The bill amends the Occupational Code to update the requirements for obtaining a certified public accountant (CPA) certificate in Michigan. Key changes include the introduction of new educational pathways, allowing candidates to qualify with either 150 semester hours of college education or a post-baccalaureate degree with a concentration in accounting. Additionally, the experience requirements have been clarified, specifying that applicants must have one year of qualifying experience, which must be verified by a licensed CPA. The bill also modifies the conditions under which individuals from other states can practice public accountancy in Michigan, ensuring they meet equivalent standards.

Further amendments focus on the continuing education requirements for license renewal, increasing the minimum hours from 40 to not less than 40 hours per year, with specific mandates for professional ethics training. The bill also stipulates that nonresident licensees can meet their continuing education requirements based on the standards of their home state. Lastly, it establishes a peer review program for licensed firms and sole practitioners performing audits, reviews, or compilations, ensuring compliance with professional standards. The changes are set to take effect 90 days after the bill is enacted into law.

Statutes affected:
House Introduced Bill: 339.725, 339.727