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MI HB5220
Bill
Status
7/16/2014
Primary Sponsor
Tim Kelly
Click for details
AI Summary
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Amends Section 728 of the Michigan Public Accounting law to clarify licensing requirements for public accounting firms operating in Michigan.
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Requires firms to obtain a Michigan license if they establish an office in the state or if representatives perform specified accounting engagements for clients with home offices in Michigan.
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Mandates that at least a simple majority of firm equity and voting rights be held by licensed CPAs in good standing, with non-CPA owners required to be active participants in the firm.
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Requires all attest and compilation services performed by the firm in Michigan to be supervised by a licensed CPA in good standing.
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Allows unlicensed firms to perform review engagements and compilations without a Michigan license if they meet CPA ownership requirements and operate through individuals with practice privileges under Section 727a.
Legislative Description
Occupations; accounting; requirement that directors and certain officers of public accounting firms hold CPA licenses; revise. Amends sec. 728 of 1980 PA 299 (MCL 339.728).
Occupations, business licensing and regulation
Last Action
Assigned Pa 177'14 With Immediate Effect
7/16/2014