South Dakota Codified Laws
Chapter 20B - Public Accountants
Section 36-20B-1 - Definitions.

36-20B-1. Definitions.
Terms as used in this chapter mean:
(1)"Board," the South Dakota Board of Accountancy established pursuant to this chapter or its predecessor;
(2)"Certificate," a certificate as a certified public accountant issued pursuant to this chapter or corresponding provisions of prior law, or a corresponding certificate as certified public accountant issued after examination under the law of any other state;
(3)"Client," a person or entity that agrees with a licensee to receive any professional service other than an employer-employee relationship;
(4)"CPA firm" and "PA firm," a sole proprietorship, a corporation, a partnership, or any other form of organization permitted by law issued a permit under this chapter;
(5)"Compilation," providing a service to be performed in accordance with Statements on Standards for Accounting and Review Services (SSARS) that is presenting in the form of financial statements, information that is the representation of management (owners) without undertaking to express any assurance on the statements;
(6)"Domestic," referring to a jurisdiction of a state;
(7)"Foreign," referring to a jurisdiction outside of the United States;
(8)"Home office," the location specified by a client as the address to which a service is directed;
(9)"License," a certificate issued pursuant to this chapter, a permit issued pursuant to this chapter, or a registration pursuant to this chapter; or in each case, a certificate, license, or permit issued under corresponding provisions of prior law;
(10)"Licensee," the holder of a certificate issued pursuant to this chapter or of a license issued under prior law, or of a permit issued pursuant to this chapter; or in each case, a certificate, license, or permit issued under corresponding provisions of prior law;
(11)"Manager," manager of a limited liability company;
(12)"Member," a member of a limited liability company;
(12A)"Owner," a licensee or nonlicensee as a proprietor, partner, officer, shareholder, or member with financial rights in the CPA firm or PA firm;
(13)"Peer review," a study, appraisal, or review of one or more aspects of the professional work of a certificate holder or CPA firm that performs attest or compilation services, by a qualified person or persons who hold certificates and who are not affiliated with the certificate holder or CPA firm being reviewed;
(14)"Permit," a permit to practice public accountancy issued to a firm pursuant to this chapter or corresponding provisions of prior law or under corresponding provisions of the laws of other states;
(15)"Practice privilege," the privilege for a person to practice public accountancy;
(16)"Principal place of business," the office location designated by the licensee for purposes of substantial equivalency and reciprocity;
(17)"Professional," arising out of or related to the specialized knowledge or skills associated with CPAs or PAs;
(18)"Public accountant," a person holding a public accountant license issued pursuant to provisions of prior law;
(19)"State," any state of the United States, the District of Columbia, Puerto Rico, the U.S. Virgin Islands, Guam, and the Commonwealth of the Northern Mariana Islands;



(20)"Substantial equivalency," a determination by the board or its designee that the education, examination, and experience requirements contained in the statutes and administrative rules of another jurisdiction are comparable to, or exceed the education, examination, and experience requirements contained in this chapter or that an individual CPA's education, examination, and experience qualifications are comparable to or exceed the education, examination, and experience requirements contained in this chapter. In ascertaining substantial equivalency, the board or its designee shall take into account the qualifications without regard to the sequence in which experience, education, or examination requirements were attained.

Source: SL 2002, ch 179, §2; SL 2009, ch 185, §1; SL 2013, ch 175, §1.

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