FINDINGS; PUBLIC POLICY; PURPOSE

(a) The practice of public accountancy is a learned profession that requires specialized education and experience. That practice has historically been defined to include a broad range of financial, advisory, and attest services, including: (1) issuing a report on a financial statement; (2) preparing a tax return; (3) providing advice in a tax matter; (4) providing management or financial advisory or consulting services; (5) recommending the sale of a product if the recommendation requires or implies accounting or auditing skill; and (6) providing litigation support services. (b) The attest service is part of the practice of public accountancy. That service provides assurance to the public, especially the public markets, that the management of commercial entities has reasonably described the financial status of those entities. That assurance contributes to the strength of the economy and public markets of this state and to the soundness and reliability of the financial system. The strength of the financial system in this state is supported by the competence, integrity, and expertise of the persons who attest to financial statements in this state. (c) Notwithstanding Subsection (b), the public relies on the competence and integrity of certified public accountants in all of its dealings with certified public accountants and not merely in connection with their performance of the attest service. (d) The terms "accountant" and "auditor," and derivations, combinations, and abbreviations of those terms, have an implication of competence in the profession of public accountancy on which the public relies in personal, business, and public activities and enterprises. (e) The policy of this state and the purpose of this chapter are to provide that: (1) the admission of persons to the practice of public accountancy require education and experience commensurate with the requirements of the profession; (2) a person who represents that the person practices public accountancy be qualified to do so; (3) a person licensed as a certified public accountant: (A) maintain high standards of professional competence, integrity, and learning; and (B) demonstrate competence and integrity in all dealings with the public that rely on or imply the special skills of a certified public accountant and not merely in connection with the performance of the attest service; (4) areas of specialized practice require special training; and (5) the activities and competitive practices of persons practicing public accountancy be regulated to be free of commercial exploitation to provide the public with a high level of professional competence at reasonable fees by independent, qualified persons.