“This message is posted pursuant to the requirements of Executive Order 2011-01K and Senate Bill 2 (SB2) of the 129th General Assembly, which requires state agencies, including the Accountancy Board of Ohio, to draft rules in collaboration with stakeholders, assess and justify any adverse impact on the business community (as defined by SB2), and provide opportunity for the affected public to provide input on the rules.”
The six proposed rules cover the following topics:
- Rule 4701-7-04 defines the terms “public accounting” and “regulated services.” These are the only two groups of services regulated by the Accountancy Board. Public accounting services must always be in accordance with applicable professional standards and must be performed in a registered public accounting firm. Regulated services refer to certain services performed outside a public accounting firm in which a CPA is both using the CPA designation and expected to follow the professional standards.
- Rule 4701-7-08 defines the “Inactive” designation required for CPAs who do not hold a permit to practice public accounting.
- Rule 4701-9-01 describes the general ethical principles of integrity and objectivity as they apply to CPAs.
- Rule 4701-9-05 defines the professional standards for attestation services. Attestation services are ones in which a CPA makes an assertion about a client’s financial data for the benefit of creditors or third-party investors.
- Rule 4701-11-03 prohibits contingent fees for engagements in which the CPA must be independent and not an advocate for the client. Contingent fees are dependent upon attaining a certain result and are not related to the quantity of work performed.
- Rule 4701-17-08 describes the surcharge to the license fee earmarked for the education assistance fund.
Information concerning the proposed rules, including recommended additions or deletions, may be found on this page at the links to the left marked "Proposed Rules" and "CSI Business Impact Analysis." The rules are posted on the Register of Ohio. On the Register of Ohio website, select "Browse Rules by">"Filing Agency">"4701-Accountancy Board" and "Search."
Comments on the proposed rules will be accepted until close of business on October 19, 2012. Please send all comments to the following email address: