2007 ORS 673.010¹
Definitions for ORS 673.010 to 673.457
  • rules

As used in ORS 673.010 (Definitions for ORS 673.010 to 673.457) to 673.457 (Review by alternative peer review program):

(1) "Attest," "attesting" or "attestation" means the opinion of a licensee as to the reliability or fairness of information that is used for guidance in the financial transactions of, accounting for or assessing the status or performance of, commercial and noncommercial enterprises, whether public or private, following the completion of an audit, in accordance with generally accepted accounting and auditing standards. The board by rule shall further define what constitutes attestation services in conformance, to the extent possible, with professional standards, including but not limited to the Statements on Auditing Standards (SAS) for audits or other engagements, the Statement of Standards for Accounting and Review Services (SSARS) for the review of financial statements and the Statements on Standards for Attestation Engagements (SSAE) for examinations of prospective financial information.

(2) "Board" means the Oregon Board of Accountancy created by ORS 673.410 (Oregon Board of Accountancy).

(3) "Business organization" means any form of business organization authorized by law, including but not limited to a proprietorship, partnership, corporation, limited liability company, limited liability partnership or professional corporation.

(4) "Certificate" means a certificate of certified public accountant issued under ORS 673.040 (Eligibility for certificate of certified public accountant).

(5) "Client" means a person who agrees with a licensee to receive any professional service from the licensee.

(6) "Commission" means money or other consideration recognized as a commission under rules adopted by the board pursuant to ORS 673.012 (Rules defining certain terms).

(7) "Compilation" means those services as defined by the board by rule.

(8) "Contingent fee" means a fee established for the performance of any professional service and directly or indirectly paid to a licensee pursuant to an arrangement in which no fee will be charged unless a specified finding or result is attained, or in which the amount of the fee is otherwise dependent upon the finding or result of such service. The board by rule may further define "contingent fee." A fee is not contingent if the fee:

(a) Is fixed by courts or other public authorities; or

(b) In tax matters, is determined based on the results of judicial proceedings or the findings of governmental agencies.

(9) "License" means:

(a) A certificate, permit or registration, or a license issued under ORS 673.100 (License as public accountant), enabling the holder thereof to practice public accountancy in this state; or

(b) A certificate, permit, registration or other authorization issued by a jurisdiction outside this state enabling the holder thereof to practice public accountancy in that jurisdiction.

(10) "Licensee" means the holder of a license under subsection (9)(a) of this section.

(11) "Manager" means a manager of a limited liability company.

(12) "Member" means a member of a limited liability company.

(13) "Peer review" means a study, appraisal or review of one or more aspects of the public accountancy work of a holder of a permit under ORS 673.150 (Permits to engage in practice of public accountancy) or of a registered business organization that performs attestation or compilation services that is conducted by:

(a) A certified public accountant who holds an active permit issued under ORS 673.150 (Permits to engage in practice of public accountancy) or an active license issued by the licensing authority for the practice of public accountancy in another state and who is independent of the permit holder or registered business organization being reviewed; or

(b) A public accountant who holds an active permit issued under ORS 673.150 (Permits to engage in practice of public accountancy) and who is independent of the permit holder or registered business organization being reviewed.

(14) "Permit" means a permit to practice public accountancy issued under ORS 673.150 (Permits to engage in practice of public accountancy).

(15) "Professional" means arising out of or related to the specialized knowledge or skills associated with certified public accountants and public accountants.

(16) "Public accountant" means a public accountant licensed under ORS 673.100 (License as public accountant).

(17) "Referral fee" means a fee recognized as a referral fee under rules adopted by the board pursuant to ORS 673.012 (Rules defining certain terms).

(18) "Registration" means the authority issued under ORS 673.160 (Registration of business organizations) by the Oregon Board of Accountancy to a business organization to practice public accountancy in this state.

