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 statements.

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 introduces provisions that allow firms not required to obtain a Michigan license to perform certain professional services under specific conditions, including the use of the "CPA" designation. The bill also clarifies that sole proprietors who are licensed as certified public accountants do not need to apply for a separate license to practice in Michigan.

Statutes affected:
House Introduced Bill: 339.724, 339.728