision unless the board specifies a shorter period in its decision.
A petition for modification of discipline under this section must be accompanied by a fee of $1,000 to cover anticipated costs of the reinstatement proceeding. Anticipated costs include legal fees, court reporter costs, and service fees.
Upon receipt of the petition, the board shall schedule a formal hearing in accordance with SDCL chapter 1-26. The petitioner must demonstrate by clear and convincing evidence that the petitioner has the qualifications necessary for initial issuance of a certificate or permit, that resumption of the practice of public accountancy or the exercise of practice privileges pursuant to SDCL  36-20B-66 or  36-20B-67 will not be detrimental to the integrity and standing of the profession or subversive to the public interest, and that there is good cause for the board to modify its previous action. The board may not act on a subsequent petition until the expiration of at least one year from the effective date of the board's last ruling on the preceding petition.
General Authority:
SDCL  36-20B-12(15),  36-20B-52.
Law Implemented:
SDCL  36-20B-52,  36-20B-53.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:06 - Modification of discipline › Section 20:75:06:02 - Reinstatement or reissuance of suspended or revoked certificate, permit, or practice privileges

Current through Register Vol. 51, page 10, July 15, 2024
A petition for reinstatement or reissuance under this section must be accompanied by a fee of $1,000 to cover anticipated costs of the reinstatement proceeding. Anticipated costs include legal fees, court reporter costs, and service fees.
Upon receipt of the application, the board shall schedule a formal hearing in accordance with SDCL chapter 1-26. The applicant must demonstrate at the hearing by clear and convincing evidence that the applicant has the qualifications necessary for initial issuance of a certificate or permit, that resumption of the practice of public accountancy or the exercise of practice privileges pursuant to SDCL  36-20B-66 or  36-20B-67 will not be detrimental to the integrity and standing of the profession or subversive to the public interest, and that there is a good cause for the board to reinstate or reissue the certificate, permit, or practice privileges.
The board may not act on a subsequent application until the expiration of at least one year from the effective date of the board's last ruling on the preceding application.
General Authority:
SDCL  36-20B-12,  36-20B-52.
Law Implemented:
SDCL  36-20B-52,  36-20B-53.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:07 - Peer review › Section 20:75:07:02 - Requirement for review - Fee - Areas to be reviewed

Current through Register Vol. 51, page 10, July 15, 2024
A licensed firm, as a condition to renewal of its firm permit pursuant to SDCL chapter 36-20 B, must undergo a peer review in accordance with this chapter once every three years unless prior approval is granted by the board for special circumstances. Special circumstances include a requirement by another reviewing body which would cause a firm's review to be outside the three year cycle.
The board may waive or adjust the peer review requirements for a firm that has entered into a consent agreement as a result of a pass with deficiency or fail report.
The administrative fee for a peer review is $75.
The administrative fee must be accompanied by a Request for Acceptance of Equivalent Review form and received by the board at the board's office by June 1 or postmarked by June 1. If the Request for Acceptance of Equivalent Review form is submitted late, the administrative fee is $125. The Request for Acceptance of Equivalent Review form may be obtained at the board's office.
If a firm filing a Request for Acceptance of Equivalent Review form has not engaged a reviewer by June 1, the firm must file a copy of the Request for Acceptance of Equivalent Review form by June 1 with the $75 fee. The original Request for Acceptance of Equivalent Review signed by the firm and reviewer must then be filed within 30 days after the reviewer is engaged. If the original Request for Acceptance of Equivalent Review form is not filed within 30 days after the reviewer is engaged, the firm must submit an additional $50.
The peer review is limited to the firm's accounting and auditing practice and, if required, may include its related quality control system.
General Authority:
SDCL  36-20B-12(9)(10)(11).
Law Implemented:
SDCL  36-20B-36.
Equivalent reviews, §
											20:75:07:05.
Selection of reviewer, §
											20:75:07:06.
Discretion to waive certain requirements, §
											20:75:01:07.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:07 - Peer review › Section 20:75:07:03 - Exemption from review

