33-3-118. Certified public accountant firms.

(a) A certified public accounting firm that has been issued a permit under this act may practice in any form of organization allowed by state law.

(i) Repealed By Laws 2005, ch. 1, § 2.

(ii) Repealed By Laws 2005, ch. 1, § 2.

(iii) Repealed By Laws 2005, ch. 1, § 2.

(b) The board shall grant or renew a permit to a certified public accounting firm demonstrating its qualifications in accordance with this section:

(i) Repealed By Laws 2005, ch. 1, § 2.

(ii) Repealed By Laws 2005, ch. 1, § 2.

(iii) Repealed By Laws 2005, ch. 1, § 2.

(iv) Repealed By Laws 2005, ch. 1, § 2.

(v) Repealed By Laws 2005, ch. 1, § 2.

(vi) Repealed By Laws 2005, ch. 1, § 2.

(vii) Repealed By Laws 2005, ch. 1, § 2.

(viii) Repealed By Laws 2005, ch. 1, § 2.

(ix) Repealed By Laws 2009, Ch. 99, § 2.

(x) Repealed By Laws 2009, Ch. 99, § 2.

(xi) Repealed By Laws 2009, Ch. 99, § 2.

(xii) Repealed By Laws 2009, Ch. 99, § 2.

(xiii) Except as otherwise provided in this section, the following shall be required to hold a permit issued under this section:

(A) Any firm with an office in this state performing any attest services as defined in W.S. 33-3-102(a)(vi) or any compensated public accounting services described in W.S. 33-3-109(c) for members of the general public provided by certified public accountants who are subject to the jurisdiction of the board under this act;

(B) Any firm with an office in this state that uses the title "CPA" or "CPA firm".

(C) Repealed by Laws 2019, ch. 2, § 2.

(xiv) A firm which does not have an office in this state may perform attest services described in W.S. 33-3-102(a)(vi) or compilation services described in W.S. 33-3-102(a)(ix) for a client having its home office in this state and may use the title "CPA" or "CPA firm" without a permit issued under this section if:

(A) The firm has the qualifications described in paragraph (xvi) of this subsection and W.S. 33-3-132; and

(B) The firm performs the services through an individual with practice privileges under W.S. 33-3-116(a).

(xv) A firm which is not subject to the requirements of paragraph (xiii) or (xiv) of this subsection may perform other professional services while using the title "CPA" or "CPA firm" without a permit if:

(A) The firm performs the services through an individual with practice privileges under W.S. 33-3-116(a); and

(B) The firm can lawfully perform those services in the state where the individual with practice privileges has his principal place of business.

(xvi) Notwithstanding any other provision of law, at least a simple majority of the ownership of the firm, in terms of financial interests and voting rights of all partners, officers, shareholders, members or managers, shall belong to holders of a certificate who are licensed in some state and those partners, officers, shareholders, members or managers whose principal place of business is in this state and who perform professional services in this state shall hold a valid certificate issued under W.S. 33-3-109 or the corresponding provision of prior law. Firms may include noncertificate holder owners but the firm and its ownership shall comply with rules promulgated by the board;

(xvii) Any firm may include nonlicensed owners provided that:

(A) The firm designates a certificate holder of this state, or in the case of a firm which is required to have a permit pursuant to W.S. 33-3-116(a)(iv) a licensee of another state who meets the requirements of W.S. 33-3-116(a), who is responsible for the proper registration of the firm and the firm identifies that individual to the board;

(B) All nonlicensed owners shall be active individual participants in the firm or the firm's affiliated entities;

(C) The firm complies with any other requirements imposed by board rules;

(D) Any firm which is not in compliance with the requirements of this paragraph due to changes in firm ownership or personnel after receiving or renewing a permit shall take corrective action to bring the firm back into compliance. The board, through rule and regulation, shall specify a period of time for firms to take corrective action. Failure to take corrective action may be grounds for suspension or revocation of the permit issued under this section.

(c) Repealed By Laws 2005, ch. 1, § 2.

(d) This section shall not be applied to prohibit any officer or employee of the state or federal government or political subdivision thereof from performing his official duties.