Title 2. Accountants — Subtitle 1. Definitions; General Provisions
Statutes in effect as of October 1, 2026.
Md. Code Ann., Bus. Occ. & Prof. § 2-101 (2026)
Title 2. Accountants
Subtitle 1. Definitions; General Provisions
§ 2–101LinkCopy Citation
(a)
In this title the following words have the meanings indicated.
(b)
“AICPA” means the American Institute of Certified Public Accountants.
(c)
“Attest” means to provide the following services:
(1)
an audit or other engagement performed in accordance with the Statements on Auditing Standards issued by AICPA;
(2)
a review of a financial statement performed in accordance with the Statements on Standards for Accounting and Review Services issued by AICPA;
(3)
a compilation;
(4)
any examination, review, or agreed–upon procedures engagement to be performed in accordance with the Statements on Standards for Attestation Engagements issued by AICPA; and
(5)
any engagement performed in accordance with the Auditing Standards of the Public Company Accounting Oversight Board.
(d)
“Board” means the State Board of Public Accountancy.
(e)
“Compilation” means a presentation of information in the form of a financial statement that is performed in accordance with the Statements on Standards for Accounting and Review Services issued by AICPA.
(f)
“Home office” is the location specified by a client of a certified public accountant as the address to which a service described in § 2–401(a) of this title is directed.
(g)
“License” means, unless the context requires otherwise, a license issued by the Board to practice certified public accountancy.
(h)
“License fee” means the fee paid in connection with the issuance or renewal of a license.
(i)
“Licensed certified public accountant” means, unless the context requires otherwise, an individual licensed by the Board to practice certified public accountancy.
(j)
“NASBA” means the National Association of Boards of Accountancy.
(k)
“Permit” means, unless the context requires otherwise, a permit issued by the Board to allow a partnership or corporation to operate a business through which an individual may practice certified public accountancy.
(l)
“Permit fee” means the fee paid in connection with the issuance or renewal of a permit.
(m)
“Practice certified public accountancy” means to perform any of the following accountancy services:
(1)
conducting an audit, review, or compilation of financial statements;
(2)
conducting any examination, review, or agreed–upon procedures engagement to be performed in accordance with the Statements on Standards for Attestation Engagements issued by AICPA; or
(3)
providing a written certificate or opinion offering positive or negative assurance or full or limited assurance on the correctness of the information or on the fairness of the presentation of the information in:
(i)
a financial statement;
(ii)
a report;
(iii)
a schedule; or
(iv)
an exhibit.
(n)
“Practice privilege” means the right granted to an individual who is licensed by another state to practice certified public accountancy in this State without a license issued by this State.
(o)
“Principal place of business” means the office location designated by the licensee for purposes of substantial equivalency and reciprocity.
Md. Code Ann., Bus. Occ. & Prof. § 2-102 (2026)
Title 2. Accountants
Subtitle 1. Definitions; General Provisions
§ 2–102LinkCopy Citation
(a)
If the person does not engage in any activity expressly included in the definition of practice certified public accountancy, this title does not prohibit:
(1)
an individual from serving as an employee of or assistant to a licensee or permit holder;
(2)
a public official or public employee from performing the duties of the position of that individual; or
(3)
a person from providing or offering to the public bookkeeping and accounting services, including:
(i)
development or installation of a bookkeeping system;
(ii)
recordation or presentation of financial information;
(iii)
preparation of:
(1)
a financial statement;
(2)
a compilation of a financial statement that:
(A)
does not reference the Statements on Standards for Accounting and Review Services issued by AICPA; and
(B)
expressly states that the person has not undergone and is not required to undergo peer review;
(3)
a report;
(4)
a schedule; or
(5)
an exhibit; or
(iv)
any similar activity.
(b)
This title does not prohibit a licensee or permit holder from:
(1)
employing a certified public accountant licensed by another state or a foreign country; or
(2)
listing that individual as a certified public accountant, if the individual qualifies for a practice privilege under § 2–321 of this title.
(c)
The Board shall adopt regulations that specify the language of the disclosure statement relating to exemption from peer review that is required to be included in a compilation of a financial statement prepared under subsection (a)(3)(iii)2 of this section.