January 14, 2014, Introduced by Rep. Kelly and referred to the Committee on Regulatory Reform.
A bill to amend 1980 PA 299, entitled
"Occupational code,"
by amending section 728 (MCL 339.728), as amended by 2010 PA 215.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
Sec. 728. (1) A firm shall apply for and obtain a Michigan
license under this article in order to engage in the practice of
public accounting in this state if either of the following apply:
(a) The firm establishes or maintains an office in this state.
(b)
An individual representing who
represents the firm
performs any engagement described in section 720(1)(a)(i), (iii), or
(iv) for any client having that has its
home office in this state.
(2) Reports produced pursuant to engagements in subsection
(1)(b) may be supervised or signed, or the report's signature may
be authorized for the firm, by an individual practicing public
accounting
in Michigan pursuant to under
section 727a.
(3) A firm that is applying for licensure under this article
shall meet all of the following requirements:
(a) At least a simple majority of the equity and voting rights
of the firm are held directly or beneficially by individuals who
are licensed in good standing as certified public accountants of
this
state or another state or the equivalent are licensed,
registered,
or certified in another licensing jurisdiction
that has
licensing, registration, or certification requirements that are
similar to the licensing requirements of this state and are
acceptable to the board. Owners who are not certified public
accountants
as defined by section 720(1)(b) must be active
individual participants in the firm or its affiliated entities. An
individual with practice privileges under section 727a who performs
services for which a firm license is required under this section is
not required to obtain a certificate under section 726 or a
registration or license under section 727.
(b)
The principal officer of the firm and each officer or
director
having authority for the practice of public accounting by
the
firm are All attest and
compilation services provided by the
firm in this state are performed under the supervision of an
individual who is licensed and in good standing as a certified
public
accountants accountant in this state
or another state or the
equivalent
is licensed, registered, or
certified in another
licensing
jurisdiction that has licensing, registration, or
certification requirements that are similar to the licensing
requirements of this state and are acceptable to the board.
(c) Has filed the required certificate of authority with the
department
pursuant to under the business corporations act, 1972 PA
284, MCL 450.1101 to 450.2098, if applicable.
(4)
A firm shall provide a notify
the department of any change
in
address to the department within 30 days of the change.
(5) A firm that is not required to obtain a Michigan license
under subsection (1) may perform a review engagement in accordance
with the statements on standards for accounting and review services
or
a compilation for a client having that has its home office in
this state, may use the title "CPA" or "CPA firm", and may practice
public accountancy as authorized in this section without a license
issued under subsection (1) only if it meets both of the following
conditions:
(a) It has met the requirements in subsection (3)(a) and (b)
and section 729(2).
(b)
It performs such those services through an individual with
who has practice privileges under section 727a.
(6) A firm that is not required to obtain a Michigan license
under subsection (1) and that is not seeking to practice under
subsection (5) may perform other professional services within the
practice of public accountancy while using the title "CPA" or "CPA
firm" in this state without a license issued under subsection (1)
only if it meets both of the following conditions:
(a)
It performs such those services though through an
individual with practice privileges under section 727a.
(b) It can lawfully do so in the licensing jurisdiction where
such
those individuals with practice privilege have their
principal
place of business.