1. The Board hereby adopts by reference the
Code of Professional Conduct adopted by the American Institute
of Certified Public Accountants, with the following exceptions:
(a) References to "member" are amended to
refer to "practitioner."
(b) The
definition of "financial statements" in paragraph. 17 of section 0.400 is
amended to read as follows:
(1) "Financial
statements" means:
(I) Any statements or
footnotes related thereto that purport to demonstrate the financial condition
of a person at a particular time or the change in a person's financial
condition during a particular period; or
(II) Any statements prepared using a cash or
other comprehensive basis of accounting.
(2) The term includes balance sheets,
statements of income, statements of retained earnings, statements of cash flows
and statements of changes in equity.
(3) The term does not include incidental
financial data that is included in reports concerning advisory services for
management made to support recommendations to a client, tax returns or
schedules in support of a tax return, or the statement, affidavit or signature
of the person who prepares a tax return.
(c) The definition of "public practice" in
paragraph .42 of section 0.400 is amended to have the meaning ascribed to the
definition of "practice of public accounting" in NRS
NRS
628.023.
(d) The disclosure required pursuant to
paragraph .03 of section 1.520.001 must:
(1)
Include the amount of the commission expressed in dollars or the method,
described in plain language, used to calculate the commission;
(2) Include the name of the person or entity
paying the commission;
(3) Be
written;
(4) Be made on or before
the date of referral or recommendation; and
(5) Be signed and dated.
(e) The statement, affidavit or signature of
the preparer of a tax return does not constitute an opinion on a financial
statement, and the preparer of the tax return is not required to make a
disclaimer of such an opinion.
(f)
The Board does not adopt by reference pursuant to this section Appendix B of
the Code of Professional Conduct.
2. A copy of the Code of Professional
Conduct may be obtained from the American Institute of Certified
Public Accountants at its Internet website,
http://pub.aicpa.org/codeofconduct,
free of charge.
3. The Board will
periodically review the standards adopted by reference in this section and
determine within 30 days after the review whether any change made to the
standards is appropriate for application in this State. If the Board does not
disapprove a change to the standards within 30 days after the review, the
change is deemed to be approved by the Board.
Added to NAC by Bd. of
Accountancy, eff. 12-13-96; A by R169-99, 12-13-99; R094-01, 10-17-2001;
R056-05, 11-17-2005; R046-13, 12-23-2013; A by
R117-15,
eff. 4/4/2016
