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Florida Administrative Code (Last Updated: November 11, 2024) |
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61. Department of Business and Professional Regulation |
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61H1. Board of Accountancy |
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61H1-21. Independence, Integrity, Etc. |
1(1) A certified public accountant shall not pay or accept a commission or referral fee in connection with the sale of a product or referral of any services as defined in Section 33473.302(8)(a) 34and (c), F.S., or prohibited to non-certified public accountants as listed in Section 47473.322, F.S. 49These services include:
52(a) Audit, review or compilation services.
58(b) Services for any prospective financial data including forecasts or projections.
69(c) Any special procedures engagement resulting in an expression of an opinion when the services fall within the definitions as set forth in Section 93473.302(8)(a) 94and (c) and Section 98473.322, F.S.
100(2) The certified public accountant must have an engagement letter signed by the client prior to beginning any engagement for which the certified public accountant will receive a commission. The letter must include complete details of the financial arrangements involving compensation for the services rendered.
145(3) The certified public accountant must hold appropriate licenses as required.
156(4) If the certified public accountant is not independent as described in Rule 16961H1-21.001, 170F.A.C., it must be disclosed in the engagement letter. However, if the only reason for not being independent is the fact that the certified public accountant is being compensated by a commission or contingent fee then the lack of independence does not have to be disclosed.
216Rulemaking Authority 218473.304, 219473.3205 FS. 221Law Implemented 223473.3205 FS. 225History–New 12-4-79, Formerly 21A-21.03, Amended 3-28-89, Formerly 21A-21.003, Amended 2-23-98, 8-16-99, 12-21-09.
