(a) “AICPA” means the American Institute of Certified Public Accountants.
(b) “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 of a financial statement to be performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS);
(3) any examination of prospective financial information to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE);
(4) any engagement to be performed in accordance with the standards of the PCAOB; or
(5) any examination, review, or agreed upon procedures engagement to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE), other than an examination described in subsection (b)(3).
(c) “Board” means the Virgin Islands Board of Accountancy established under section 250a of this chapter.
(d) “Certificate” means a certificate as “certified public accountant” issued under section 250c of this chapter or corresponding provisions of prior law, or a corresponding certificate as certified public accountant issued after examination under the law of any other state.
(e) “Client” means a person or entity that agrees with a licensee or licensee’s employer to receive any professional service.
(f) “Compilation” means providing a service to be performed in accordance with Statements on Standards for Accounting and Review Services (SSARS) that is presenting in the form of financial statements, information that is the representation of management (owners) without undertaking to express any assurance on the statements.
(g) “CPA Firm” means a sole proprietorship, a corporation, a partnership or any other form of organization issued a permit under section 250d of this chapter.
(h) “Home office” means the location specified by the client as the address to which a service described in section 250q(a)(3) is directed.
(i) “Manager” means a manager of a limited liability company.
(j) “Member” means a member of a limited liability company.
(k) “NASBA” means the National Association of State Boards of Accountancy.
(l) “PCAOB” means the Public Company Accounting Oversight Board.
(m) “Peer Review” means a study, appraisal, or review of one or more aspects of the professional work of a certificate holder or CPA firm that issues attest or compilation reports, by a person or persons who hold certificates and who are not affiliated with the certificate holder or CPA firm being reviewed.
(n) “Permit” means a certificate issued under section 250c of this chapter, a permit to practice as a CPA firm issued under section 250d; or in each case, a certificate or permit issued under corresponding provisions of prior law or the laws of other states.
(o) “Permittee” means the holder of a permit as defined in section 250(n).
(p) “Principal place of business” means the office location designated by the licensee for purposes of substantial equivalency and reciprocity.
(q) “Professional” means arising out of or related to the specialized knowledge or skills associated with CPAs.
(r) “Report,” when used with reference to financial statements, means an opinion, report, or other form of language that states or implies assurance as to the reliability of any financial statements and which also includes or is accompanied by any statement or implication that the person or firm issuing it has special knowledge or competence in accounting or auditing. Such a 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. The term, “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 financial statements referred to and/or special competence on the part of the person or firm issuing such language; and it includes any other form of language that is conventionally understood to imply such assurance and/or such special knowledge or competence.
(s) “Rule” means any rule, regulation, or other written directive of general application duly adopted by the Board.
(t) “State” means any state of the United States, the District of Columbia, Puerto Rico, the Virgin Islands, the Commonwealth of the Northern Mariana Islands, and Guam; except that “this State” means the Territory of the Virgin Islands.
(u) “Substantial equivalency” means 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 the Uniform Accountancy Act or that an individual CPA’s education, examination and experience qualifications are comparable to or exceed the education, examination and experience requirements contained in the Uniform Accountancy Act, with Board’s taking into account the qualifications without regard to the sequence in which experience, education, or examination requirements were attained.
(v) “Territory” means the Virgin Islands.