CHAPTER 1. TITLE AND DEFINITIONS
IC 25-2.1
ARTICLE 2.1. ACCOUNTANTS
IC 25-2.1-1
Chapter 1. Title and Definitions
IC 25-2.1-1-1
Short title
Sec. 1. This article may be cited as "the accountancy act of 2007".
As added by P.L.30-1993, SEC.7. Amended by P.L.128-2001, SEC.3;P.L.190-2007, SEC.1.
IC 25-2.1-1-2
Applicability of definitions
Sec. 2. The definitions of this chapter apply throughout thisarticle.
As added by P.L.30-1993, SEC.7.
IC 25-2.1-1-3
"Accounting practitioner" defined
Sec. 3. "Accounting practitioner" means a person certified underIC 25-2.1-6.
As added by P.L.30-1993, SEC.7.
IC 25-2.1-1-3.3
"AICPA" defined
Sec. 3.3. "AICPA" refers to the American Institute of CertifiedPublic Accountants.
As added by P.L.128-2001, SEC.4.
IC 25-2.1-1-3.8
"Attest" defined
Sec. 3.8. "Attest" means to provide any of the following financialstatement services:
(1) An audit or other engagement performed in accordance withthe AICPA Statements on Auditing Standards (SAS) or othersimilar standards adopted by reference under IC 25-2.1-2-15.
(2) A review of a financial statement performed in accordancewith the AICPA Statements on Standards for Accounting andReview Services (SSARS) or other similar standards adopted byreference under IC 25-2.1-2-15.
(3) An examination of prospective financial informationperformed in accordance with the AICPA Statements onStandards for Attestation Engagements (SSAE) or other similarstandards adopted by reference under IC 25-2.1-2-15.
(4) An engagement performed in accordance with the standardsof the Public Company Accounting Oversight Board.
As added by P.L.128-2001, SEC.5. Amended by P.L.190-2007,SEC.2.
IC 25-2.1-1-4
"Board" defined
Sec. 4. "Board" means the Indiana board of accountancyestablished by IC 25-2.1-2-1.
As added by P.L.30-1993, SEC.7.
IC 25-2.1-1-5
"Certificate" defined
Sec. 5. "Certificate" means:
(1) a certificate for a certified public accountant issued underIC 25-2.1-3 or IC 25-2.1-4;
(2) a certificate of registration for an accounting practitionerissued under IC 25-2.1-6-1 (before its repeal); or
(3) a certificate for a certified public accountant, publicaccountant, or accounting practitioner renewed underIC 25-2.1-4.
As added by P.L.30-1993, SEC.7. Amended by P.L.128-2001, SEC.6;P.L.190-2007, SEC.3.
IC 25-2.1-1-6
"Client" defined
Sec. 6. "Client" means an individual or entity retaining a licenseefor the performance of professional services.
As added by P.L.30-1993, SEC.7.
IC 25-2.1-1-6.3
"Compilation" defined
Sec. 6.3. "Compilation" means providing a service to beperformed in accordance with AICPA Statements on Standards forAccounting and Review Services (SSARS) or other similar standardsadopted by reference under IC 25-2.1-2-15 that is presenting, in theform of financial statements, information that is the representation ofthe management or owners without undertaking to express anyassurance on the statements.
As added by P.L.128-2001, SEC.7.
IC 25-2.1-1-6.5
"CPA" defined
Sec. 6.5. "CPA" means a certified public accountant.
As added by P.L.128-2001, SEC.8.
IC 25-2.1-1-7
"Firm" defined
Sec. 7. "Firm" means a proprietorship, a general businesscorporation, a professional corporation, a limited liability company,a partnership, or other form of legal entity issued a permit underIC 25-2.1-5 or a registration under IC 25-2.1-6.
As added by P.L.30-1993, SEC.7. Amended by P.L.128-2001, SEC.9.
IC 25-2.1-1-8 "Licensee" defined
Sec. 8. "Licensee" means the holder of:
(1) a certificate; or
(2) a firm permit issued under IC 25-2.1-5 or IC 25-2.1-6.
As added by P.L.30-1993, SEC.7. Amended by P.L.128-2001,SEC.10.
