The bill amends the Occupational Code of Michigan, specifically sections 725, 727a, and 729, to update the requirements for obtaining a certified public accountant (CPA) certificate and to clarify the continuing education requirements for license renewal. Key changes include the introduction of new educational requirements for applicants, such as the completion of at least 150 credit hours of college education with a concentration in accounting, or a post-baccalaureate degree in accounting. Additionally, the bill specifies that applicants must have one year of qualifying experience, which must be verified by a certified public accountant, and outlines the types of experience that qualify.

Furthermore, the bill modifies the continuing education requirements for license renewal, mandating that licensees complete not less than 40 hours of continuing education each year, with specific hours allocated to professional ethics and auditing/accounting. It also establishes that nonresident licensees can meet their continuing education requirements based on the standards of their home state. The bill emphasizes the importance of peer review for firms and sole practitioners performing certain services, requiring them to participate in a peer review program and report any fail ratings to the department. The amendments are set to take effect 90 days after the bill is enacted into law.

Statutes affected:
Substitute (S-1): 339.725
Senate Introduced Bill: 339.725
As Passed by the Senate: 339.725