A firm may not assume or use the designation “public accountant” or the abbreviation “PA” or any other title, designation, word, letter, abbreviation, sign, card, or device tending to indicate that the firm is composed of public accountants, unless the firm (1) holds a current permit, is practicing under the name on its permit, and its office in this state for the practice of public accounting is maintained as required by AS 08.04.360 and 08.04.370; or
(2) is engaging in the practice of public accounting under a practice privilege.