Terms Used In Utah Code > Title 58 > Chapter 26a > Part 1 - General Provisions

• Accounting experience: means applying accounting and auditing skills and principles that are taught as a part of the professional education qualifying a person for licensure under this chapter and generally accepted by the profession, under the supervision of a licensed certified public accountant. See Utah Code 58-26a-102
• AICPA: means the American Institute of Certified Public Accountants. See Utah Code 58-26a-102
• Appraisal: A determination of property value.
• Board: means the Utah Board of Accountancy created in Section 58-26a-201. See Utah Code 58-26a-102
• Client: means the person who retains a licensee for the performance of one or more of the services included in the definition of the practice of public accountancy. See Utah Code 58-26a-102
• 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 or owners, without undertaking to express any assurance on the statements. See Utah Code 58-26a-102
• 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.
• CPA: means an individual currently licensed by this state or any other state, district, or territory of the United States of America to practice public accountancy or who has been granted a license as a certified public accountant under prior law or this chapter. See Utah Code 58-26a-102
• Division: means the Division of Professional Licensing created in Section 58-1-103. See Utah Code 58-1-102
• Experience: means :
       (9)(a) accounting experience; or
       (9)(b) professional experience. See Utah Code 58-26a-102
• Licensee: means the holder of a current valid license issued under this chapter. See Utah Code 58-26a-102
• 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.
• PCAOB: means the Public Company Accounting Oversight Board. See Utah Code 58-26a-102
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Practice of public accounting: means , while holding oneself out as a certified public accountant, offering to perform or performing one or more kinds of services involving the use of auditing or accounting skills, including issuing reports or opinions on financial statements, performing attestation engagements, performing one or more kinds of advisory or consulting services, preparing tax returns, or furnishing advice on tax matters for a client. See Utah Code 58-26a-102
• Qualified business entity: means a sole proprietorship, corporation, limited liability company, or partnership engaged in the practice of public accountancy. See Utah Code 58-26a-102
• Report: when used with reference to financial statements, means:
            (20)(a)(i) an opinion, report, or other form of language that:

                 (20)(a)(i)(A) states or implies assurance as to the reliability of the attested information or compiled financial statements; or

                 (20)(a)(i)(B) implies that the person or firm issuing the report has special knowledge or competence in accounting or auditing and specifically includes compilations and reviews; such an 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 a public accountant or auditor, or from the language of the report itself; or
            (20)(a)(ii) any disclaimer of opinion when it is conventionally understood to imply any positive assurance as to the reliability of the attested information or compiled financial statements referred to or language suggesting special competence on the part of the person or firm issuing such language; and the report includes any other form of language that is conventionally understood to imply such assurance or such special knowledge or competence. See Utah Code 58-26a-102
• State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
• Substantial equivalency: means a determination by the division in collaboration with the board or the board's designee that:
            (22)(a)(i) the education, examination, and experience requirements set forth in the statutes and administrative rules of another state are comparable to or exceed the education, examination, and experience requirements set forth in the Uniform Accountancy Act; or
            (22)(a)(ii) an individual CPA's education, examination, and experience qualifications are comparable to or exceed the education, examination, and experience requirements set forth in the Uniform Accountancy Act. See Utah Code 58-26a-102
• Uniform Accountancy Act: means the model public accountancy legislation developed and promulgated by national accounting and regulatory associations that contains standardized definitions and regulations for the practice of public accounting as recognized by the division in collaboration with the board. See Utah Code 58-26a-102
• United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5