(19) "Report," when used with reference to attestation or compilation services, means an opinion or other form of written language that states or implies assurance as to the reliability of any financial statements and that also includes or is accompanied by any statement or implication that the person issuing the report has special knowledge or competence in public accountancy. Such a statement or implication of special knowledge or competence may arise from use by the issuer of the report of names or titles indicating that the issuer is a public accountancy professional or organization or may arise from the language of the report itself.

(a) "Report" includes any form of written language that:

(A) Disclaims an opinion when the form of language implies any positive assurance as to the reliability of the financial statements referred to or special knowledge or competence on the part of the person issuing the language;

(B) Implies any positive assurance as to the reliability of the financial statements referred to or special knowledge or competence on the part of the person issuing the language; or

(C) Relates to the financial affairs of a person and that is conventionally used by licensees in reports or financial statements.

(b) "Report" does not include:

(A) The following statement signed by a person who does not hold a certificate, license or permit under ORS 673.010 (Definitions for ORS 673.010 to 673.457) to 673.457 (Review by alternative peer review program) as long as the statement is not accompanied by any wording indicating the person is an accountant or auditor or any other language prohibited by ORS 673.310 (Words or abbreviations of similar import to certified public accountant, public accountant, C.P.A. or P.A. prohibited) or 673.320 (Permit or registration required to provide attestation or compilation services or issue report):

______________________________________________________________________________

The accompanying balance sheet (or___) of XYZ Company as of (date), and the related statements of income (or retained earnings or cash flow) for the year then ended have been prepared by me (us).

The information presented in these financial statements is the representation of management (owners).

______________________________________________________________________________

(B) Any other financial statements or reports that are not and do not purport to be in compliance with national standards, including but not limited to Statements of Standards for Accounting and Review Services (SSARS) and Statements on Standards for Attestation Engagements (SSAE) adopted by the board by rule, when the statements or reports are issued by persons not otherwise subject to regulation by the board under ORS 673.010 (Definitions for ORS 673.010 to 673.457) to 673.457 (Review by alternative peer review program).

(20) "State" means any state, territory or insular possession of the United States, and the District of Columbia.

(21) "Substantial equivalency" means a determination by the National Qualification Appraisal Service of the National Association of State Boards of Accountancy that:

(a) The education, examination and experience requirements contained in the statutes and administrative rules of another jurisdiction are equivalent to or exceed the education, examination and experience requirements established under ORS 673.040 (Eligibility for certificate of certified public accountant), 673.050 (General qualifications for candidates for C.P.A. examination) and 673.060 (C.P.A. and public accountant examination) and adopted by the board by rule under ORS 670.310 (Rulemaking authority); or

(b) An individual’s education, examination and experience qualifications are equivalent to or exceed the education, examination and experience requirements established under ORS 673.040 (Eligibility for certificate of certified public accountant), 673.050 (General qualifications for candidates for C.P.A. examination) and 673.060 (C.P.A. and public accountant examination) and adopted by the board by rule under ORS 670.310 (Rulemaking authority). [Amended by 1981 c.89 §2; 1993 c.431 §1; 1999 c.322 §2; 2001 c.313 §1; 2001 c.638 §1a; 2005 c.30 §1; 2007 c.112 §1]

Notes of Decisions

Where future refund or adjust­ment of fee is possible, present receipt of full amount of fee does not alter contingent nature of fee. Sherry v. Board of Accountancy, 212 Or App 350, 157 P3d 1226 (2007)

Chapter 673

Atty. Gen. Opinions

This chapter as authorizing partnership of corpora­tion and individual, (1972) Vol 36, p 94

1 Legislative Counsel Committee, CHAPTER 673—Accountants; Tax Consultants and Preparers, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­673.­html (2007) (last ac­cessed Feb. 12, 2009).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2007, Chapter 673, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­673ano.­htm (2007) (last ac­cessed Feb. 12, 2009).
 
3 OregonLaws.org assembles these lists by analyzing references between Sections. Each listed item refers back to the current Section in its own text. The result reveals relationships in the code that may not have otherwise been apparent.