The bill amends the Occupational Code, specifically sections 724 and 728, to clarify the regulations surrounding the practice of public accounting in Michigan. It allows individuals who are not certified public accountants to work as assistants to certified public accountants, provided they do not issue accounting statements in their own name. Additionally, it permits licensed accountants from other jurisdictions to temporarily practice in Michigan under certain conditions, such as securing a temporary permit and conducting their practice in accordance with state rules. The bill also outlines various exceptions for attorneys and other professionals regarding the preparation of financial reports and tax returns.

Furthermore, the bill specifies that firms must apply for a Michigan license to engage in public accounting, with certain exceptions for firms not required to obtain a license. It emphasizes that a majority of the firm's equity must be held by licensed accountants and that all attest services must be supervised by a licensed individual. The amendments also introduce new language regarding the notification of address changes and clarify the conditions under which firms can perform professional services without a Michigan license. Notably, it states that sole proprietors who are licensed as certified public accountants do not need to apply for a license to practice in Michigan.

Statutes affected:
House Introduced Bill: 339.724, 339.728