The bill amends the Occupational Code, specifically sections 724 and 728, to clarify and expand the provisions regarding 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 and foreign countries to temporarily practice in Michigan under certain conditions, such as securing a temporary permit. The bill also specifies that certain individuals, including practicing attorneys and employees of organizations, can prepare financial reports without needing to be certified public accountants.

Furthermore, the bill introduces new requirements for firms engaging in public accounting in Michigan. It mandates that firms must apply for a Michigan license if they establish an office in the state, ensuring that a majority of equity and voting rights are held by licensed accountants. The amendments also clarify the conditions under which firms not required to obtain a Michigan license can perform specific accounting services, such as review engagements and attest services, while using the title "CPA" or "CPA firm." Notably, it exempts sole proprietorships operated by licensed accountants from needing a separate license to practice in Michigan. The changes aim to streamline the regulatory framework for public accounting while maintaining professional standards.

Statutes affected:
Senate Introduced Bill: 339.724, 339.728