71st OREGON LEGISLATIVE ASSEMBLY--2001 Regular Session
 
HA to A-Eng. SB 280 (A to RC)
 
LC 901/SB 280-A3
 
                       HOUSE AMENDMENTS TO
                   A-ENGROSSED SENATE BILL 280
           (INCLUDING AMENDMENTS TO RESOLVE CONFLICTS)
 
      By COMMITTEE ON BUSINESS, LABOR, AND CONSUMER AFFAIRS
 
                             May 15
 
  On page 1 of the printed A-engrossed bill, line 2, delete '
and'.
  In line 3, after '673.457' insert '; and repealing section 1a,
chapter ___, Oregon Laws 2001 (Enrolled Senate Bill 20)'.
  On page 3, after line 28, insert:
  '  { +  SECTION 1a. + }  { + If Senate Bill 20 becomes law,
section 1 of this 2001 Act (amending ORS 673.010) is repealed and
ORS 673.010, as amended by section 1, chapter ___, Oregon Laws
2001 (Enrolled Senate Bill 20), is amended to read: + }
  ' 673.010. As used in ORS 673.010 to 673.457:
  ' (1) 'Attest,' 'attesting' or 'attestation' means the opinion
of a licensee as to the reliability or fairness of information
that is used for guidance in the financial transactions of,
accounting for or assessing the status or performance of,
commercial and noncommercial enterprises, whether public or
private, following the completion of an audit, in accordance with
generally accepted accounting and auditing standards. The board
by rule shall further define what constitutes attestation
services in conformance, to the extent possible, with
professional standards, including but not limited to the
Statements on Auditing Standards (SAS) for audits or other
engagements, the Statement of Standards for Accounting and Review
Services (SSARS) for the review of financial statements and the
Statements on Standards for Attestation Engagements (SSAE) for
examinations of prospective financial information.
  ' (2) 'Board' means the Oregon Board of Accountancy created by
ORS 673.410.
  ' (3) '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.
  ' (4) 'Certificate' means a certificate of certified public
accountant issued under ORS 673.040.
  ' (5) 'Client' means a person who agrees with a licensee to
receive any professional service from the licensee.
  ' (6) 'Commission' means money or other consideration
recognized as a commission under rules adopted by the board
pursuant to section 4 { + , chapter ___, Oregon Laws 2001
(Enrolled Senate Bill 20) + }   { - of this 2001 Act - } .
  '  { +  (7) 'Compilation' means those services as defined by
the board by rule. + }
  '  { - (7) - }   { + (8) + } 'Contingent fee' means a fee
established for the performance of any professional service and
directly or indirectly paid to a licensee 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. The board by rule may further define 'contingent fee.' 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) - }   { + (9) + } 'License' means:
  ' (a) A certificate, permit or registration, or a license
issued under ORS 673.100, enabling the holder thereof to practice
public accountancy in this state; or
  ' (b) A certificate, permit, registration or other
authorization issued by a jurisdiction outside this state
enabling the holder thereof to practice public accountancy in
that jurisdiction.
  '  { - (9) - }   { + (10) + } 'Licensee' means the holder of a
license under subsection   { - (8)(a) - }   { + (9)(a) + } of
this section.
  '  { - (10) - }   { + (11) + } 'Manager' means a manager of a
limited liability company.
  '  { - (11) - }   { + (12) + } 'Member' means a member of a
limited liability company.
  '  { - (12) - }   { + (13) + } 'Peer review' means a study,
appraisal or review of one or more aspects of the public
accountancy work of a  { +  holder of a permit under ORS 673.150
or of a + } registered business organization that performs
attestation  { + or compilation + } services { + .  The peer
review is conducted + } by a person or persons  { + who are + }
permitted under ORS 673.150 to practice public accountancy and
 { + who are + } independent of the  { + permit holder or + }
registered business organization being reviewed.
  '  { - (13) - }   { + (14) + } 'Permit' means a permit to
practice public accountancy issued under ORS 673.150.
  '  { - (14) - }   { + (15) + } 'Professional' means arising out
of or related to the specialized knowledge or skills associated
with certified public accountants and public accountants.
  '  { - (15) - }   { + (16) + } 'Public accountant' means a
public accountant licensed under ORS 673.100.
  '  { - (16) - }   { + (17) + } 'Referral fee' means a fee
recognized as a referral fee under rules adopted by the board
pursuant to section 4 { + , chapter ___, Oregon Laws 2001
(Enrolled Senate Bill 20) + }   { - of this 2001 Act - } .
  '  { - (17) - }   { + (18) + } 'Registration' means the
authority issued under ORS 673.160 by the Oregon Board of
Accountancy to a business organization to practice public
accountancy { +  in this state + }.
  '  { - (18) - }   { + (19) + } 'Report,' when used with
reference to attestation  { + or compilation + } services, means
an opinion or other form of written language that states or
implies assurance as to the reliability of any financial
statements and that also includes or is accompanied by any
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.
  ' (a) '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 financial
statements referred to or special knowledge or competence on the
part of the person issuing the language;
  ' (B) Implies any positive assurance as to the reliability of
the financial statements referred to or special knowledge or
competence on the part of the person issuing the language; or
 
