HF 2706 Summary

• Clarifies that "public accountant" means a certified public accountant or certified public accounting firm licensed in accordance with chapter 326A, replacing references to licensure "by the board of accountancy."

• Applies the clarified definition across multiple statutes governing audits for political subdivisions, nursing homes, towns, cities, lawful gambling organizations, and condominium associations.

• Requires audits under the lawful gambling statute (chapter 349) to be performed by an independent accountant licensed in accordance with chapter 326A, with standards consistent with the American Institute of Certified Public Accountants.

• Directs the revisor of statutes to remove all references to "licensed public accountant," "independent licensed public account," "independent LPA," or "LPA" from Minnesota Rules chapter 8122.

• Repeals Minnesota Rules parts 8122.0150, subpart 7, and 8122.0600.