Definitions. — Guam Code § 35103

§ 35103. Definitions.

When used in this Act, the following terms have the meanings

indicated:

(a) >AICPA= means the American Institute of Certified Public

Accountants.

(b) (1) ‘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);

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(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 Subsection

(3).

(2) The standards specified in this definition shall be adopted

by reference by the Board pursuant to rulemaking and shall be

those developed for general application by recognized national

accountancy organizations such as the AICPA and the PCAOB.

(c) >Board= means the Guam Board of Accountancy established

under § 35104 of this Chapter or its predecessor under prior law.

(d) >Certificate= means a certificate as certified public accountant

issued under § 35105 of 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.

(e) >Client= means a person or entity that agrees with a licensee, or

licensee's employer, to receive any professional service.

(f) >Compilation= means 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.

(g) ‘CPA Firm= means a sole proprietorship, a corporation, a

partnership, a limited liability partnership, a professional limited

liability company. or any other form of organization issued a permit

under § 35107 of this Chapter.

(h) >License= means a certificate or license issued under § 35106 of

this Chapter; a permit issued under § 35107 of this Chapter; or in each

case, a certificate, license, or permit issued under corresponding

provisions of prior law.

(i) >Licensee= means the holder of a license as defined in §

35103(h).

(j) >Manager= means a manager of a limited liability company.

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(k) >Member= means a member of a limited liability company.

(l) >NASBA= means the National Association of State Boards of

Accountancy.

(m) >Peer Review= means a study, appraisal, or review of one (1) or

more aspects of the professional work of a certificate holder, licensee,

or CPA firm that issues attest or compilation reports, by a person or

persons who hold licenses and who are not affiliated with the license

holder or CPA firm being reviewed.

(n) >Permit= means a Firm Permit to Practice as a CPA firm issued

under § 35107 of this Chapter, or corresponding provisions of prior

law, or under corresponding provisions of the laws of other states.

(o) >Professional= means arising out of or related to the specialized

knowledge or skills associated with CPAs.

(p) >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.

(q) >Rule= means any rule, regulation, or other written directive of

general application duly adopted by the Board.

(r) >State= means any State of the United States, the District of

Columbia, Puerto Rico, the United States Virgin Islands, Guam, and

the Commonwealth of the Northern Mariana Islands; except that this

State means the Territory of Guam.

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(s) >Substantial Equivalency= is a determination by the Board of

Accountancy 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 the Uniform

Accountancy Act or that an individual CPA’s education, examination,

and experience qualifications are comparable to or exceed the

education, examination, and experience requirements contained in the

Uniform Accountancy Act. In ascertaining substantial equivalency as

used in this Act, the Board shall take into account the qualifications

without regard to the sequence in which experience, education, or

examination requirements were attained.

(t) ‘PCAOB’ means the Public Company Accounting Oversight

Board.

(u) ‘Principal place of business’ means the office location

designated by the licensee for purposes of substantial equivalency and

reciprocity.

(v) ‘Home Office’ is the location specified by the client as the

address to which a service described in § 35122(a)(4) is directed.