MI HB5192

Expands the definition of "practice of public accounting" to include management advisory services, financial advisory services, consulting services (including business valuation, forensic accounting, and fraud examination), tax return preparation, and tax advice when performed by individuals holding themselves out as certified public accountants.

Allows firms without a Michigan office to practice public accounting in the state if they perform certain audit, examination, or attestation engagements for clients with home offices in Michigan, provided services are supervised by a licensed CPA.

Permits out-of-state firms to practice under limited circumstances without obtaining a Michigan license if they meet ownership and supervision requirements and use individuals with practice privileges under section 727a.

Requires firms to maintain majority ownership and voting rights held by licensed CPAs in good standing, with non-CPA owners required to be active participants in the firm.

Effective date: July 4, 2016 (90 days after enactment on April 5, 2016).