(1) Only licensees shall issue a report on the financial statements of any other person, firm, organization or governmental unit or offer to render or render any attest or compilation service, as defined herein. This prohibition does not apply to any officer, partner, employee or member of any organization affixing their signature to any statement or report in reference to the financial affairs of such firm or organization with any wording designating the position, title or office that they hold therein; nor prohibit any act of a public official or employee in the performance of their duties as such; nor prohibit the performance by any person of other services involving the use of accounting skills, including the preparation of tax returns, management, financial advisory or consulting services, and the preparation of financial statements without the issuance of reports, as defined in section 54-206, Idaho Code.
(2)  The prohibition contained in subsection (1) of this section is applicable to issuance, by a person or firm not holding a valid license, of a report using any form of language conventionally used by licensees respecting a review of financial statements or respecting a compilation of financial statements.

Terms Used In Idaho Code 54-221

  • Attest: means providing the following professional services:
Idaho Code 54-206
  • Board: means the Idaho state board of accountancy. See Idaho Code 54-206
  • Compilation: means a service performed in accordance with statements on standards for accounting and review services that presents, in the form of historical or prospective financial statements, information that is the representation of management or owners without undertaking to express any assurance on the statements. See Idaho Code 54-206
  • CPA: means any person who holds a valid, unrevoked and unsuspended license under the provisions of chapter 2, title 54, Idaho Code, or an equivalent provision of the laws of another state designating said person as a certified public accountant. See Idaho Code 54-206
  • Financial statements: means a presentation of historical or prospective financial data, which may include accompanying notes, intended to communicate an entity’s economic resources or obligations at a point in time, or the changes therein for a period of time, in accordance with a comprehensive basis of accounting. See Idaho Code 54-206
  • Firm: means a proprietorship, partnership, professional corporation, professional limited liability company, or any other form of professional organization permitted by Idaho law, registered under the requirements of section 54-214, Idaho Code. See Idaho Code 54-206
  • License: means that authorization issued by the board upon original approval and on an annual basis permitting a qualified person to practice as a certified public accountant or licensed public accountant in the state of Idaho. See Idaho Code 54-206
  • Licensee: means the holder of a current valid license. See Idaho Code 54-206
  • LPA: means any person who holds a valid, unrevoked and unsuspended license under the provisions of chapter 2, title 54, Idaho Code, designating said person as a licensed public accountant. See Idaho Code 54-206
  • Member: means a person who has been admitted to membership in a firm that is organized as a limited liability company. See Idaho Code 54-206
  • Peer review: means a board-approved study, appraisal or review of one (1) or more aspects of the professional work of a licensee or firm that performs attest services or issues compilation reports, by a person or persons licensed under this chapter or by another state and who are independent of the licensee or firm being reviewed. See Idaho Code 54-206
  • Person: means any natural living person. See Idaho Code 54-206
  • report: includes any form of language that 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 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 or special knowledge or competence. See Idaho Code 54-206
  • State: means any state of the United States, the District of Columbia, Puerto Rico, the U. See Idaho Code 54-206
    • (3)  No licensee or individual granted privileges under section 54-227, Idaho Code, shall perform attest services through any form of business that is not registered under the provisions of section 54-214, Idaho Code, or an equivalent provision of the laws of another state.
    (4)  No licensee shall issue a compilation report through any form of business that is not registered under the provisions of section 54-214, Idaho Code, unless the report discloses the name of the business through which the individual is issuing the report, and the individual:
    (a)  Signs the compilation report identifying the individual as a CPA or LPA;
    (b)  Meets the competency requirements provided in this chapter and by board rule; and
    (c)  Undergoes no less frequently than once every three (3) years, a peer review conducted in such manner as the board shall by rule specify, and such review shall include verification that such individual has met the competency requirements set out in professional standards for such services.
    (5)  A licensee or firm that does not issue reports may issue financial statements without reports only if the financial statements include the disclaimer language of section 54-226(3), Idaho Code.