Terms Used In Kentucky Statutes > Chapter 325 - Public Accountants

• Action: includes all proceedings in any court of this state. See Kentucky Statutes 446.010
• any other state: includes any state, territory, outlying possession, the District of Columbia, and any foreign government or country. See Kentucky Statutes 446.010
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Attest service: means providing the following services:
  (a) Any audit or other engagement subject to and to be performed in accordance with the current versions of the American Institute of Certified Public Accountants (AICPA) Statements on Auditing Standards (SAS), and Government Auditing Standards issued by the United States Government Accountability Office. See Kentucky Statutes 325.220
• Attorney: means attorney-at-law. See Kentucky Statutes 446.010
• Board: means the State Board of Accountancy. See Kentucky Statutes 325.220
• Certified mail: means any method of governmental, commercial, or electronic delivery that allows a document or package to have proof of:
  (a) Sending the document or package. See Kentucky Statutes 446.010
• Company: may extend and be applied to any corporation, company, person, partnership, joint stock company, or association. See Kentucky Statutes 446.010
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Corporation: may extend and be applied to any corporation, company, partnership, joint stock company, or association. See Kentucky Statutes 446.010
• Directors: when applied to corporations, includes managers or trustees. See Kentucky Statutes 446.010
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Federal: refers to the United States. See Kentucky Statutes 446.010
• Fiduciary: A trustee, executor, or administrator.
• Firm: means a sole proprietorship, partnership, professional service corporation, or any other form of business organization that is authorized to operate under the laws of this Commonwealth, complies with the provisions of this chapter, and is issued a license to practice by the board or is exempt from having to obtain a license pursuant to KRS §. See Kentucky Statutes 325.220
• Firm manager: means a licensee of this state or another state designated by a firm to be responsible for the firm complying with the firm registration and firm licensing requirements contained in this chapter and administrative regulations promulgated thereunder. See Kentucky Statutes 325.220
• Foreign: when applied to a corporation, partnership, limited partnership, business trust, statutory trust, or limited liability company, includes all those incorporated or formed by authority of any other state. See Kentucky Statutes 446.010
• Fraud: Intentional deception resulting in injury to another.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• License: means a license as a certified public accountant or a firm issued pursuant to this chapter. See Kentucky Statutes 325.220
• Licensee: means a certified public accountant, firm, or public accountant, holding a license to practice issued under this chapter. See Kentucky Statutes 325.220
• Month: means calendar month. See Kentucky Statutes 446.010
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Oversight: Committee review of the activities of a Federal agency or program.
• Peer review: means a practice monitoring process designed to promote quality in attest and compilation services, and protect the public interest. See Kentucky Statutes 325.220
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• Public accountant: means a public accountant issued a license to practice by the
  Commonwealth of Kentucky under the Public Accounting Act of 1946 as amended. See Kentucky Statutes 325.220
• Quorum: The number of legislators that must be present to do business.
• Regulated activities: means the offering to perform or the performance for a client or potential client by a person or firm holding a license issued under this chapter of one (1) or more types of services involving the use of accounting, attest, or compilation services, including the issuance of reports on financial statements, or one (1) or more types of management advisory, financial advisory, or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters. See Kentucky Statutes 325.220
• report: includes any form of language which disclaims an opinion when such 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 such language. See Kentucky Statutes 325.220
• Sponsoring organization: means a board-approved professional society or other organization responsible for facilitating and administering a peer review program that is equivalent to or more stringent than a program as outlined in the American Institute of Certified Public Accountants (AICPA)'s current version of the Standards for Performing and Reporting on Peer Reviews, including provisions that provide guidance for administering peer reviews. See Kentucky Statutes 325.220
• State: includes and means any state, territory, or insular possession of the United
  States, or the District of Columbia. See Kentucky Statutes 325.220
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Summons: Another word for subpoena used by the criminal justice system.
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Year: means calendar year. See Kentucky Statutes 446.010