Article 1 Regulation of Certified Public Accountants and Public Accountants
Article 3 Regulation of Accounting Practitioners

Terms Used In South Carolina Code > Title 40 > Chapter 2

  • Administrator: means the individual to whom the director has delegated authority to administer the programs of a specific board or of a professional or occupational group for which the department has regulatory authority or has delegated authority to administer the programs of a specific board;

    (2) "Authorization to practice" or "Practice authorization" means the approval to practice the specified profession, engage in the specified occupation, or use a title protected under this article, which has been granted by the applicable board. See South Carolina Code 40-1-20
  • AICPA: means the American Institute of Certified Public Accountants or successor organizations. See South Carolina Code 40-2-20
  • Attest: means providing the following services:

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

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

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

    (d) any engagement to be performed in accordance with Public Company Accounting Oversight Board (PCAOB) Auditing Standards; or

    (e) any examination, review, or agreed upon procedure to be performed in accordance with the SSAE, other than an examination described in subitem (c). See South Carolina Code 40-2-20
  • Board: means the South Carolina Board of Accountancy. See South Carolina Code 40-2-20
  • Client: means a person or entity that agrees with a licensee or licensee's employer to receive any professional service. See South Carolina Code 40-2-20
  • Commission: means the Interstate Advisory Health Care Commission. See South Carolina Code 40-1-610
  • Compilation: means providing a service to be performed in accordance with Statements on Standards for Accounting and Review Services (SSARS) that presents in the form of financial statements, information representative of management (owners) without undertaking expression of any assurance on the statements. See South Carolina Code 40-2-20
  • Department: means the Department of Disabilities and Special Needs. See South Carolina Code 40-2-540
  • Department: means the Department of Labor, Licensing and Regulation. See South Carolina Code 40-2-20
  • Department: means the Department of Labor, Licensing and Regulation;

    (5) "Director" means the Director of the Department of Labor, Licensing and Regulation or the director's official designee;

    (6) "Licensee" means a person granted an authorization to practice pursuant to this article and refers to a person holding a license, permit, certification, or registration granted pursuant to this article;

    (7) "Licensing act" means the individual statute or regulations, or both, of each regulated profession or occupation which include, but are not limited to, board governance, the qualifications and requirements for authorization to practice, prohibitions, and disciplinary procedures;

    (8) "Person" means an individual, partnership, or corporation;

    (9) "Profession" or "occupation" means a profession or occupation regulated or administered, or both, by the department pursuant to this article. See South Carolina Code 40-1-20
  • Direct: means the person supervised in the usual line of authority or is in a staff position reporting to the supervisor. See South Carolina Code 40-2-20
  • Experience: means providing any type of service or advice involving the use of accounting, attest, compilation, management advisory, financial advisory, tax, or consulting skills whether gained through employment in government, industry, academia, or public practice. See South Carolina Code 40-2-20
  • Family support: means goods and services needed by individuals or families to care for themselves or their family members with intellectual disability or related disabilities or head injuries, spinal cord injuries, or similar disabilities and to enjoy a quality of life comparable to other community members. See South Carolina Code 40-2-540
  • Family Support Program: means a coordinated system of family support services administered by the department directly or through contracts with private nonprofit or governmental agencies across the State, or both. See South Carolina Code 40-2-540
  • Firm: includes a person or persons practicing public accounting in the form of a proprietorship, partnership, limited liability partnership, limited liability company, or professional corporation or association. See South Carolina Code 40-2-20
  • Health care: means care, services, supplies, or plans related to the health of an individual and includes, but is not limited to:

    (a) preventive, diagnostic, therapeutic, rehabilitative, maintenance, or palliative care and counseling, service, assessment, or procedure with respect to the physical or mental condition or functional status of an individual or that affects the structure or function of the body; and

    (b) sale or dispensing of a drug, device, equipment, or other item pursuant to a prescription; and

    (c) an individual or group plan that provides, or pays the cost of care, services, or supplies related to the health of an individual, except any care, services, supplies, or plans provided by the United States Department of Defense and United States Department of Veteran Affairs, or provided to Native Americans. See South Carolina Code 40-1-610
  • Home office: means the location specified by the client as the address to which an attest or compilation service is directed. See South Carolina Code 40-2-20
  • License: means authorization to practice as issued under this chapter. See South Carolina Code 40-2-20
  • Licensee: means the holder of a license. See South Carolina Code 40-2-20
  • Manager: means a licensee in responsible charge of an office. See South Carolina Code 40-2-20
  • Member state: means a state that is a signatory to this compact and has adopted it under the laws of that state. See South Carolina Code 40-1-610
  • Member state current year funding level: means the member state base funding level multiplied by the member state current year population adjustment factor multiplied by the current year inflation adjustment factor. See South Carolina Code 40-1-610
  • Peer review: means a study, appraisal, or review of one or more aspects of the professional work of a licensee of the board or a firm registered with the board that performs attest or compilation services by a person or persons who hold certificates and who are not affiliated with the certificate holder or certified public accountant firm being reviewed. See South Carolina Code 40-2-20
  • Practice of accounting: means :

    (a) Issuing a report on financial statements of a person, firm, organization, or governmental unit or offering to render or rendering any attest or compilation service. See South Carolina Code 40-2-20
  • Principal place of business: means the office location designated by the licensee for purposes of substantial equivalency and reciprocity. See South Carolina Code 40-2-20
  • Professional: means arising out of or related to the specialized knowledge or skills associated with licensees. See South Carolina Code 40-2-20
  • Registration: means an authorization to practice as a firm issued under this chapter. See South Carolina Code 40-2-20
  • report: includes any form of language which disclaims an opinion when the form of language is conventionally understood to imply positive assurance as to the reliability of the attested information or compiled financial statements referred to or special competency on the part of the person or firm issuing such language, or both; and it includes any other form of language that is conventionally understood to imply such assurance or such special knowledge or competency, or both. See South Carolina Code 40-2-20
  • Resident manager: means a responsible party for a firm. See South Carolina Code 40-2-20
  • 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 South Carolina. See South Carolina Code 40-2-20
  • Supervision: means having jurisdiction, oversight, or authority over the practice of accounting and over the people who practice accounting. See South Carolina Code 40-2-20