Request By:
Mr. Malcolm B. Saunier, C.P.A.
President
Saunier & Bean, P.S.C.
Certified Public Accountants
P.O. Box 23181
232 Waller Avenue
Lexington, KY 40523
Opinion
Opinion By: Robert F. Stephens, Attorney General; By: Thomas C. Jacobs, Deputy Attorney General
In your letter of January 28, 1978, you requested an opinion of this office with regard to whether or not a regular corporation, organized under the laws of the Commonwealth of Kentucky, would be permitted to engage in the practice of accounting.
We have examined what we deem to be the relevant Kentucky Statutes on this point and hereby respond to your question in the affirmative.
KRS Chapter 271A et.seq. controls the organization and operation of general business corporations in Kentucky and we find nothing therein which would preclude corporations so organized from engaging in the business of accounting.
KRS Chapter 325 et.seq. governs the practice of accounting in the Commonwealth and we find nothing contained therein which would preclude a corporation organized under the general business laws of the Commonwealth from engaging in the business of accounting. To the contrary our review of KRS 325.300(2) and KRS 325.320(2) would lead us to conclude that those particular statutory sections encourage accounting in the corporate form by setting out, in subsections (a) through (f) thereof, the standards applicable to such a corporation. The statute would appear to establish a policy of encouraging accounting in the corporate form so long as these standards are in fact met.
KRS 325.240 provides interalia that the State Board of Accountancy, created in KRS 325.230, has authority to promulgate rules and regulations consistent with KRS Chapter 13. We have not had the privilege of reviewing the existing rules of the State Board of Accountancy and, therefore, express no opinion as to the impact of any such rules on the question presented.
If this office can be of further assistance, please let us know.