The following definitions shall apply, unless the definition is inappropriate for the context:
(1) “AICPA” means the American Institute of Certified Public Accountants.
(2) “Attest” means providing the following services:
a. Any audit or other engagement to be performed in accordance with the Statements on Auditing Standards (SAS);
b. Any review of a financial statement to be performed in accordance with the Statements on Standards for Accounting and Review Services (SSARS);
c. Any examination of prospective financial information to be performed in accordance with the Statements on Standards for Attestation Engagements (SSAE);
d. Any engagement to be performed in accordance with the standards of the PCAOB; and
e. Any examination, review, or agreed upon procedures engagement to be performed in accordance with the SSAE, other than an examination described in paragraph (2)c. of this section.
(3) “Board” means the Delaware State Board of Accountancy.
(4) “Certificate” means a certificate of “certified public accountant” issued by the Board pursuant to this chapter or the prior law of this State, or a corresponding certificate of certified public accountancy issued after examination under the law of any other state.
(5) “Certified public accountant” means the holder of a permit to practice certified public accountancy.
(6) “Certified public accounting” or “the practice of certified public accountancy” means the performance, or offer to perform, for a client or a potential client, by a person or firm holding itself out to the public as a CPA permit holder, of 1 or more kinds of services involving the use of accounting or auditing skills, including the issuance of reports or financial statements, or of 1 or more kinds of management advisory, financial advisory or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters.
(7) “Client” means a person or entity that agrees with a permit holder or permit holder’s employer to receive any professional service.
(8) “Compilation” means providing a service to be performed in accordance with, and as defined by, Statements on Standards for Accounting and Review Services (SSARS).
(9) “Division” means the State of Delaware Division of Professional Regulation.
(10) “Firm” means a sole proprietorship, partnership, corporation or any other entity authorized under Delaware law or a similar statute of another state.
(11) “Licensee” means an individual or firm licensed under this title or under corresponding law in another jurisdiction.
(12) “NASBA” means the National Association of State Boards of Accountancy.
(13) “Nonpublic entity” means an entity other than one whose securities trade in a public market either on a stock exchange (domestic or foreign) or in the over-the-counter market, including securities quoted only locally or regionally, or an entity that makes a filing with a regulatory agency in preparation for the sale of any of its securities in a public market.
(14) “PCAOB” means the Public Company Accounting Oversight Board.
(15) “Peer review” means a board-approved study, appraisal, or review of 1 or more aspects of the attest and compilation services rendered by an individual or firm permit holder performed by a person or persons who hold Delaware permits or are duly licensed in another jurisdiction and who are not affiliated with the individual or firm permit holder being reviewed.
(16) “Permit” or “permit to practice” means a permit issued by the Board to practice either public accountancy or certified public accountancy.
(17) “Principal place of business” means the office location designated by the licensee.
(18) “Public accountant” means the holder of a permit to practice public accountancy.
(19) “Public accounting” or “practice of public accountancy” means the performance, or offer to perform, for a client or a potential client, by a person or firm holding itself out to the public as a permit holder, of 1 or more kinds of services involving the use of accounting or auditing skills, including the issuance of reports or financial statements, or of 1 or more kinds of management advisory, financial advisory or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters.
(20) “Regulation” means any rule or regulation duly adopted by the Board.
(21) “Report” when used with reference to any attest or compilation service, means an opinion, report, or other form of language that states or implies assurance as to the reliability of the attested information or compiled financial statements and that also includes or is accompanied by any statement or implication that the person or firm issuing it has special knowledge or competence in accounting or auditing. 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 person or firm is an accountant or auditor, or from the language of the report itself. The term “report” includes any form of language which disclaims an opinion when such form of language is conventionally understood to imply any positive assurance as to the reliability of the attested information or compiled financial statements referred to and/or special competence on the part of the person or firm issuing such language; and it includes any other form of language that is conventionally understood to imply such assurance and/or such special knowledge or competence.
(22) “State” means any state of the United States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, the Commonwealth of the Northern Mariana Islands, and Guam; except that “this State” means the State of Delaware.
(23) “Substantially related” means the nature of the criminal conduct, for which the person was convicted, has a direct bearing on the fitness or ability to perform 1 or more of the duties or responsibilities necessarily related to accountancy.