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 this
article. 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 under
IC 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 Certified
Public 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 financial
statement services:
(1) An audit or other engagement performed in accordance with
the AICPA Statements on Auditing Standards (SAS) or other
similar standards adopted by reference under IC 25-2.1-2-15.
(2) A review of a financial statement performed in accordance
with the AICPA Statements on Standards for Accounting and
Review Services (SSARS) or other similar standards adopted by
reference under IC 25-2.1-2-15.
(3) An examination of prospective financial information
performed in accordance with the AICPA Statements on
Standards for Attestation Engagements (SSAE) or other similar
standards adopted by reference under IC 25-2.1-2-15.
(4) An engagement performed in accordance with the standards
of 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 accountancy
established 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 under
IC 25-2.1-3 or IC 25-2.1-4;
(2) a certificate of registration for an accounting practitioner
issued under IC 25-2.1-6-1 (before its repeal); or
(3) a certificate for a certified public accountant, public
accountant, or accounting practitioner renewed under
IC 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 licensee
for 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 be
performed in accordance with AICPA Statements on Standards for
Accounting and Review Services (SSARS) or other similar standards
adopted by reference under IC 25-2.1-2-15 that is presenting, in the
form of financial statements, information that is the representation of
the management or owners without undertaking to express any
assurance 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 business
corporation, a professional corporation, a limited liability company,
a partnership, or other form of legal entity issued a permit under
IC 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 firm
issued 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 or
the offering to perform by a licensee of a service involving:
(1) the use of accounting or auditing skills, including the
issuance of reports on financial statements;
(2) management advisory, financial advisory, or consulting
services; or
(3) the preparation of tax returns or the furnishing of advice on
tax matters.
(b) The term does not include the performance or offering of the
following services if the person performing or offering the services
is not a licensee and no representation is made that the person
performing or offering the service is a licensee:
(1) The selling and installing of data processing or bookkeeping
equipment 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 to
the specialized knowledge or skills associated with certified
public accountants.
(2) For a public accountant, arising out of or related to the
specialized knowledge or skills associated with public
accountants.
(3) For an accounting practitioner, arising out of or related to
the specialized knowledge or skills associated with accounting
practitioners. 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 the
board 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 review
of 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) individual
who holds a certificate from any state and possesses qualifications
that meet the applicable substantial equivalency standards and who
is 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 financial
statements, means an opinion or other form of language that states or
implies assurance as to the reliability of any financial statements and
that also includes or is accompanied by any statement or implication
that the individual or firm issuing it has special knowledge or
competence in accounting or auditing. The statement or implication
of special knowledge or competence may arise from use by the issuer
of the report of names or titles indicating that the individual is an
accountant or auditor or from the language of the report.
(b) The term includes any form of language that disclaims an
opinion when the form of the language is conventionally understood
to 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 firm
issuing the language.
(c) The term includes any other form of language that is
conventionally understood to imply an assurance or special
knowledge 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 of
Columbia, 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 the
board or its designee that the:
(1) education, examination, and experience requirements
contained in the laws and administrative rules of another state
are comparable to or exceed the education, examination, and
experience requirements of this state; or
(2) education, examination, and experience qualifications of the
holder of a certificate granted by another state are comparable
to or exceed the education, examination, and experience
requirements of this state. As added by P.L.128-2001, SEC.16.
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 this
article. 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 under
IC 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 Certified
Public 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 financial
statement services:
(1) An audit or other engagement performed in accordance with
the AICPA Statements on Auditing Standards (SAS) or other
similar standards adopted by reference under IC 25-2.1-2-15.
(2) A review of a financial statement performed in accordance
with the AICPA Statements on Standards for Accounting and
Review Services (SSARS) or other similar standards adopted by
reference under IC 25-2.1-2-15.
(3) An examination of prospective financial information
performed in accordance with the AICPA Statements on
Standards for Attestation Engagements (SSAE) or other similar
standards adopted by reference under IC 25-2.1-2-15.
(4) An engagement performed in accordance with the standards
of 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 accountancy
established 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 under
IC 25-2.1-3 or IC 25-2.1-4;
(2) a certificate of registration for an accounting practitioner
issued under IC 25-2.1-6-1 (before its repeal); or
(3) a certificate for a certified public accountant, public
accountant, or accounting practitioner renewed under
IC 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 licensee
for 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 be
performed in accordance with AICPA Statements on Standards for
Accounting and Review Services (SSARS) or other similar standards
adopted by reference under IC 25-2.1-2-15 that is presenting, in the
form of financial statements, information that is the representation of
the management or owners without undertaking to express any
assurance 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 business
corporation, a professional corporation, a limited liability company,
a partnership, or other form of legal entity issued a permit under
IC 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 firm
issued 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 or
the offering to perform by a licensee of a service involving:
(1) the use of accounting or auditing skills, including the
issuance of reports on financial statements;
(2) management advisory, financial advisory, or consulting
services; or
(3) the preparation of tax returns or the furnishing of advice on
tax matters.
