N.H. Admin. Code § Ac 506.01

Current through Register No. 50, December 12, 2024

Section Ac 506.01 - Prohibition

(a) A licensee in public practice shall not:

(1) Perform, for a contingent fee, any professional services for, or receive such a fee from, a client for whom the licensee or the licensee's firm performs:

a.An audit or review of a financial statement;

b.A compilation of a financial statement when the licensee's compilation report does not disclose a lack of independence; or

c.An examination of prospective financial information;

(2) Under any circumstances receive a contingent fee for the preparation of an audit, review or compiled financial statement; or

(3) Prepare an original or amended tax return or claim for a tax refund for a contingent fee for any client, subject to Ac 506.02 and(c) below.

(b) The prohibition in (a)(1) above shall apply during the period in which the licensee or the licensee's firm is engaged to perform any of the services listed above and the period covered by any historical financial statements involved in any such listed services.

(c) The prohibition in (a)(3) above shall not apply to a contingent fee for preparation of an amended return or claim for refund if the licensee has a reasonable expectation that the amended return or claim for refund will be subject of a substantive review by the taxing authority.

N.H. Admin. Code § Ac 506.01

#6905, eff 12-4-98, EXPIRED: 12-4-06

New. #8810, INTERIM, eff 1-25-07, EXPIRED: 7-25-07

New. #9051, eff 12-27-07

Amended by Volume XXXV Number 01, Filed January 8, 2015, Proposed by #10746, Effective 1/1/2015, Expires1/1/2025.