This bill amends Minnesota Statutes to modify the eligibility requirements for certified public accountants (CPAs) and CPA firms. Key changes include the stipulation that firms without an office in Minnesota must qualify for interstate mobility to perform services for clients headquartered in the state. Additionally, firms holding valid permits from other states can perform certain services without a Minnesota permit if they meet specific qualifications, including compliance with peer review requirements and the use of individuals with practice privileges. The bill also introduces a new subdivision that outlines the conditions under which firms from other states can operate in Minnesota without a permit.

Furthermore, the bill emphasizes the need for firms to take corrective actions if they fall out of compliance due to changes in ownership or personnel, with potential consequences including suspension or revocation of their permits. It also clarifies that individuals from other states can exercise practice privileges in Minnesota without obtaining a state license if they meet certain criteria, including holding a valid CPA certificate from another state recognized as substantially equivalent. The effective date for these changes is retroactively set to May 24, 2025.

Statutes affected:
Introduction: 326A.05