N.J. Admin. Code § 13:29-3.5

Current through Register Vol. 56, No. 9, May 6, 2024

Section 13:29-3.5 - Auditing standards

(a) A licensee or the licensee's firm shall not permit the licensee's name to be associated with financial statements in such a manner as to imply that the licensee is acting as an independent public accountant with respect to such financial statements unless the licensee has complied with applicable generally accepted auditing standards (GAAS) and, if applicable, generally accepted governmental auditing standards (GAGAS). Statements on Auditing Standards (SAS) issued by the American Institute of Certified Public Accountants (AICPA), and issued by the Public Company Accounting Oversight Board (PCAOB), and other pronouncements having similar generally recognized authority, are considered to be interpretations of generally accepted auditing standards, and departures therefrom shall be justified by those licensees or firms who do not follow them.

1. For purposes of this section, "other pronouncements having similar generally recognized authority" encompass both domestic and international pronouncements.

Amended by 51 N.J.R. 1424(a), effective 9/3/2019