2017 ORS 673.010¹
Definitions for ORS 673.010 to 673.465
  • rules

As used in ORS 673.010 (Definitions for ORS 673.010 to 673.465) to 673.465 (Authority of Oregon Board of Accountancy to require fingerprints):

(1) “Attestation services” means the following professional services required to be performed under rules adopted by the Oregon Board of Accountancy:

(a) Any audit or other engagement for which performance standards are included in the Statements on Auditing Standards (SAS);

(b) Any review of a financial statement for which performance standards are included in the Statements on Standards for Accounting and Review Services (SSARS);

(c) Any examination of prospective financial information for which performance standards are included in the Statements on Standards for Attestation Engagements (SSAE);

(d) Any examination, review or agreed upon procedures engagement other than an examination described in paragraph (c) of this subsection for which performance standards are included in the Statements on Standards for Attestation Engagements (SSAE); and

(e) Any engagement for which performance standards are included in the Auditing Standards of the Public Company Accounting Oversight Board.

(2) “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.

(3) “Certificate” means a certificate of certified public accountant issued under ORS 673.040 (Eligibility for certificate of certified public accountant).

(4) “Client” means a person who agrees with a licensee or employer of a licensee to receive any professional service from the licensee or employer of a licensee.

(5) “Commission” means money or other consideration recognized by the Oregon Board of Accountancy as a commission by rule.

(6) “Compilation services” means professional services required to be performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS) under rules adopted by the board in which the person performing the services presents a financial statement that:

(a) Is based on the representation of the owner or management of the company for which the statement is presented; and

(b) Does not include assurances by the person that the representations in the financial statement conform to generally accepted accounting principles.

(7) “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. 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.

(8) “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.

(9) “Licensee” means the holder of a license as defined in subsection (8)(a) of this section.

(10) “Manager” means a manager of a limited liability company.

(11) “Member” means a member of a limited liability company.

(12) “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 services 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.

(13) “Permit” means a permit to practice public accountancy issued under ORS 673.150 (Permits to engage in practice of public accountancy).

(14) “Principal place of business” means the office location designated by a person for purposes of substantial equivalency and reciprocity.

(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 by the board as a referral by rule.

(18) “Registration” means the authority issued under ORS 673.160 (Registration of business organizations) by the board to a business organization to practice public accountancy in this state.

(19)(a) “Report,” when used with reference to attestation services or compilation services, means an opinion or other form of written language that states or implies assurance as to the reliability of the attested information or the compiled financial statements and that includes or is accompanied by a 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.

(b) “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 attested information or the compiled financial statements referred to, or of the special knowledge or competence on the part of the person issuing the language;

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

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

(c) “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 673.465) to 673.465 (Authority of Oregon Board of Accountancy to require fingerprints) 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 (Requirements for providing attestation services or compilation services or issuing 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 on 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 673.465) to 673.465 (Authority of Oregon Board of Accountancy to require fingerprints).

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

(21) “Substantial equivalency” means that:

(a) An individual holds a valid license as a certified public accountant from another state that requires an individual, as a condition of licensure as a certified public accountant, to:

(A) Complete at least 150 semester hours of college education and obtain a baccalaureate or higher degree conferred by a college or university;

(B) Achieve a passing grade on the Uniform Certified Public Accountant Examination; and

(C) Possess at least one year of experience, verified by a licensee, providing any type of service or advice involving the use of accounting, attestation, compilation, management advisory, financial advisory, tax or related consulting skills, obtained through public practice or government, industry or academic work; or

(b) An individual has the qualifications specified in paragraph (a) of this subsection and holds a valid license as a certified public accountant from another state that does not require an individual to have the qualifications specified in paragraph (a) of this subsection as a condition of licensure as a certified public accountant. [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; 2009 c.531 §1; 2015 c.451 §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; Other Tax Professionals, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ors673.­html (2017) (last ac­cessed Mar. 30, 2018).
 
2 Legislative Counsel Committee, Annotations to the Oregon Revised Stat­utes, Cumulative Supplement - 2017, Chapter 673, https://­www.­oregonlegislature.­gov/­bills_laws/­ors/­ano673.­html (2017) (last ac­cessed Mar. 30, 2018).
 
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.