MI HB4889

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

Mandates firms provide a surety bond issued by an authorized bonding or insurance company in a principal amount of at least $25,000,000.00, with expiration after the firm's license expires.

Requires firms to maintain professional liability insurance of at least $25,000,000.00 issued by an authorized insurer and approved by the department.

Defines "public body" to include state agencies, the legislature, counties, cities, townships, villages, 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.