(b) The term does not include the performance or offering of the
following services if the person performing or offering the services
is not a licensee and no representation is made that the person
performing or offering the service is a licensee:
(1) The selling and installing of data processing or bookkeeping
equipment 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 to
the specialized knowledge or skills associated with certified
public accountants.
(2) For a public accountant, arising out of or related to the
specialized knowledge or skills associated with public
accountants.
(3) For an accounting practitioner, arising out of or related to
the specialized knowledge or skills associated with accounting
practitioners. 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 the
board 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 review
of 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) individual
who holds a certificate from any state and possesses qualifications
that meet the applicable substantial equivalency standards and who
is 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 financial
statements, means an opinion or other form of language that states or
implies assurance as to the reliability of any financial statements and
that also includes or is accompanied by any statement or implication
that the individual or firm issuing it has special knowledge or
competence in accounting or auditing. The statement or implication
of special knowledge or competence may arise from use by the issuer
of the report of names or titles indicating that the individual is an
accountant or auditor or from the language of the report.
(b) The term includes any form of language that disclaims an
opinion when the form of the language is conventionally understood
to 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 firm
issuing the language.
(c) The term includes any other form of language that is
conventionally understood to imply an assurance or special
knowledge 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 of
Columbia, 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 the
board or its designee that the:
(1) education, examination, and experience requirements
contained in the laws and administrative rules of another state
are comparable to or exceed the education, examination, and
experience requirements of this state; or
(2) education, examination, and experience qualifications of the
holder of a certificate granted by another state are comparable
to or exceed the education, examination, and experience
requirements of this state. As added by P.L.128-2001, SEC.16.
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 this
article. 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 under
IC 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 Certified
Public 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 financial
statement services:
(1) An audit or other engagement performed in accordance with
the AICPA Statements on Auditing Standards (SAS) or other
similar standards adopted by reference under IC 25-2.1-2-15.
(2) A review of a financial statement performed in accordance
with the AICPA Statements on Standards for Accounting and
Review Services (SSARS) or other similar standards adopted by
reference under IC 25-2.1-2-15.
(3) An examination of prospective financial information
performed in accordance with the AICPA Statements on
Standards for Attestation Engagements (SSAE) or other similar
standards adopted by reference under IC 25-2.1-2-15.
(4) An engagement performed in accordance with the standards
of 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 accountancy
established 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 under
IC 25-2.1-3 or IC 25-2.1-4;
(2) a certificate of registration for an accounting practitioner
issued under IC 25-2.1-6-1 (before its repeal); or
(3) a certificate for a certified public accountant, public
accountant, or accounting practitioner renewed under
IC 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 licensee
for 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 be
performed in accordance with AICPA Statements on Standards for
Accounting and Review Services (SSARS) or other similar standards
adopted by reference under IC 25-2.1-2-15 that is presenting, in the
form of financial statements, information that is the representation of
the management or owners without undertaking to express any
assurance 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 business
corporation, a professional corporation, a limited liability company,
a partnership, or other form of legal entity issued a permit under
IC 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 firm
issued 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 or
the offering to perform by a licensee of a service involving:
(1) the use of accounting or auditing skills, including the
issuance of reports on financial statements;
(2) management advisory, financial advisory, or consulting
services; or
(3) the preparation of tax returns or the furnishing of advice on
tax matters.
(b) The term does not include the performance or offering of the
following services if the person performing or offering the services
is not a licensee and no representation is made that the person
performing or offering the service is a licensee:
(1) The selling and installing of data processing or bookkeeping
equipment 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 to
the specialized knowledge or skills associated with certified
public accountants.
(2) For a public accountant, arising out of or related to the
specialized knowledge or skills associated with public
accountants.
(3) For an accounting practitioner, arising out of or related to
the specialized knowledge or skills associated with accounting
practitioners. 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 the
board 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 review
of 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) individual
who holds a certificate from any state and possesses qualifications
that meet the applicable substantial equivalency standards and who
is 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 financial
statements, means an opinion or other form of language that states or
implies assurance as to the reliability of any financial statements and
that also includes or is accompanied by any statement or implication
that the individual or firm issuing it has special knowledge or
competence in accounting or auditing. The statement or implication
of special knowledge or competence may arise from use by the issuer
of the report of names or titles indicating that the individual is an
accountant or auditor or from the language of the report.
(b) The term includes any form of language that disclaims an
opinion when the form of the language is conventionally understood
to 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 firm
issuing the language.
(c) The term includes any other form of language that is
conventionally understood to imply an assurance or special
knowledge 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 of
Columbia, 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 the
board or its designee that the:
(1) education, examination, and experience requirements
contained in the laws and administrative rules of another state
are comparable to or exceed the education, examination, and
experience requirements of this state; or
(2) education, examination, and experience qualifications of the
holder of a certificate granted by another state are comparable
to or exceed the education, examination, and experience
requirements of this state. As added by P.L.128-2001, SEC.16.
