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Alaska Statutes.

Title 8. Business and Professions

Chapter 4. Accountants

Section 680. Definitions.

AS 08.04.680. Definitions.

In this chapter, unless the context indicates otherwise,

(1) "attest functions" means

(A) an audit or other engagement, if the performance of the audit or other engagement is established by the Statements on Auditing Standards;

(B) a review of a financial statement, if the performance of the review is established by the Statements on Standards for Accounting and Review Services;

(C) an examination of prospective financial information, if the performance of the examination is established by the Statements on Standards for Attestation Engagements;

(D) an engagement, if the performance of the engagement is established by the Auditing Standards of the Public Company Accounting Oversight Board; or

(E) any examination, other than an examination described in (C) of this paragraph, review, or agreed upon procedure performed in accordance with the standards on attestation engagements as

(i) developed by national accountancy organizations, including the American Institute of Certified Public Accountants and the Public Company Accounting Oversight Board; and

(ii) adopted by the board in regulation;

(2) "board" means the Board of Public Accountancy;

(3) "certificate" means a certificate granted under AS 08.04.100 ;

(4) “compilation service” means a service of any compilation engagement performed in accordance with the Statements on Standards for Accounting and Review Services;

(5) “department” means the Department of Commerce, Community, and Economic Development;

(6) “firm” means a sole proprietorship, partnership, limited liability company, corporation, or other legal entity;

(7) "legal entity" means an organization that can organize as a legal person under the laws of this state;

(8) "license" means a license issued under AS 08.04.105 - 08.04.195;

(9) "limited liability company" means an organization organized under AS 10.50 or a foreign limited liability company; in this paragraph, "foreign limited liability company" has the meaning given in AS 10.50.990;

(10) "member" means a person who has been admitted to membership in a limited liability company;

(11) "partnership" means a general partnership, a limited partnership, a limited liability partnership, or another form of partnership;

(12) “peer review” means a study, appraisal, or review of one or more aspects of the professional work of a person in the practice of public accounting who issues attests conducted as prescribed under AS 08.04.426 by a person who holds a certificate and who is not affiliated with the person being reviewed;

(13) "permit" means a permit issued under AS 08.04.240 or 08.04.420;

(14) "practice of public accounting" means the offering to perform or the performance as a person holding a license, practice privilege, or permit under this chapter of a service involving the use of accounting or auditing skills; in this paragraph, "accounting or auditing skills" includes preparing financial statements, issuing reports, furnishing management services, furnishing financial advisory services, providing consulting services, preparing tax returns, advising on tax matters, or consulting on tax matters;

(15) "practice privilege" means a practice privilege authorized under AS 08.04.420 ;

(16) “preparation of financial statements” means providing a service of any preparation of financial statements engagement to be performed in accordance with the Statements on Standards for Accounting and Review Services;

(17) "principal place of business" means the office location designated by an individual for the purposes of substantial equivalency and reciprocity;

(18) "report," when used with reference to an attest function or compilation service,

(A) means

(i) an opinion, report, or other form of language that states or implies assurance as to the reliability of the attested information or compiled financial statements and that also contains or is accompanied by a statement or implication that the person issuing it has special knowledge or competency in accounting or auditing which may arise from use by the issuer of the report of names or titles indicating that the issuer is a certified public accountant or auditor, or from the language of the report itself;

(ii) any form of language that disclaims an opinion when the form of the language is conventionally understood to imply a 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 issuing the language;

(B) does not include

(i) a compilation of financial statement language that does not express or imply assurance or special knowledge or competence; or

(ii) the following disclaimer language when used by nonlicensees in connection with financial statements:

“I (we) have prepared the accompanying (financial statements) of (name of entity) as of (time period) for the (period) then ended. This presentation is limited to preparing, in the form of financial statements, information that is the representation of management (owners).”; or

“I (we) have not audited or reviewed the accompanying financial statements and, accordingly, do not express an opinion or any other form of assurance on them.”

(19) "state" means a state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, the United States Virgin Islands, and American Samoa.