 
  ' (C) Relates to the financial affairs of a person and that is
conventionally used by licensees in reports or financial
statements.
  ' (b) 'Report' does not include:
  ' (A) The following statement signed by a person who does not
hold a certificate, license or permit under ORS 673.010 to
673.457 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 of 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
673.457.
  '  { - (19) - }   { + (20) + } 'State' means any state,
territory or insular possession of the United States, and the
District of Columbia.
  '  { - (20) - }   { + (21) + } 'Substantial equivalency' means
a determination by the   { - board or its designee - }
 { + National Qualification Appraisal Service of the National
Association of State Boards of Accountancy + } that:
  ' (a) The education, examination and experience requirements
contained in the statutes and administrative rules of another
jurisdiction are equivalent to or exceed the education,
examination and experience requirements   { - contained in ORS
673.040, 673.050 and 673.060 and rules of the board issued
thereunder - }  { +  of the Uniform Accountancy Act + }; or
  ' (b) An individual's education, examination and experience
qualifications are equivalent to or exceed the education,
examination and experience requirements   { - contained in ORS
673.040, 673.050 and 673.060 and rules of the board issued
thereunder - }  { +  of the Uniform Accountancy Act + }.'.
  On page 4, delete lines 3 and 4 and insert:
  ' (b) Pay an annual fee in an amount and by the date determined
by the board by rule;'.
  After line 10, insert:
  '  { +  SECTION 3a. + } If Senate Bill 20 becomes law, section
3 of this 2001 Act is amended to read:
  '  { +  Sec. 3. + } (1) The Oregon Board of Accountancy may
authorize a holder of a license with a principal place of
business in another state to practice public accountancy in this
state if the holder holds in good standing a valid certificate
and license as a certified public accountant from:
  ' (a) Another state that is verified to be of substantial
equivalency, as defined in ORS 673.010   { - (18)(a) - }  { +
(21)(a) + }.
  ' (b) Another state that is not verified to be of substantial
equivalency, as defined in ORS 673.010   { - (18)(a) - }  { +
(21)(a) + }, but the holder's skills are verified to be of
substantial equivalency, as defined in ORS 673.010
 { - (18)(b) - }  { +  (21)(b) + }.
  ' (2) A holder authorized under subsection (1) of this section
shall be presumed to meet this state's requirements to practice
public accountancy and shall have all the rights and privileges
of certificate holders and licensees of this state without the
need to obtain a certificate under ORS 673.040 or a permit under
ORS 673.150.
  ' (3) A holder of a license from another state who is engaged
in the practice of public accountancy under this section shall:
  ' (a) Notify the board of the holder's intent to practice
public accountancy in this state on a form provided by the board;
  ' (b) Pay an annual fee in an amount and by the date determined
by the board by rule;
  ' (c) Consent to the personal and subject matter jurisdiction
of the board;
  ' (d) Comply with the requirements of ORS 673.010 to 673.457
and any rules adopted thereunder; and
  ' (e) Agree to the appointment of the other state's licensing
authority as the agent of the holder, upon whom process may be
served in any action or proceeding by the board against the
holder.'.
  On page 5, after line 26, insert:
  '  { +  SECTION 6a. + }  { + If Senate Bill 20 becomes law,
section 1a, chapter ___, Oregon Laws 2001 (Enrolled Senate Bill
20) (amending ORS 673.150), is repealed.'. + }
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