Chapter Definitions

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As used in this chapter, unless the context otherwise requires:

  1. “Attest” means providing the following services:
    1. Any audit or other engagement to be performed in accordance with the Statements on Auditing Standards (SAS);
    2. Any review to be performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS);
    3. Any examination to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE);
    4. The issuance of any report, including compilation reports, prescribed by the SASs, the SSARSs or the SSAEs on any services to which those statements on standards apply, indicating that the service was performed in accordance with standards established by the American Institute of Certified Public Accountants (AICPA); and
    5. The statements on standards specified in this subdivision (1) shall be adopted by reference by the board pursuant to rulemaking and shall be those developed for general application by recognized national accountancy organizations such as the AICPA;
  2. “Board” means the state board of accountancy established under § 62-1-104 or its predecessor under prior law;
  3. “Certificate” means a certificate as certified public accountant issued under §§ 62-1-106 and 62-1-107 or corresponding provisions of prior law, or a corresponding certificate as certified public accountant issued after examination under the law of any other state;
  4. “Certified public accountant (CPA)” means a person holding a certificate issued under §§ 62-1-106 and 62-1-107;
  5. “Client” means a person or entity that agrees to receive any professional service from a licensee;
  6. “CPA firm” and “PA firm” means a sole proprietorship, corporation, partnership or any other form of organization issued a permit under § 62-1-108;
  7. “License” means a certificate issued under § 62-1-107, a permit issued under § 62-1-108 or a registration under § 62-1-109, or, in each case, a certificate, license or permit issued under corresponding provisions of prior law;
  8. “Licensee” means the holder of a license;
  9. “Manager” means a manager of a limited liability company;
  10. “Member” means a member of a limited liability company;
  11. “Peer review” means a study, appraisal or review of one (1) or more aspects of the professional work of a CPA firm that performs attest services by a qualified person or persons who hold certificates and who are not affiliated with the CPA firm being reviewed;
  12. “Permit” means a permit to practice as a CPA firm issued under § 62-1-108 or corresponding provisions of prior law or under corresponding provisions of the laws of other states;
  13. “Professional” means arising out of or related to the specialized knowledge or skills associated with CPAs;
  14. “Public accountant” means a person holding a registration issued under § 62-1-109;
  15. “Registration” means the registration issued to a public accountant under § 62-1-109 and includes the licenses issued to public accountants under prior law;
  16. “Report,” when used with reference to attest services, means an opinion, report or other form of language that states or implies assurance as to the reliability of any financial statements or assertion. “Report” also includes any statement or implication that the person or firm issuing it has special knowledge or competence in accounting or auditing and that the service reported upon was performed under standards for such services established by the AICPA. 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 person or firm is an accountant or auditor or from the language of the report itself;
  17. “Rule” means any rule, regulation or other written directive of general application duly adopted by the board in accordance with the Uniform Administrative Procedures Act, compiled in title 4, chapter 5;
  18. “State” means any state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands and Guam, except that “this state” means the state of Tennessee; and
  19. “Substantial equivalency” is a determination by the board of accountancy or its designee that the education, examination and experience requirements contained in the statutes and administrative rules of another jurisdiction are comparable to or exceed the education, examination and experience requirements contained in this chapter or that an individual CPA's education, examination and experience qualifications are comparable to or exceed the education, examination and experience requirements contained in this chapter.


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