IC 25-2.1-1-8.5
"PA" defined
Sec. 8.5. "PA" means a public accountant.
As added by P.L.128-2001, SEC.11.
IC 25-2.1-1-9
"Permit" defined
Sec. 9. "Permit" means a permit to practice accountancy as a firmissued under IC 25-2.1-5 or by another state.
As added by P.L.30-1993, SEC.7. Amended by P.L.128-2001,SEC.12.
IC 25-2.1-1-10
"Practice of accountancy" defined
Sec. 10. (a) "Practice of accountancy" means the performance orthe offering to perform by a licensee of a service involving:
(1) the use of accounting or auditing skills, including theissuance of reports on financial statements;
(2) management advisory, financial advisory, or consultingservices; or
(3) the preparation of tax returns or the furnishing of advice ontax matters.
(b) The term does not include the performance or offering of thefollowing services if the person performing or offering the servicesis not a licensee and no representation is made that the personperforming or offering the service is a licensee:
(1) The selling and installing of data processing or bookkeepingequipment and forms.
(2) The preparation of tax returns.
(3) The performance of bookkeeping.
As added by P.L.30-1993, SEC.7. Amended by P.L.128-2001,SEC.13.
IC 25-2.1-1-10.3
"Professional" defined
Sec. 10.3. "Professional" means the following:
(1) For a certified public accountant, arising out of or related tothe specialized knowledge or skills associated with certifiedpublic accountants.
(2) For a public accountant, arising out of or related to thespecialized knowledge or skills associated with publicaccountants.
(3) For an accounting practitioner, arising out of or related to
the specialized knowledge or skills associated with accountingpractitioners.
As added by P.L.128-2001, SEC.14.
IC 25-2.1-1-11
"Public accountant" defined
Sec. 11. "Public accountant" means an individual certified by theboard under IC 25-2.1-6.
As added by P.L.30-1993, SEC.7.
IC 25-2.1-1-12
"Quality review" defined
Sec. 12. "Quality review" means a study, an appraisal, or a reviewof at least one (1) aspect of the professional work of:
(1) an individual who; or
(2) a firm in the practice of accountancy that;
attests or issues compilation reports, by at least one (1) individualwho holds a certificate from any state and possesses qualificationsthat meet the applicable substantial equivalency standards and whois independent of the individual or firm being reviewed.
As added by P.L.30-1993, SEC.7. Amended by P.L.190-2007, SEC.4;P.L.197-2007, SEC.27.
IC 25-2.1-1-13
"Report" defined
Sec. 13. (a) "Report", when used with reference to financialstatements, means an opinion or other form of language that states orimplies assurance as to the reliability of any financial statements andthat also includes or is accompanied by any statement or implicationthat the individual or firm issuing it has special knowledge orcompetence in accounting or auditing. The statement or implicationof special knowledge or competence may arise from use by the issuerof the report of names or titles indicating that the individual is anaccountant or auditor or from the language of the report.
(b) The term includes any form of language that disclaims anopinion when the form of the language is conventionally understoodto imply any positive assurance as to:
(1) the reliability of the financial statements referred to; or
(2) special competence on the part of the individual or firmissuing the language.
(c) The term includes any other form of language that isconventionally understood to imply an assurance or specialknowledge or competence described in subsection (b).
As added by P.L.30-1993, SEC.7. Amended by P.L.128-2001,SEC.15.
IC 25-2.1-1-14
"State" defined
Sec. 14. "State" means a state of the United States, the District ofColumbia, Puerto Rico, the United States Virgin Islands, and Guam.As added by P.L.30-1993, SEC.7.
IC 25-2.1-1-15
"Substantial equivalency" defined
Sec. 15. "Substantial equivalency" means a determination by theboard or its designee that the:
(1) education, examination, and experience requirementscontained in the laws and administrative rules of another stateare comparable to or exceed the education, examination, andexperience requirements of this state; or
(2) education, examination, and experience qualifications of theholder of a certificate granted by another state are comparableto or exceed the education, examination, and experiencerequirements of this state.
As added by P.L.128-2001, SEC.16.