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 financial statements under their own name. Additionally, it permits licensed accountants from other jurisdictions to temporarily practice in Michigan under certain conditions, such as obtaining 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 conditions regarding ownership and supervision of services. It introduces a provision that allows firms not required to obtain a Michigan license to perform specific accounting services if they meet certain criteria, including working through individuals with practice privileges. Notably, it states that sole proprietors who are licensed as certified public accountants are exempt from needing a separate license to practice in Michigan. The amendments aim to streamline the licensing process and clarify the roles of various professionals in the accounting field.

Statutes affected:
Substitute (H-1): 339.724, 339.728
House Introduced Bill: 339.724, 339.728
As Passed by the House: 339.724, 339.728