As used in ORS 673.010 to 673.465: (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) Certified public accountant means a person who holds an active certified public accountant license for the practice of public accountancy. (4) Client means a person who receives professional services or a person who agrees to receive professional services. (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 person who holds a license 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 document issued by this state or any other jurisdiction as evidence of authorization to practice public accountancy. (9) Manager means a manager of a limited liability company. (10) Member means a member of a limited liability company. (11) Oregon licensee means the holder of a license issued by this state. (12) Peer review means a study, appraisal or review of one or more aspects of the public accountancy work of an Oregon licensee 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 license issued by the licensing authority for the practice of public accountancy in this state or another state and who is independent of the license holder or registered business organization being reviewed; or (b) A public accountant who holds an active license issued by the board and who is independent of the license holder or registered business organization being reviewed. (13) Principal place of business means the location of the principal office where a person practices public accounting or as otherwise further defined by the board by rule. (14) Professional means arising out of or related to the specialized knowledge or skills associated with certified public accountants and public accountants, including but not limited to attestation, compilation, audit, management advisory, financial advisory, tax or consulting services or issuance of reports on financial statements, or as further defined by the board. (15) Public accountant means a public accountant licensed under ORS 673.100. (16) Referral fee means a fee recognized by the board as a referral by rule. (17) Registration means the authority issued under ORS 673.160 by the board to a business organization to practice public accountancy in this state. (18)(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 in reports or financial statements. (c) Report does not include: (A) The following statement signed by a person who does not hold a license issued by this state 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 or 673.320: ______________________________________________________________________________ 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 to 673.465. (19) State includes any state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, American Samoa, Guam and the Commonwealth of the Northern Mariana Islands, except where the context requires otherwise. (20) Substantially equivalent means a license an individual holds from another state, and the other state requires the individual, as a condition of licensure as a certified public accountant, to achieve a passing grade on the Uniform Certified Public Accountant Examination and: (a)(A) Complete at least 150 semester hours of college education, obtain a baccalaureate or higher degree conferred by a college or university and possess at least one year of experience verified by a license holder in providing any type of service 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; (B) Obtain a baccalaureate degree and possess at least two years or more of experience verified by a license holder in providing any type of service 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; (C) Obtain a masters degree and possess at least one year or more of experience verified by a license holder in providing any type of service 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 (D) Meet requirements otherwise prescribed by the board; or (b) If the other state does not require an individual to have the qualifications specified in paragraph (a)(A), (B), (C) or (D) of this subsection as a condition of licensure as a certified public accountant, the individual nonetheless has the qualifications specified in paragraph (a)(A), (B), (C) or (D) of this subsection. [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; 2025 c.132 1]
‹ Prev All Oregon sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.