West Virginia Code of State Rules › Agency 1 - Accountancy › Title 1 - LEGISLATIVE RULE BOARD OF ACCOUNTANCY › Series 1-01 - Board Rules and Rules of Professional Conduct › Section 1-1-2 - Definitions

Current through Register Vol. XLI, No. 28, July 12, 2024
As used in this Rule, the following words and terms have the
				  following meanings, unless the context clearly indicates otherwise:
2.1. "Accredited college or university" means
				any degree-granting institution accredited at the time of an applicant's degree
				or attendance.
2.2. "Act" means the
				provisions of W. Va. Code §
									30-9-1 et seq.
2.3. "AICPA" means the American Institute of
				Certified Public Accountants or any successor organization as determined by the
				Board.
2.4. "Audit" means the
				procedures performed in accordance with applicable auditing standards for the
				purpose of expressing or disclaiming an opinion on the fairness with which the
				historical financial information is presented in conformity with Generally
				Accepted Accounting Principles, another comprehensive basis of accounting, or a
				basis of accounting described in the report.
2.5. "Board" means the West Virginia Board of
				Accountancy.
2.6. "Compilation
				services" means being engaged to perform a compilation of financial statements,
				prospective financial information, pro forma financial information, or other
				historical financial information, including issuing a report thereon, in
				accordance with the Standards for Accounting and Review Services published by
				the AICPA or any applicable successor statement on standards published by the
				AICPA. Because a compilation engagement is not an assurance engagement, a
				compilation engagement does not require the accountant to verify the accuracy
				or completeness of the information provided by management or otherwise gather
				evidence to express an opinion or a conclusion on the financial statements,
				prospective financial information, pro forma financial information, or other
				historical financial information being complied and reported on.
2.7. "Examination," when used with reference
				to prospective financial statements, means expressing an opinion about the
				fairness of presentation of financial information in accordance with the
				Statement on Standards for Attestation Engagements published by the AICPA or
				any applicable successor statement on standards published by the
				AICPA.
2.8. "Initial license" means
				obtaining a license in West Virginia for the profession sought for the first
				time.
2.9. "Low-Income Individuals"
				means individuals in the local labor market as defined in W. Va. Code §
									21-1C-2 whose household adjusted
				gross income is below 130 percent of the federal poverty line. This term also
				includes any person enrolled in a state or federal public assistance program
				including, but not limited to, the Temporary Assistance for Needy Families
				Program (TANFP), Medicaid, or the Supplemental Nutrition Assistance Program
				(SNAP).
2.10. "Military Families"
				means any person who serves as an active member of the armed forces of the
				United States, the National Guard, or a reserve component as described in
				38 U.S.C. §
										101, honorably discharged veterans of the
				forces, and their spouses. The term also includes surviving spouses of deceased
				services members who have not remarried.
2.11. "NASBA" means the National Association
				of State Boards of Accountancy or any successor organization as determined by
				the Board.
2.12. "NQAS" means the
				National Qualification Appraisal Service operated by NASBA or any successor or
				comparable service as determined by the Board.
2.13. "Out-of-state certificate" means a
				valid certificate as a certified public accountant or equivalent designation
				issued or renewed under the laws of another state that are deemed as
				Substantially Equivalent.
2.14.
				"Preparation" means being engaged to prepare financial statements, prospective
				financial statements, or other historical financial information in accordance
				with the Standards for Accounting and Review Services published by the AICPA or
				any applicable successor statement on standards published by the AICPA. A
				preparation engagement is a nonattest service, does not require the accountant
				to verify the accuracy or completeness of the information provided by
				management or otherwise gather evidence to express an opinion or a conclusion
				or otherwise report on the financial statements, prospective financial
				statements, or other historical financial information, and does not constitute
				Compilation Services.
2.15.
				"Reciprocal substantial equivalency certificate" means a certificate issued
				under the provisions of W. Va. Code §
									30-9-9 or under Section 5 of this
				Rule to a certificate holder of another jurisdiction who is either a resident
				of this state, has an office in this state, or is an employee of a firm or
				business entity in this state.
2.16. "Registrant" means a person registered
				pursuant to the Act and this Rule.
2.17. "Review" means being engaged to perform
				a review of financial statements or other historical financial information in
				accordance with the Standards for Accounting and Review Services published by
				the AICPA, or any applicable successor statement on standards published by the
				AICPA. In a review of financial statements or other historical financial
				information, the accountant expresses a conclusion regarding the entity's
				financial statements or other historical financial information in accordance
				with an applicable financial reporting framework. The accountant's conclusion
				is based on the accountant obtaining limited assurance. The accountant's report
				includes a description of the nature of a review engagement.
2.18. "Statements on Auditing Standards"
				means the standards as promulgated by the American Institute of Certified
				Public Accountants or any applicable successor statements issued.
2.19. "Statements on Standards for
				Attestation Engagements" (SSAE) refers to the standards promulgated by the
				American Institute of Certified Public Accountants or any applicable successor
				statements issued.