The bill amends the Occupational Code, specifically sections 725, 727a, and 729, to update the requirements for obtaining a certified public accountant (CPA) certificate in Michigan. Key changes include the introduction of new educational requirements, allowing for various combinations of credit hours and degrees in accounting, and clarifying the experience needed for certification. The bill specifies that applicants must have at least one year of qualifying experience, which must be verified by a licensed CPA, and outlines the types of experience that qualify. Additionally, it modifies the language regarding the examination process and the moral character requirement for applicants.

Furthermore, the bill revises the continuing education requirements for license renewal, mandating a minimum of 40 hours of 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:
Senate Introduced Bill: 339.725