Ohio § 4701.01

§ 4701.01.

As used in this chapter: (A) “ Practice of public accounting ” means performing or offering to perform any engagement that will result in the issuance

of an attest report and, with respect to a person who holds a CPA certificate, PA

registration, foreign certificate, or firm registration, any other services involving

the use of accounting or auditing skills as established by rules adopted by the accountancy

board. (B) “ Public accounting firm ” means a sole proprietorship, a partnership, a limited liability company, a professional

association, a corporation-for-profit, or any other business organization that is

engaged in the practice of public accounting in this state. (C) “ Opinion report ” means any opinion on a financial statement that is expressed in accordance with

generally accepted auditing standards as to the fairness of presentation of information

and that is used for guidance in financial transactions, for accounting, or for assessing

the status or performance of commercial and noncommercial enterprises, whether public,

private, or governmental. (D) “ Peer review ” means a study, appraisal, or review of one or more aspects of the professional work

of a public accounting firm that meets the standards and requirements set forth by

the accountancy board. (E) “ Review report ” means either of the following: (1) Any review report on a financial statement that is issued with respect to any of

the following: (a) Interim financial information in accordance with generally accepted auditing standards; (b) The financial information of a nonpublic entity in accordance with statements on

standards for accounting and review services; (c) The reliability of another party's written assertion in accordance with statements

on standards for attestation engagements. (2) Any other review report on a financial statement that is not described in division

(E)(1) of this section and that is issued in accordance with standards promulgated

by the American institute of certified public accountants. (F) “ Compilation report ” means any compilation report on a financial statement that is issued with respect

to financial information of a nonpublic entity in accordance with statements on standards

for accounting and review services as promulgated by the American institute of certified

public accountants. (G) “ Examination report ” means any examination report on a financial statement that is issued with respect

to another party's written assertion in accordance with statements on standards for

attestation engagements as promulgated by the American institute of certified public

accountants. (H) “ Agreed-upon procedures report ” means any report that is on a financial statement and that is based on agreed-upon

procedures issued with respect to another party's written assertion in accordance

with statements on standards for attestation engagements as promulgated by the American

institute of certified public accountants. (I) “ Qualified firm ” means a sole proprietorship, partnership, professional association, corporation-for-profit,

limited liability company, or other business organization in which the individuals

who own a majority of the business organization interests in the business organization

and control the business organization hold an Ohio permit or a foreign certificate. (J) “ Own ” means any direct or indirect ownership of an equity interest or shares in a public

accounting firm or qualified firm. (K) “ Control ” or “ controlled ” means the right to exercise the majority of the voting equity interests or shares

in a public accounting firm or qualified firm with respect to any matter. (L) “ Equity interest ” means any capital interest or profit interest in a sole proprietorship, partnership,

professional association, corporation-for-profit, limited liability company, or other

business organization. (M) “ Ohio permit ” means a permit to practice public accounting issued under division (A) of section 4701.10 of the Revised Code that is not revoked or suspended. (N) “ Ohio registration ” means the registration under division (B) of section 4701.10 of the Revised Code of a holder of a CPA certificate or PA registration who is not in the practice of

public accounting in this state. (O) “ Firm registration ” or “ registered firm ” means registration as a public accounting firm under section 4701.04 of the Revised Code . (P) “ PA registration ” means registration as a public accountant under section 4701.07 of the Revised Code that is not revoked or suspended. (Q) “ CPA certificate ” means a certificate issued under section 4701.06 or 4701.061 of the Revised Code that is not revoked or suspended. (R) “ Foreign certificate ” means a license, permit, certificate, or registration issued to a certified public

accountant under the laws of another state that authorizes the holder to practice

public accounting in that state, is valid, is in good standing, and has not expired. (S) “ Attest report ” means an opinion report, review report, compilation report, examination report,

agreed-upon procedures report, or any similar report prepared in accordance with standards

established by the American institute of certified public accountants with respect

to a financial statement or other financial information. (T) “ Person ” means any individual, corporation-for-profit, business trust, estate, partnership,

limited liability company, professional association, or other business organization. (U) Technical terms that define specific public accounting engagements have the same

meanings as in the professional standards promulgated by the American institute of

certified public accountants.