N.D. Admin. Code 3-01-02-01

Current through Supplement No. 395, January, 2025

Section 3-01-02-01 - Definitions

Unless specifically stated otherwise, the following definitions are applicable throughout this title:

1. "Accountant" means either a certified public accountant (CPA) or a licensed public accountant (LPA), except as provided in section 3-01-02-02.

2. "Accounting concentration" means twenty-four semester credits or equivalent of accounting courses, plus twenty-four credits of other business courses. Principles of accounting or equivalent courses do not count toward the required accounting or business courses.

3. "AICPA" means the American institute of certified public accountants.

4. "Bookkeeping" means the maintaining of financial records and preparation of tax returns. Bookkeeping does not include the preparation of any financial statement or similar such documents on which language similar to that utilized by certified public accountants or licensed public accountants is placed including compilation and review language.

5. "Enterprise" means any person, persons, or entity, whether or not organized for profit, for which an accountant provides services.

6. "Financial statements" means a presentation of financial data, including any accompanying notes, intended to show financial position at a point in time or changes in financial position for a period of time in accordance with generally accepted accounting principles or another comprehensive basis of accounting. Incidental financial data included in management advisory services, reports to support recommendations to a client, and tax returns and supporting schedules are not financial statements.

7. "NASBA" means the national association of state boards of accountancy.

8. "Practice of public accounting" does not include reviews conducted under peer review programs.

The terms "public practice", "practice", "practice of public accountancy", and "practice public accounting", shall be synonymous with the term "practice of public accounting".

N.D. Admin Code 3-01-02-01

Amended effective January 1, 1987; July 1, 1991; March 1, 1995; October 1, 1999; December 1, 2003; July 1, 2006; July 1, 2008.

Amended by Administrative Rules Supplement 368, April 2018, effective 4/1/2018.

Amended by Administrative Rules Supplement 2024-392, April 2024, effective 4/1/2024.

General Authority: NDCC 43-02.2-03

Law Implemented: NDCC 43-02.2-03