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 modifies the requirements for firms engaging in public accounting in Michigan. It stipulates that firms must apply for a Michigan license if they establish an office in the state, with specific conditions regarding ownership and supervision of services. Notably, it allows firms that do not require a Michigan license to perform certain professional services under specific conditions, including the use of the "CPA" designation. The amendments also clarify the notification process for firms regarding address changes and introduce provisions for sole proprietorships operated by licensed accountants, exempting them from the licensing requirement.

Statutes affected:
House Introduced Bill: 339.724, 339.728