W. Va. Code R. § 1-1-2 - Definitions

Current through Register Vol. XXXIX, No. 11, March 18, 2022

As used in this Rule, the following words and terms have the following meanings, unless the context clearly indicates otherwise:

2.1. "Accredited college or university" means any degree-granting institution accredited at the time of an applicant's degree or attendance by the:

2.1.a. Middle States Association of Colleges and Schools;

2.1.b. New England Association of Schools and Colleges;

2.1.c. North Central Association of Colleges and Schools;

2.1.d. Northwest Commission on Colleges and Universities;

2.1.e. Southern Association of Colleges and Schools; or

2.1.f. Western Association of Schools and Colleges.

2.2. "Act" means the provisions of W. Va. Code § 30-9-1 et seq.

2.3. "AICPA" means the American Institute of Certified Public Accountants or any successor organization as determined by the Board.

2.4. "Audit" means expressing an opinion about the fairness of presentation of financial statements in accordance with the Statements on Auditing Standards published by the AICPA or any applicable successor statement on standards published by the AICPA.

2.5. "Board" means the West Virginia Board of Accountancy.

2.6. "Compilation services" means providing a service performed in accordance with the Statement on Standards for Accounting and Review Services published by the AICPA or any applicable successor statement on standards published by the AICPA, that presents, in the form of a financial statement, information that is the representation of management without an expression of assurance on the statement.

2.7. "Examination," when used with reference to prospective financial statements, means expressing an opinion about the fairness of presentation of financial information in accordance with the Statement on Standards for Attestation Engagements published by the AICPA or any applicable successor statement on standards published by the AICPA.

2.8. "Initial license" means obtaining a license in West Virginia for the profession sought for the first time.

2.9. "Low-Income Individuals" means individuals in the local labor market as defined in W. Va. Code § 21-1C-2 whose household adjusted gross income is below 130 percent of the federal poverty line. This term also includes any person enrolled in a state or federal public assistance program including, but not limited to, the Temporary Assistance for Needy Families Program (TANFP), Medicaid, or the Supplemental Nutrition Assistance Program (SNAP).

2.10. "Military Families" means any person who serves as an active member of the armed forces of the United States, the National Guard, or a reserve component as described in 38 U.S.C. § 101, honorably discharged veterans of the forces, and their spouses. The term also includes surviving spouses of deceased services members who have not remarried.

2.11. "NASBA" means the National Association of State Boards of Accountancy or any successor organization as determined by the Board.

2.12. "NQAS" means the National Qualification Appraisal Service operated by NASBA or any successor or comparable service as determined by the Board.

2.13. "Out-of-state certificate" means a valid certificate as a certified public accountant or equivalent designation issued or renewed under the laws of another state: Provided, That "out-of-state certificate" does not include any certificate as a certified public accountant or equivalent designation that was issued or renewed solely by virtue of a holder's prior status as a public accountant or its equivalent in the state of issuance and not by virtue of the holder's having met the certification requirements of the state of issuance.

2.14. "Reciprocal substantial equivalency certificate" means a certificate issued under the provisions of W. Va. Code § 30-9-9 or under Section 5 of this Rule to a certificate holder of another jurisdiction who is either a resident of this state, has an office in this state, or is an employee of a firm or business entity in this state.

2.15. "Registrant" means a person registered pursuant to the Act and this Rule.

2.16. "Review" means a review of a financial statement that is performed in accordance with the Standards for Accounting and Review Services published by the AICPA or any applicable successor statement on standards published by the AICPA.

2.17. "Statements on Auditing Standards" means the standards as promulgated by the American Institute of Certified Public Accountants or any applicable successor statements issued.

2.18. "Statements on Standards for Attestation Engagements" (SSAE) refers to the standards promulgated by the American Institute of Certified Public Accountants or any applicable successor statements issued.

2.19. "Window" refers to a three-month period in which candidates have an opportunity to take the CPA examination during at least two of the three months and, during the remaining time in which the examination will not be offered, routine maintenance is performed, and the item bank is refreshed. Thus, candidates will be able to test a minimum of two out of the three months within an examination window.

Notes

W. Va. Code R. § 1-1-2