Current through Register Vol. 51, page 10, July 15, 2024
A firm is exempt from the peer review requirement set forth in §
									20:75:07:02  if it represents to the board that it does not engage in the financial reporting area of practice, including audits, reviews, compilations, and accounting services on prospective financial information; that it does not intend to engage in such a practice during the following year; and that it will immediately notify the board in writing if it engages in such a practice. The representation shall be made in writing under oath on forms provided by the board and shall be made annually at the time the firm applies for renewal of its firm permit.
A firm may declare exemption if the firm is subject to review for the prior year and no longer intends to engage in the financial reporting area of practice, including audits, reviews, compilations, and accounting services on prospective financial information; that it does not intend to engage in such a practice during the following year; and that it will immediately notify the board in writing if it engages in such a practice.
If a firm under exemption notifies the board that it has engaged in the financial reporting area of practice, it must undergo a peer review during the first calendar year after its acceptance of the first engagement following a declaration of exemption from peer review.
General Authority:
SDCL  36-20B-12(9)(10).
Law Implemented:
SDCL  36-20B-36.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:07 - Peer review › Section 20:75:07:04 - New firms

Current through Register Vol. 51, page 10, July 15, 2024
A new firm, as a condition to renewal of its firm permit, must undergo a peer review during the first calendar year after it has been engaged in the practice of public accountancy for one full calendar year. After the initial review, the firm shall be reviewed every three years.
A new firm is a firm that has not been previously licensed in this state or has not had a peer review completed in the three-year period prior to application. It does not include the following:
(1) A firm that has been previously licensed and changes its name or the legal form of its practice, but retains the same practice;
(2) A new partnership formed by two former sole proprietors who are existing permit holders who were already selected for peer review. The peer review of the new firm shall be conducted in the later of the years for which each of the former sole proprietors was selected;
(3) A partnership that is dissolved with each individual taking clients from the partnership. The peer review for the new firm of each permit holder remains in the same year to which the original partnership was assigned;
(4) A partnership that is dissolved with one partner taking all of the clients. The peer review for the permit holder taking over the existing business remains in the year to which it was originally assigned.
General Authority:
SDCL  36-20B-12(9).
Law Implemented:
SDCL  36-20B-36.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:07 - Peer review › Section 20:75:07:05 - Equivalent reviews

Current through Register Vol. 51, page 10, July 15, 2024
If a firm undergoes an equivalent peer review during its three-year review cycle, it may request that the board accept the review as fulfilling the requirements of §
									20:75:07:02.
The request must be submitted on forms provided by the board and must set forth the name of the reviewing body, the date of the review, and any other information requested by the board. If the review has not been completed, the reviewer must agree to retain all materials associated with the peer review until notice from the board of the acceptance of the review. The request for acceptance of an equivalent review form must be received by the board by June 1 or be postmarked by June 1. If the firm has not engaged a reviewer by June 1 the firm must submit a copy of the request for equivalent review form without the reviewer's signature and submit the original form with the reviewer's signature within 30 days after engaging the reviewer. If the original form with the reviewer's signature is not received within 30 days, a late fee of $50 will be charged.
If the board approves the request for an equivalent review, the firm subject to review must submit to the board the reviewer's report; the findings for further consideration, if any; the reviewed firm's response to the findings for further consideration, if any; the final letter of approval; and a description of the status of any disciplinary action prescribed by the particular reviewing body. If the equivalent peer review was completed prior to the firm's request, the firm must submit the required information to the board within 30 days after the date on the board's letter confirming the request. If the equivalent peer review will be completed after the firm receives board confirmation of the request, the firm must submit the required information within 30 days after the date of the final letter of approval from the reviewing body. If the information is filed after 30 days from the date of the final letter of approval from the reviewing body, it must be accompanied by a fee of $50.
Following receipt of the required information, the board shall proceed in accordance with §
									20:75:07:15  or 20:75:07:16.
General Authority:
SDCL  36-20B-12(9)(10)(11).
Law Implemented:
SDCL  36-20B-36.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:07 - Peer review › Section 20:75:07:06

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL  36-20B-12(9)(11).
Law Implemented:
SDCL  36-20B-36.
Discretion to waive certain requirements, §
											20:75:01:07; Requirement for review -- Fee -- Areas to be reviewed, §
											20:75:07:02.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:07 - Peer review › Section 20:75:07:07

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL  36-20B-12(9).
Law Implemented:
SDCL  36-20B-36.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:07 - Peer review › Section 20:75:07:08

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL  36-20B-12(9).
Law Implemented:
SDCL  36-20B-36.
AICPAProfessional Standards, Volume 1, AT Section
December 2012, American Institute of Certified Public Accountants. Copies may be viewed at the board's office or obtained from the American Institute of Certified Public Accountants, 1211 Avenue of the Americas, New York, NY 10036. Cost: Member $135/Non-Member $168.75.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:07 - Peer review › Section 20:75:07:09 - Conduct of review - Requirements

