HAR §16-71-62
HAR §16-71-62. Competence and technical standards
Cite as Haw. Code R. § 16-71-62
(a) A licensee shall not undertake any engagement for
the performance of professional services which the
licensee cannot reasonably expect to complete with due
professional competence, including compliance, where
applicable, with subsections (b) and (c).
(b)
A licensee's name shall not be permitted to
be associated with financial statements in a manner as
to imply that the licensee is acting as an independent
public accountant with respect to the financial
statements unless the licensee is in compliance with
applicable generally accepted auditing standards.
Statement on Auditing Standards issued by the American
Institute of Certified Public Accountants, and other
pronouncements having similar generally recognized
authority, are considered to be interpretations of
generally accepted auditing standards, and departures
therefrom shall be justified by those who do not
follow them.
(c)
A licensee shall not express an opinion that
financial statements are presented in conformity with
generally accepted accounting principles if the
financial statements contain any departure from an
accounting principle which has a material effect on
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71-38
the statements taken as a whole, unless the licensee
can demonstrate that due to unusual circumstances the
financial statements would otherwise have been
misleading. In that case, the licensee's report shall
describe the departure, the approximate effects
thereof, if practicable, and the reasons why
compliance with the principles would result in a
misleading statement.
(d)
A licensee, in the performance of
professional services, shall not permit the licensee's
name to be used in conjunction with any forecast of
future transactions in a manner which may reasonably
lead to the belief that the licensee vouches for the
achievability of the forecast. [Eff 3/6/80; am and
ren §16-71-62, 6/25/81; am and comp 6/8/84; am and
comp 10/23/87; comp 2/22/94; comp 6/3/95; comp
1/22/01; comp 1/30/10; comp 2/13/12; comp
11/27/21] (Auth: HRS §466-4) (Imp: HRS §466-4)