MI HB5648

Requires public accounting firms performing attest or compilation services for public bodies to hold a Michigan license.

Mandates firms provide a surety bond of at least $25,000,000 issued by a bonding or insurance company authorized to do business in Michigan, payable to the department for the benefit of Michigan residents.

Requires firms maintain professional liability insurance of at least $25,000,000 issued by an insurer authorized to transact business in Michigan and approved by the department.

Defines "public body" to include state agencies, legislature, counties, cities, townships, school districts, and other entities created by or primarily funded by state or local authority that exercise governmental or proprietary functions.

Takes effect 90 days after enactment.