Definitions

When used in this Act, the following terms have the meanings indicated:

(a)>AICPA= means the American Institute of Certified Public Accountants.

(b)

(1)‘Attest’ means providing the following services:

(A)any audit or other engagement to be performed in accordance with the Statements on Auditing Standards (SAS);

(B)any review of a financial statement to be performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS);

(C)any examination of prospective financial information to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE); COL4122017 CH. 35 ACCOUNTANCY

(D)any engagement to be performed in accordance with the standards of the PCAOB; and

(E)any examination, review, or agreed upon procedures engagement to be performed in accordance with the SSAE, other than an examination described in Subsection (3).

(2)The standards specified in this definition shall be adopted by reference by the Board pursuant to rulemaking and shall be those developed for general application by recognized national accountancy organizations such as the AICPA and the PCAOB.

(c)>Board= means the Guam Board of Accountancy established under § 35104 of this Chapter or its predecessor under prior law.

(d)>Certificate= means a certificate as certified public accountant issued under § 35105 of this Chapter or corresponding provisions of prior law, or a corresponding certificate as certified public accountant issued after examination under the law of any other state.

(e)>Client= means a person or entity that agrees with a licensee, or licensee's employer, to receive any professional service.

(f)>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 (owners) without undertaking to express any assurance on the statements.

(g)‘CPA Firm= means a sole proprietorship, a corporation, a partnership, a limited liability partnership, a professional limited liability company. or any other form of organization issued a permit under § 35107 of this Chapter.

(h)>License= means a certificate or license issued under § 35106 of this Chapter; a permit issued under § 35107 of this Chapter; or in each case, a certificate, license, or permit issued under corresponding provisions of prior law.

(i)>Licensee= means the holder of a license as defined in § 35103(h).

(j)>Manager= means a manager of a limited liability company. COL4122017 CH. 35 ACCOUNTANCY

(k)>Member= means a member of a limited liability company.

(l)>NASBA= means the National Association of State Boards of Accountancy.

(m)>Peer Review= means a study, appraisal, or review of one

(1)or more aspects of the professional work of a certificate holder, licensee, or CPA firm that issues attest or compilation reports, by a person or persons who hold licenses and who are not affiliated with the license holder or CPA firm being reviewed.

(n)>Permit= means a Firm Permit to Practice as a CPA firm issued under § 35107 of this Chapter, or corresponding provisions of prior law, or under corresponding provisions of the laws of other states.

(o)>Professional= means arising out of or related to the specialized knowledge or skills associated with CPAs.

(p)>Report,= when used with reference to any attest or compilation service, means 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 includes or is accompanied by any statement or implication that the person or firm issuing it has special knowledge or competence in accounting or auditing. 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 person or firm is an accountant or auditor, or from the language of the report itself. The term ‘report’ includes any form of language which disclaims an opinion when such 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 and/or special competence on the part of the person or firm issuing such language; and it includes any other form of language that is conventionally understood to imply such assurance and/or such special knowledge or competence.

(q)>Rule= means any rule, regulation, or other written directive of general application duly adopted by the Board.

(r)>State= means any State of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, Guam, and the Commonwealth of the Northern Mariana Islands; except that this State means the Territory of Guam. COL4122017 CH. 35 ACCOUNTANCY

(s)>Substantial Equivalency= is a determination by the Board of Accountancy or its designee that the education, examination, and experience requirements contained in the statutes and administrative rules of another jurisdiction are comparable to, or exceed the education, examination, and experience requirements contained in the Uniform Accountancy Act or that an individual CPA’s education, examination, and experience qualifications are comparable to or exceed the education, examination, and experience requirements contained in the Uniform Accountancy Act. In ascertaining substantial equivalency as used in this Act, the Board shall take into account the qualifications without regard to the sequence in which experience, education, or examination requirements were attained.

(t)‘PCAOB’ means the Public Company Accounting Oversight Board.

(u)‘Principal place of business’ means the office location designated by the licensee for purposes of substantial equivalency and reciprocity.

(v)‘Home Office’ is the location specified by the client as the address to which a service described in § 35122(a)(4) is directed.