Haw. Code R. § 16-71-62 - Competence and technical standards
(a) A licensee
shall not undertake any engagement for the performance of professional services
which the licensee cannot reasonably expect to complete with due professional
competence, including compliance, where applicable, with subsections (b) and
(c).
(b) A licensee's name shall
not be permitted to be associated with financial statements in a manner as to
imply that the licensee is acting as an independent public accountant with
respect to the financial statements unless the licensee is in compliance with
applicable generally accepted auditing standards. Statement on Auditing
Standards issued by the American Institute of Certified Public Accountants, and
other pronouncements having similar generally recognized authority, are
considered to be interpretations of generally accepted auditing standards, and
departures therefrom shall be justified by those who do not follow
them.
(c) A licensee shall not
express an opinion that financial statements are presented in conformity with
generally accepted accounting principles if the financial statements contain
any departure from an accounting principle which has a material effect on the
statements taken as a whole, unless the licensee can demonstrate that due to
unusual circumstances the financial statements would otherwise have been
misleading. In that case, the licensee's report shall describe the departure,
the approximate effects thereof, if practicable, and the reasons why compliance
with the principles would result in a misleading statement.
(d) A licensee, in the performance of
professional services, shall not permit the licensee's name to be used in
conjunction with any forecast of future transactions in a manner which may
reasonably lead to the belief that the licensee vouches for the achievability
of the forecast.
Notes
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