MS HB648

Requires certified public accountants (CPAs) practicing under a Mississippi license to be associated and registered with a CPA firm.

Authorizes the State Board of Public Accountancy to charge applicants fees for CPA licenses and firm permits, and requires each CPA firm holding a permit to pay an annual registration fee determined by the board.

Clarifies definitions in public accountancy law, including "attest," "CPA firm," "compilation," and "substantial equivalency" standards.

Revises substantial equivalency standards for out-of-state CPA licensure, establishing that individuals from states requiring 150 semester hours of education, passing the Uniform CPA Exam, and one year of verified experience are deemed substantially equivalent without needing a Mississippi license.

Allows out-of-state CPA firms without Mississippi offices to perform certain review and compilation services for clients with home offices in Mississippi through individuals with practice privileges, provided they comply with peer review requirements.