Current through Register Vol. XLI, No. 50, December 13, 2024
Section 1-1-2 - DefinitionsAs 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.