Terms Used In Minnesota Statutes > Chapter 326A - Accountants

• Adult: means an individual 18 years of age or older. See Minnesota Statutes 645.451
• Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
• Arrest: Taking physical custody of a person by lawful authority.
• Attachment: A procedure by which a person's property is seized to pay judgments levied by the court.
• Attest: means providing any of the following services:

  (1) an audit or other engagement performed in accordance with the Statements on Auditing Standards (SAS);

  (2) an audit or other engagement performed in accordance with the Generally Accepted Government Auditing Standards (GAGAS);

  (3) a review of a financial statement performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS);

  (4) an examination of prospective financial information performed in accordance with the Statements on Standards for Attestation Engagements (SSAE);

  (5) an engagement performed in accordance with the standards of the Public Company Accounting Oversight Board (PCAOB); and

  (6) an examination, review, or agreed-upon procedures engagement performed in accordance with SSAE, other than an examination described in clause (4). See Minnesota Statutes 326A.01

• Board: means the Minnesota Board of Accountancy established under section 326A. See Minnesota Statutes 326A.01
• Certificate: means a certificate as a certified public accountant issued under section 326A. See Minnesota Statutes 326A.01
• Chair: includes chairman, chairwoman, and chairperson. See Minnesota Statutes 645.44
• Client: means a person or entity that agrees with a licensee, a person registered under section 326A. See Minnesota Statutes 326A.01
• Compilation: means the provision of a service performed in accordance with Statements on Standards for Accounting and Review Services (SSARS) that presents in the form of financial statements information that is the representation of management or owners without undertaking to express any assurance on the statements. See Minnesota Statutes 326A.01
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• court administrator: means the court administrator of the court in which the action or proceeding is pending, and "court administrator's office" means that court administrator's office. See Minnesota Statutes 645.44
• CPA firm: means a sole proprietorship, a corporation, a partnership, or any other form of organization issued a permit under section 326A. See Minnesota Statutes 326A.01
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• Fraud: Intentional deception resulting in injury to another.
• Garnishment: Generally, garnishment is a court proceeding in which a creditor asks a court to order a third party who owes money to the debtor or otherwise holds assets belonging to the debtor to turn over to the creditor any of the debtor
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
• License: means a certificate issued under section 326A. See Minnesota Statutes 326A.01
• Licensee: means the holder of a license. See Minnesota Statutes 326A.01
• Majority: means with respect to an individual the period of time after the individual reaches the age of 18. See Minnesota Statutes 645.451
• Manager: means a manager of a limited liability company. See Minnesota Statutes 326A.01
• Member: means a member of a limited liability company. See Minnesota Statutes 326A.01
• Nolo contendere: No contest-has the same effect as a plea of guilty, as far as the criminal sentence is concerned, but may not be considered as an admission of guilt for any other purpose.
• Oral argument: An opportunity for lawyers to summarize their position before the court and also to answer the judges' questions.
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• Peer review: means an independent study, appraisal, or review of one or more aspects of the professional work of a licensee or CPA firm that issues attest or compilation reports, or the professional work of a person registered under section 326A. See Minnesota Statutes 326A.01
• Permit: means a permit to practice as a CPA firm issued under section 326A. See Minnesota Statutes 326A.01
• Person: may extend and be applied to bodies politic and corporate, and to partnerships and other unincorporated associations. See Minnesota Statutes 645.44
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• Principal place of business: means the office location designated by the licensee for purposes of substantial equivalency and reciprocity. See Minnesota Statutes 326A.01
• Professional: means arising out of or related to the specialized knowledge or skills associated with certified public accountants or persons registered under section 326A. See Minnesota Statutes 326A.01
• Quorum: The number of legislators that must be present to do business.
• report: includes any form of language that disclaims an opinion when the form of language is conventionally understood to imply any positive assurance as to the reliability of the attested information or compiled financial statements referred to or special competence on the part of the person or firm issuing the language. See Minnesota Statutes 326A.01
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• state: extends to and includes the District of Columbia and the several territories. See Minnesota Statutes 645.44
• State: means any state of the United States, the District of Columbia, Puerto Rico, the U. See Minnesota Statutes 326A.01
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• 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 requirements in section 326A. See Minnesota Statutes 326A.01
• Tax: means any fee, charge, exaction, or assessment imposed by a governmental entity on an individual, person, entity, transaction, good, service, or other thing. See Minnesota Statutes 645.44
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• this state: means the state of Minnesota. See Minnesota Statutes 326A.01
• verified: when used in reference to writings, means supported by oath or affirmation. See Minnesota Statutes 645.45
• Violate: includes failure to comply with. See Minnesota Statutes 645.44