Vermont Statutes Title 26 Sec. 14
Terms Used In Vermont Statutes Title 26 Sec. 14
- Attest services: means providing the following services:
- Compilation: means providing a service to be performed in accordance with Statements on Standards for Accounting and Review Services (SSARS) that is presented in the form of financial statements or information that represents management or owners without expressing any type of assurance on the statements. See
- Firm: means a sole proprietorship, a corporation, a partnership, association, or any other entity that practices public accountancy. See
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Person: shall include any natural person, corporation, municipality, the State of Vermont or any department, agency, or subdivision of the State, and any partnership, unincorporated association, or other legal entity. See
- Practice of public accounting: means the performance or the offering to perform by a person or firm holding itself out to the public as being licensed, registered, or otherwise authorized under this chapter, for a client or potential client, of one or more kinds of services involving the use of accounting or auditing skills, including the issuance of reports on financial statements, or of one or more kinds of management advisory, financial advisory, or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters. See
- Public accountant: means a certified public accountant or a registered public accountant until July 1, 2003, after which the title of registered public accountant will still exist for those licensed as registered public accountants or having received conditional credit toward licensure as a registered public accountant by that date, but will no longer be a title granted by the Board. See
- report: includes any form of language that disclaims an opinion when the form of language is conventionally understood to imply any positive assurance as to the reliability of the attested information or compiled financial statements referred to or special competence on the part of the person or firm issuing the language; and it includes any other form of language that is conventionally understood to imply such assurance or such special knowledge or competence. See
- Sole proprietorship: when used for the specific purpose of describing the fee category applicable to a firm under this chapter, means a firm that employs only one certified public accountant. See
§ 14. Prohibitions
(a) No person or firm shall issue a report on financial statements of, or provide attest services for, any other person, firm, organization, or governmental unit unless the person or firm is licensed or registered under this chapter. This prohibition does not apply to:
(1) an individual with practice privileges set forth under section 74c of this title or a firm exempt from registration under section 74 of this title;
(2) an officer, partner, or employee of any firm or organization affixing their signature to any statement or report in reference to the financial affairs of that firm or organization with any wording designating the position, title, or office that they hold therein;
(3) any act of a public official or employee in the performance of his or her duties as such;
(4) the performance by any persons of other services involving the use of accounting skills, including the preparation of tax returns, management advisory services, and the preparation of financial statements without the issuance of reports thereon.
(b) No individual person may use the title “certified public accountant,” “CPA,” “registered public accountant,” “RPA,” or “auditor” or any other title tending to indicate that he or she is a public accountant, unless he or she is licensed as a public accountant under this chapter or is an individual with practice privileges set forth under section 74c of this title.
(c) No firm may use the title “certified public accountant,” “CPA,” “registered public accountant,” “RPA,” “auditor” or any other title tending to indicate that it is composed of public accountants unless the firm is registered under this chapter, or is exempt from registration under section 74 of this title.
(d) No person may use the title “chartered accountant,” “enrolled accountant,” “licensed accountant,” “certified accountant,” “registered accountant,” “accredited accountant,” or any other title likely to be confused with “certified public accountant” or “registered public accountant,” or the abbreviations “CA,” “EA,” “RA,” “LA,” or “AA,” or similar abbreviations likely to be confused with “CPA” or “RPA.” However, a person licensed under this chapter and individuals with practice privileges set forth under section 74c of this title may use the title “auditor.” The title “enrolled agent” or “EA” may be used only by an individual so designated by the Internal Revenue Service.
(e) No person or firm holding a license under this chapter shall use a professional or firm name or designation that is misleading about the legal form of the firm, or about the persons who are partners, officers, members, managers or shareholders of the firm, or about any other matter; provided, however, that the names of one or more partners, members, managers, or shareholders may be included in the name of a firm or its successor.
(f) However, a sole proprietorship or partnership lawfully using a title or designation in conjunction with those names or designation on July 1, 1981, may continue to do so if that person or partnership otherwise complies with the provisions of this chapter.
(g) The prohibition contained in subsection (a) of this section is applicable to issuance, by a person or firm not holding a valid license or registration, of a report using any form of language conventionally used by public accountants with respect to an audit, review, compilation of financial statements, or other attest services.
(h) No person or firm shall hold themselves out as public accountants while engaged in the practice of public accounting unless they:
(1) hold a valid license or registration issued under this chapter;
(2) qualify for practice privileges set forth under section 74c of this title; or
(3) are exempt from registration under section 74 of this title. (Added 1975, No. 89, § 8; amended 1981, No. 161 (Adj. Sess.), § 2; 1991, No. 167 (Adj. Sess.) § 2; 1997, No. 40, § 9; 1999, No. 52, § 4; 2001, No. 129 (Adj. Sess.), § 5; eff. June 13, 2002; 2007, No. 29, § 5; 2009, No. 35, § 5.)