061-6 Wyo. Code R. § 6-3

Current through April 27, 2019

Section 6-3 - Competence and Technical Standards

(a) Competence Rule. A holder shall not undertake any engagement for the performance of professional services which cannot reasonably be completed with due professional competence in a timely manner, including compliance, where applicable, with Rules of Professional Conduct governing auditing standards, accounting principles, accounting and review services and attestation standards.

(b) Auditing Standards Rule. Holders who perform auditing services shall comply with applicable generally accepted auditing standards. Applicable generally accepted auditing standards are :

(i) the standards and interpretations set forth in the AICPA Codification of Statements on Auditing Standards;

(ii) Government Auditing Standards issued by the United States Government Accountability Office;

(iii) standards issued by the PCAOB; where applicable;

(iv) the standards and interpretations set forth by the IASB;

(v) and other pronouncements having similar generally recognized authority are considered to be interpretations of generally accepted auditing standards, and departures there from must be justified by those who do not follow them.

(c) Accounting Principles Rule. A holder shall not express an opinion that financial statements are presented in conformity with generally accepted accounting principles (GAAP) if such financial statements contain any departure from accounting principles which has a material effect on the financial statements taken as a whole, unless the holder can demonstrate that, by reason of unusual circumstances, the financial statements would otherwise have been misleading. In such a case, the holder's report must describe the departure, the approximate effects thereof, if practicable, and the reason why compliance with the accounting principle would result in issuing a misleading statement. For purposes of this rule, GAAP and the applicable financial reporting frameworks are considered to be defined by pronouncements issued by:

(i) the (FASB)and its predecessor entities, as published in FASB Accounting Standards, Codification and Updates ;

(ii) the GASB, and its predecessor entities, as published in the GASB Codification;

(iii) the FASAB and its predecessor entities, as published in the FASAB Handbook of Accounting Standards and Other Pronouncements;

(iv) the IASB and its predecessor entities, as published in the IFRS (including IFRS for SMEs)(the Red Book);

(v) and similar pronouncements issued by other entities having similar generally recognized authority.

(d) Accounting and Review Services Rule. A holder who performs accounting and review services shall conform to the professional standards applicable to such services. For purposes of this rule, such professional standards are considered to be defined by:

(i) Statements on Standards for Accounting and Review Services issued by the AICPA ; and

(ii) by similar pronouncements by other professional entities having similar generally recognized national and international authority.

(e) Attestation Standards Rule. A holder shall not be associated with assurances on representations other than historical financial statements unless such assurances have been made in accordance with:

(i) the Statements on Standards for Attestation Engagements issued by the AICPA;

(ii) or the Government Auditing Standards, where applicable.

(f) Other Professional Standards Rule: In performing tax services, personal financial planning, business valuation, litigation support and expert witness, and other management advisory or consulting services holders shall comply with the applicable professional standards for such services. For purposes of this rule, such professional standards are defined by:

(i) the Statements on Standards for Consulting Services, Statement on Standards for Tax Services, Statements on Responsibilities in Personal Financial Planning Practice, Statements on Standards for Valuation Services, Statements on Quality Control Standards and Statements on Continuing Professional Education Standards all of which are issued by the AICPA ;

(ii) the Governmental Auditing Standards where applicable;

(iii) the PCAOB where applicable ;

(iv) or by similar pronouncements by other entities having similar generally recognized authority.

061-6 Wyo. Code R. § 6-3