Current through Register Vol. 51, page 10, July 15, 2024
The peer review must be conducted in accordance with the following requirements:
(1) A review must have an engagement review, report review, or system review as defined in §
									20:75:07:01, to ensure that procedures tailored to the size of the firm and the nature of its practice are performed;
(2) The reviewer must select the engagements to be reviewed. Engagements selected for review must provide a reasonable cross section of the firm's accounting and auditing practice with greater emphasis on those engagements in the practice with higher assessed levels of quality review risk. Factors to be considered in assessing peer review risk at the engagement level are size, industry area, level of service, personnel, litigation in industry area, and initial engagement;
(3) The review must be limited to the reviewed firm's quality control system and the accounting and auditing engagements with client year ends dated within the year under review;
(4) The reviewer must use checklists as a basis for performing the review. A separate checklist must be used for system reviews, engagement reviews, and report reviews. The checklists must include questions for the reviewer to answer and must provide sufficient information for the board to determine whether the firm under review complies with the standards and principles in §§
									20:75:05:05  and 20:75:05:06; and
(5) The firm under review must submit to the reviewer the preceding peer review report; the matters for further consideration, if any; the reviewed firm's response to the matters for further consideration, if any; the findings for further consideration, if any; the reviewed firm's response to the findings for further consideration, if any; the final letter of approval; and any board or review committee performance requirements.
General Authority:
SDCL  36-20B-12(9).
Law Implemented:
SDCL  36-20B-36.
Definitions, §
											20:75:07:01.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:07 - Peer review › Section 20:75:07:10 - Results of review - Exit conference

Current through Register Vol. 51, page 10, July 15, 2024
A reviewer may issue a pass, pass with deficiency, or fail opinion as to whether the reports, work papers, if applicable, and quality control system, if applicable, reviewed comply with the standards and principles in §§
									20:75:05:05  and 20:75:05:06  based on the evidence the reviewer obtained in the review.
The reviewer shall conduct an exit conference with representatives of the reviewed firm.
General Authority:
SDCL  36-20B-12(9).
Law Implemented:
SDCL  36-20B-36.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:07 - Peer review › Section 20:75:07:11 - Report - Findings for further consideration

Current through Register Vol. 51, page 10, July 15, 2024
Within 30 days after the date of the exit conference, the reviewer must issue a written report and, if applicable, findings for further consideration to the reviewed firm. If the reviewer issues this report after the 30-day period, the reviewer must submit a fee of $50 to the board.
The report and letter must be addressed to the proprietor, partners, members, officers, or shareholders of the reviewed firm and must be dated as of the date of the exit conference. The report must include the following:
(1) The year covered by the review;
(2) A statement of the scope of the review;
(3) A description of the general characteristics of a system of quality control, if applicable; and
(4) The reviewer's opinion. If the opinion is pass with deficiency or fail, the report must include a description of the reasons for the deficiency.
If the reviewer finds deficiencies, the reviewer must issue to the firm under review findings outlining the deficiencies and recommending action to correct the deficiencies.
General Authority:
SDCL  36-20B-12(9)(10)(11).
Law Implemented:
SDCL  36-20B-36.
Discretion to waive certain requirements, §
											20:75:01:07.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:07 - Peer review › Section 20:75:07:12 - Response to findings for further consideration

Current through Register Vol. 51, page 10, July 15, 2024
The firm under review shall issue a response to findings for further consideration. The response shall contain the following:
(1) A statement addressing each finding in the reviewer's findings for further consideration;
(2) A statement of agreement or disagreement with the findings of the reviewer. The firm must provide reasons if it disagrees with the findings;
(3) A statement of agreement or disagreement with the corrective action recommended by the reviewer; and
(4) A schedule for correcting the findings.
General Authority:
SDCL  36-20B-12(9).
Law Implemented:
SDCL  36-20B-36.
South Dakota Administrative Rules › Title 20 - PUBLIC SAFETY › Article 20:75 - CERTIFIED PUBLIC ACCOUNTANTS AND PUBLIC ACCOUNTANTS › Chapter 20:75:07 - Peer review › Section 20:75:07:13

Current through Register Vol. 51, page 10, July 15, 2024
General Authority:
SDCL  36-20B-12(9)(10)(11).
Law Implemented:
SDCL  36-20B-36.
Discretion to waive certain requirements, §
											20:75:01:07.