Vermont Statutes Title 26 Sec. 74
Terms Used In Vermont Statutes Title 26 Sec. 74
- Attest services: means providing the following services:
- Board: means the Board of Public Accountancy. See
- Firm: means a sole proprietorship, a corporation, a partnership, association, or any other entity that practices public accountancy. See
- Home office: means the location specified by the client as the address to which a service described in subsection 74c(c) of this title is directed. See
- Practice of public accounting: means the performance or the offering to perform by a person or firm holding itself out to the public as being licensed, registered, or otherwise authorized under this chapter, for a client or potential client, of one or more kinds of services involving the use of accounting or auditing skills, including the issuance of reports on financial statements, or of one or more kinds of management advisory, financial advisory, or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters. See
- Principal place of business: means the office location designated by the licensee for the purposes of substantial equivalency and reciprocity. See
- Public accountant: means a certified public accountant or a registered public accountant until July 1, 2003, after which the title of registered public accountant will still exist for those licensed as registered public accountants or having received conditional credit toward licensure as a registered public accountant by that date, but will no longer be a title granted by the Board. See
- 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; and it includes any other form of language that is conventionally understood to imply such assurance or such special knowledge or competence. See
- State: includes the states of the United States, the District of Columbia, Puerto Rico, Guam, the U. See
§ 74. Firms; registration and ownership
(a) A firm shall be required to obtain registration pursuant to this section if the firm:
(1) has an office established or maintained in this State for the practice of public accounting;
(2) has an office established or maintained in this State that uses the title “CPA” or “CPA firm”; or
(3) does not have an office in this State but performs services described in subdivision 13(1)(A)(i), (iii), or (iv) of this chapter for a client with a home office in this State.
(b) A firm that does not have an office in this State may perform those services set forth in subdivision 13(1)(A)(ii), 13(1)(A)(v), or 13(3) of this chapter for a client with a home office in this State, may otherwise practice public accounting as authorized under this chapter, and may use the title “CPA” or “CPA firm” without a registration issued only if the firm:
(1) meets the qualifications set forth in subsections (c) and (d) of this section;
(2) meets the requirements of subsection 75(c) of this chapter, as applicable; and
(3) performs services through an individual with practice privileges set forth under section 74c of this chapter.
(c) An applicant for initial registration or renewal under this section shall be required to show that, notwithstanding any other provision of law, a simple majority of the ownership of the firm, in terms of equity, creditor and voting rights of all partners, officers, members, shareholders, or managers, belongs to holders of a certificate who are licensed in some state, and such partners, officers, members, shareholders, or managers, whose principal place of business is in this State, and who perform professional services in this State, hold a valid license issued under this chapter. Although firms may include nonlicensee owners, the firm and its ownership must comply with the rules adopted by the Board.
(d) Any CPA or RPA firm as defined in this chapter may include nonlicensee owners, provided that:
(1) The firm designates a licensee of this State or, in the case of a firm that is required to have a registration pursuant to subsection (a) of this section, a licensee who meets the requirements set forth in section 74c of this chapter who is responsible for the proper registration of the firm, and identifies that individual to the Board.
(2) All nonlicensee owners are active individual participants in the CPA or RPA firm or affiliated entities.
(3) The firm complies with other requirements as the Board may impose by rule.
(e) Any individual licensee who is responsible for supervising attest services and signs or authorizes someone to sign the accountant’s report on behalf of the firm shall meet the experience and competency requirements set out in the professional standards for such services.
(f) Any individual exercising practice privileges pursuant to section 74c of this chapter, and who is responsible for supervising attest services and signs or authorizes someone to sign the accountant’s report on behalf of the firm, shall meet the experience and competency requirements set forth in the professional standards for those services.
(g) Each office in this State shall be under the supervision of a public accountant who is licensed in this State. (Added 1975, No. 89, § 13; amended 1981, No. 161 (Adj. Sess.), § 2; 1991, No. 167 (Adj. Sess.), § 10; 1997, No. 59, § 48, eff. June 30, 1997; 1999, No. 133 (Adj. Sess.), § 4; 2001, No. 129 (Adj. Sess.), § 12; eff. June 13, 2002; 2007, No. 29, § 13; 2009, No. 35, § 9; 2017, No. 48, § 9; 2019, No. 178 (Adj. Sess.), § 5, eff. Oct. 1, 2020.)