West Virginia Code 30-9-19 – Issuance and renewal of authorizations
(a) Commencing with July 1, 2001, no person or business entity may provide attest or compilation services without having first obtained an authorization issued by the board. An applicant may apply to provide attest services or compilation services or both. This requirement does not apply to individuals performing attest or compilation services based on the practice privilege under section sixteen of this article except as required under subsection (e) of that section, or to business entities performing attest or compilation services that are not required to obtain a permit under subsections (c) or (d), section seventeen of this article. Any substantial equivalency practitioner who issues a compilation report as an individual practitioner or on behalf of a business entity may do so without obtaining an authorization under this section so long as such individual does so in accordance with the requirements set out in subdivisions (1) and (2), subsection (f) of this section.
Terms Used In West Virginia Code 30-9-19
- Attest services: means providing the following services:
(A) . See West Virginia Code 30-9-2
- Authorization: means an authorization issued pursuant to this article that entitles a permit holder or an individual practitioner to perform attest or compilation services. See West Virginia Code 30-9-2
- Board: means the West Virginia Board of Accountancy. See West Virginia Code 30-9-2
- business entity: includes a firm. See West Virginia Code 30-9-2
- Compilation services: means providing a service performed in accordance with the statements on Standards for Accounting and Review Services that presents, in the form of a financial statement, information that is the representation of management without an expression of assurance on the statement: Provided, That this definition does not apply to the use of the term "compilation" in section thirty-one of this article. See West Virginia Code 30-9-2
- Firm: means any business entity, including, but not limited to, accounting corporations and professional limited liability companies, in which two or more certified public accountants or public accountants hold an ownership or membership interest, in terms of the financial interests and voting rights of all partners, officers, shareholders, members or managers, and the primary business activity of which is the provision of professional services to the public by certified public accountants or public accountants. See West Virginia Code 30-9-2
- Individual practitioner: means a certified public accountant or a public accountant who offers professional services to the public but who does not practice in a firm. See West Virginia Code 30-9-2
- Peer Review: means a study, appraisal or review of one or more aspects of the professional work of a licensee by a person who holds a certificate or an out-of-state certificate and who is not affiliated with the licensee being reviewed. See West Virginia Code 30-9-2
- Permit: means a permit issued to a firm pursuant to this article. See West Virginia Code 30-9-2
- Public accountant: means a person holding a registration who is not a certified public accountant. See West Virginia Code 30-9-2
- Report: when used with reference to financial statements, means an opinion or disclaimer of opinion or other form of language or representation which states or implies any form of assurance or denial of assurance. See West Virginia Code 30-9-2
- Rule: means any rule proposed for legislative approval by the board pursuant to this article. See West Virginia Code 30-9-2
- State: means any state of the United States, the District of Columbia, Puerto Rico, the U. See West Virginia Code 30-9-2
- Substantial equivalency practitioner: means any individual whose principal place of business is not in this state, who holds a certificate from another state and has complied with the provisions of section sixteen of this article. See West Virginia Code 30-9-2
(b) Applications for the issuance of authorizations must be made in the form specified by the board by rule.
(c) Authorizations will initially be issued for a period to expire on June 30 following the date of initial issuance.
(d) The board shall issue an authorization to a permit holder that demonstrates that:
(1) Any certified public accountant, public accountant or substantial equivalency practitioner who signs or authorizes someone to sign an attest or compilation report on behalf of the permit holder meets the competency requirements set forth in the professional standards for those services specified by rule;
(2) All attest and compilation services rendered by the permit holder in this state are verified by a certified public accountant, substantial equivalency practitioner or a public accountant; and
(3) The permit holder is undergoing a peer review program that conforms with applicable rules.
(e) A firm may simultaneously apply for the issuance or renewal of a permit and the issuance or renewal of an authorization by demonstrating that the firm meets the requirements of section seventeen of this article and subsection (d) of this section.
(f) The board shall issue an authorization to an individual practitioner who demonstrates that he or she:
(1) Signs an attest or compilation report as a certified public accountant, public accountant or substantial equivalency practitioner, as applicable and meets the competency requirements set forth in the professional standards for those services specified by rule; and
(2) Is undergoing a peer review program that conforms with applicable rules.
(g) The board shall renew an authorization for a one year period beginning on July 1, of each year after initial issuance in accordance with the requirements for initial issuance of an authorization in this section.
(h) The board shall charge an application fee for the initial issuance or renewal of an authorization in an amount specified by rule.