Title 22 — Business Regulation

This Chapter may be cited as the >Guam Accountancy Act of 2003=.

It is the policy of Guam, and the purpose of this Chapter, to promote the reliability of information that is used for guidance in financial transactions or for accounting for or assessing the financial status or performance of commercial, noncommercial, and governmental enterpris…

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 Stat…

(a) There is hereby created the Guam Board of Accountancy, which shall have responsibility for the administration and enforcement of this Chapter. (1) The Board shall consist of five (5) members appointed by I Maga’låhi, all of whom shall be residents of Guam and holders of licen…

Accountant. (a) The certificate of >certified public accountant= shall be granted to persons of good moral character who meet the education, experience and examination requirements of the following Subsections of this § 35105 and COL4122017 rules adopted thereunder and who make a…

Competency. (a) The Board shall grant or renew licenses to persons who make application and demonstrate: (1) that their qualifications, including where applicable, the qualifications prescribed by § 35105, are in accordance with the following Subsections of this Section, or (2) t…

and Peer Review. (a) The Board shall grant or renew permits to practice as a CPA firm to applicants that demonstrate their qualifications therefor in accordance with this Section. (1) The following must hold a permit issued under this Section: (A) any firm with an office in Guam …

Taxation as Agent. Application by a person or a CPA firm not a resident of Guam for a license under § 35106, or a Firm Permit to Practice under § 35107, shall constitute appointment of the Director of the Department of Revenue and Taxation as the applicant=s agent upon whom proce…

(a) After notice and hearing pursuant to § 35111 of this Chapter, the Board may revoke any certificate, licenses, or Firm Permit to Practice issued under § 35105, § 35106, or § 35107 or corresponding provisions of prior law, or revoke or limit privileges under § 35122; suspend an…

(a) The Board may, upon receipt of a complaint or other information suggesting violations of this Chapter or of the rules of the Board, conduct investigations to determine whether there is probable cause to institute proceedings under § 35111, § 35114, § 35115, or any other Secti…

(a) In any case where probable cause with respect to a violation by a licensee, holder of a certificate, or an individual with privileges granted under § 35122 of this Chapter has been determined by the Board, whether following an investigation under § 35110 of this Chapter, or u…

(a) In any case where the Board has suspended or revoked or refused to renew a certificate, license, a Firm Permit to Practice, or privileges under §35122, the Board may, upon application in writing by the person or firm affected and for good cause shown, modify the suspension, o…

(a) Only licensees and individuals who have practice privileges under § 35122 of this Chapter may issue a report on financial statements of any person, firm, organization, or governmental unit, or offer to render or render any attest or compilation service, as defined herein. Thi…

Whenever, as a result of an investigation under § 35110 of this Chapter or otherwise, the Board believes that any person or firm has engaged, or is about to engage, in any acts or practices which constitute or will constitute a violation of § 35109, § 35113, or any other provisio…

(a) Whenever, by reason of an investigation under § 35110 of this Chapter or otherwise, the Board has reason to believe that any person or firm has knowingly engaged in acts or practices that constitute a violation of § COL4122017 35113, or any other provision of this Chapter, or…

In any action brought under § 35111, § 35114 or § 35115 of this Chapter, evidence of the commission of a single act prohibited by this Chapter shall be sufficient to justify a penalty, injunction, restraining order, or conviction, respectively, without evidence of a general cours…

Except by permission of the client for whom a licensee performs services, or the heirs, successors, or personal representatives of such client, a licensee under this Chapter shall not voluntarily disclose information communicated to the licensee by the client relating to and in c…

COL4122017 (a) Subject to the provisions of § 35117, all statements, records, schedules, working papers, and memoranda made by a licensee or a partner, shareholder, officer, director, member, manager or employee of a licensee, incident to, or in the course of, rendering services …

(a) This section applies to all causes of action of the type specified herein filed on or after the effective date of the enactment of this section. COL4122017 (b) This section governs any action based on negligence brought against any accountant, or firm of accountants, practici…

(a) This section applies to all causes of action of the types specified herein filed on or after the effective date of the enactment of this section. COL4122017 (b) This section governs any action based on negligence or breach of contract brought against any licensee, or any CPA …

(a) This Section applies to all causes of action of the type specified herein filed on or after the effective date of the enactment of this section. (b) This Section governs any claim for money damages brought against any licensee or any CPA firm registered, licensed, or practici…

(a) An individual whose principal place of business is not in Guam. (1) An individual whose principal place of business is not in Guam and who holds a valid license as a certified public accountant from any State which the NASBA National Qualification Appraisal Service has verifi…

If any provision of this Chapter or the application thereof to any person or entity or in any circumstances is held invalid, the remainder of the Chapter and the application of such provision to others or in other circumstances shall not be affected thereby.

All other acts or parts of acts in conflict herewith are hereby repealed; provided, however, that nothing contained in this Chapter shall invalidate or affect any action taken or any proceeding instituted under any law in effect prior to the effective date hereof. COL4122017

This Chapter shall take effect upon its enactment. ---------- COL4122017 COL4122017