Nev. Admin. Code § 694C.222 - Criteria for recognition as qualified independent certified public accountant by Commissioner
1. Except as
otherwise provided in subsection 2, the Commissioner will recognize an
independent certified public accountant as a qualified independent certified
public accountant if the independent certified public accountant conforms to
the standards contained in the Code of Professional Conduct of
the American Institute of Certified Public Accountants, and the Rules
of Professional Conduct adopted by reference in NAC 628.500 and the
regulations of the Nevada State Board of Accountancy, or other similar
code.
2. The Commissioner will not
recognize as a qualified independent certified public accountant an independent
certified public accountant who:
(a) Is not in
good standing with the American Institute of Certified Public Accountants and
in all states in which the independent certified public accountant is licensed
or certified to practice;
(b) Has
either directly or indirectly entered into an agreement of indemnity or release
from liability with respect to an audit of a captive insurer if the intent or
effect of the agreement or release is to shift or limit in any manner the
potential liability of the accountant for failure to adhere to applicable
auditing or professional standards, whether or not resulting in part from a
knowing or other misrepresentation made by the captive insurer or its
representatives;
(c) Has been
convicted of fraud, bribery, a violation of the Racketeer Influenced and
Corrupt Organizations Act,
18
U.S.C. §§
1961 to
1968,
inclusive, or any other dishonest conduct or practices under federal or state
law;
Notes
NRS 679B.130, 694C.170, 694C.400
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