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Delaware General AssemblyDelaware RegulationsMonthly Register of RegulationsJuly 2017

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24 DE Admin. Code 100
On December 1, 2016, the Delaware Board of Accountancy published proposed changes to its regulations in the Delaware Register of Regulations, Volume 20, Issue 6. The notice indicated that written comments would be accepted by the Board, a public hearing would be held, and written comments would be accepted for fifteen days thereafter. After due notice in the Register of Regulations and two Delaware newspapers, a public hearing was held on January 18, 2017 at a regularly scheduled meeting of the Board of Accountancy to receive verbal comments regarding the Board's proposed amendments to its regulations. Subsequent to final adoption citation and numbering errors were discovered. The purpose of this Order is to correct those errors.
SO ORDERED this 17th day of May, 2017.
1.1 Pursuant to 24 Del.C. Ch. 1, the Delaware Board of Accountancy (“the Board”) is authorized to, and has adopted, these Rules and Regulations. The Rules and Regulations are applicable to all certified public accountants, public accountants, permit holders and applicants to the Board.
1.7 Board members are subject to the provisions applying to “honorary state officials” in the “State Employees’, Officers’ and Officials’ Code of Conduct,” found at 29 Del.C. Ch. 58. No member of the Board shall: (1) serve as a peer reviewer in a peer review of a licensee; or (2) be an instructor in an examination preparation course or school or have a financial interest in such an endeavor.
An “agreed-upon procedures engagement” is one which is to be performed in accordance with applicable attestation standards and is one in which a Licensee is engaged to issue a written finding(s) that (i) is based on specific procedures that the specified parties agree are sufficient for their purposes, (ii) is restricted to the specified parties, and (iii) does not provide an opinion or negative assurance.
For purposes of the definition of “attest”, the Board adopts and incorporates by reference the AICPA’s Statements on Auditing Standards (SAS) as they existed as of May 25, 2016.
Audit” means the procedures performed in accordance with applicable auditing standards for the purpose of expressing or disclaiming an opinion on the fairness with which the historical financial information is presented in conformity with generally accepted accounting principles, another comprehensive basis of accounting, or basis of accounting described in the report.
Financial statements” means statements and footnotes related thereto that undertake to present an actual or anticipated financial position as of a point in time, or results of operations, cash flow, or changes in financial position for a period of time, in conformity with generally accepted accounting principles or another comprehensive basis of accounting. The term does not include incidental financial data included in management advisory service reports to support recommendations to a client; nor does it include tax returns and supporting schedules.
6.2 Each applicant for a permit to practice certified public accountancy pursuant to 24 Del.C. §107 must provide the Board with the following:
6.2.1 A statement under oath or other verification satisfactory to the Board that the applicant has not been convicted of a crime that is substantially related to the practice of accountancy as stated in subsection 12.1. The examination required by 24 Del.C. §107 shall test the knowledge and skills required for performance as an entry-level certified public accountant. The examination shall include the subject areas of accounting and auditing and related knowledge and skills as the Board may require. Only experience obtained after the conferring of the degree under which the candidate applies shall be accepted. A "year" of qualifying experience shall consist of full or part-time employment that extends over a period of no less than a year and no more than three years and includes no fewer than 2,000 hours of performance of services described in subsection
7.1.1 These regulations provide two distinct routes for an individual already licensed in another state to obtain a reciprocal permit to practice in this State. Individuals may qualify for a reciprocal permit to practice as described in 24 Del.C. §109 (substantial equivalency) or as described in Section 108(c)(2) and subsection 7.2 below. Individuals with a principal place of business in another state may offer or render services in this state pursuant to substantial equivalence (see 24 Del.C. §109).
7.1.2 If the substantial equivalency standard set out in 24 Del.C. §109 is not applicable, the Board shall issue a reciprocal permit to practice to the holder of a certificate, license or permit issued by another state provided that the applicant meets each of the following requirements: Has experience of the type required under the 24 Del.C. §107(f) and this regulation for issuance of the initial permit to practice.
10.8 Notification of changes by firms.
10.8.1 A firm registered pursuant to 24 Del.C. §111 shall file with the Board a written notification of any of the following events concerning the practice of certified public accountancy or public accountancy within this State within thirty (30) days after its occurrence:
10.10 All firms and accountants practicing in firms shall be bound by professional responsibility standards no less stringent than those stated in 8 Del.C. §608. Each applicant for issuance or renewal of a firm permit to practice certified public accountancy or public accountancy shall be required to cause a duly authorized individual to verify under oath that upon issuance by the Board of a firm permit to practice, the firm will be bound by professional standards no less stringent than those stated in 8 Del.C. §608.
10.12.1 “Enrollment in a peer review program” means a firm is required to follow all requirements of the peer review process, cooperate with those performing and administering the peer review, comply with the peer review standards and inform sponsoring organizations when firm changes occur.
10.12.2 “Peer Review Programs” mean the sponsoring organization’s entire peer review process, including but not limited to the standards for administering, performing, and reporting on peer reviews, oversight procedures, training, and related guidance materials.
10.12.3 “Peer Review Standards” mean the Board-approved professional standards for administering, performing and reporting on peer reviews.
10.12.4 “Peer Reviewer/Reviewing Firm” means a certified public accounting firm responsible for conducting the peer review, holding a valid and active license to practice public accounting in good standing by this state or some other state, and meets the peer reviewer qualifications to perform peer reviews established in the Board-approved peer review standards.
10.12.5 “Sponsoring Organization” means a Board-approved professional society, or other organization responsible for the facilitation and administration of peer reviews through use of its peer review program and peer review standards. On and after July 1, 2017, each applicant for renewal of a permit to practice under 24 Del.C. §108 or 24 Del.C. §110 in the case of a permit holder who issues compilation reports to the public other than through a CPA or PA firm, and each applicant for renewal of a firm permit to practice under 24 Del.C. §111 shall furnish in connection with their renewal, evidence of enrollment in a Board approved Peer Review Program. Such evidence shall be at the Board’s discretion and may consist of a check box on the renewal form. Further proof of enrollment shall be at the Board’s discretion.
10.1312.6.7.1 Health;
10.1312.6.7.2 Military service; or
10.1312.6.7.3 Other good cause clearly outside of the control of the firm. For good cause shown, the Board may grant or renew applications for a reasonable period of time pending completion of the firm’s peer review.
12.1.1 Aggravated menacing. 11 Del.C. §602(b).
12.1.9 Terroristic threatening; felony. 11 Del.C. §621(a) and (b).
12.1.40 Theft. 11 Del.C. §841.
12.1.45 Extortion. 11 Del.C. §846.
12.1.48 Identity theft. 11 Del.C. §854.
12.1.49 Forgery. 11 Del.C. §861.
12.1.68 Debt adjusting. 11 Del.C. §910.
12.1.89 Bribery; felony. 11 Del.C. §1201.
12.1.95 Profiteering. 11 Del.C. §1212.
12.1.114 Stalking; felony. 11 Del.C. §1312A.
12.1.117 Adulteration. 11 Del.C. §1339.
12.1.133 Drug paraphernalia; felony. 16 Del.C. §4771 (b) and (c) [manufacture and sale, delivery to a minor].
12.2 Crimes substantially related to the practice of accountancy shall be deemed to include any crimes under any federal law, state law, or valid town, city or county ordinance, that are substantially similar to the crimes identified in this regulation.
Last Updated: December 31 1969 19:00:00.
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