339.701-339.716 Repealed. 1997, Act 10, Imd. Eff. May 16, 1997. Compiler’s Notes: The repealed sections pertained to practice of public accountancy; creation of state board of accountancy; and certification, registration, and licensure of certified public accountants.Popular Name: Act 299
339.720 Definitions; practice of public accounting. Sec. 720. (1) As used in this article: (a) “Attest” means providing any of the following services, but does not include providing a compilation: (i) An audit or other engagement to be performed in accordance with the statements on auditing standards. (ii) A review of a financial statement to […]
339.721 State board of accountancy; creation; qualifications of members; promulgation of rules. Sec. 721. (1) The state board of accountancy is created. (2) Subject to subsection (3), the board shall consist of 9 members as follows: (a) Six members who are certified public accountants who hold a certificate as a certified public accountant, who are […]
339.722 Licenses, registrations, and certificates as certified public accountant. Sec. 722. The department shall issue licenses, registrations, and certificates as a certified public accountant under this article. The department shall issue a license to engage in the practice of public accounting in this state only to an individual who holds a certificate as a certified […]
339.723 Use of title, terms, or abbreviations indicating person is certified public accountant; prohibited conduct; display or uttering of certain instrument or device as prima facie evidence that person caused or procured display; use of certain designations in connection with firm name; violation; fine; investigation and enforcement. Sec. 723. (1) Each individual having complied with […]
339.724 Conduct not prohibited by article. Sec. 724. This article does not prohibit the following: (a) An individual who is not a certified public accountant from serving as an employee of, or an assistant to, a certified public accountant or firm composed of certified public accountants who are licensed to practice under this article if […]
339.725 Issuance of certificate as certified public accountant; requirements; examination; qualifying experience. Sec. 725. (1) The department shall issue a certificate as a certified public accountant to an individual who meets all of the following requirements: (a) Is of good moral character. (b) Has complied with the education requirements of subsection (2). (c) Has passed […]
339.726 Holder of certificate issued by another state or foreign jurisdiction; requirements for issuance of certificate by department. Sec. 726. (1) The department shall issue a certificate as a certified public accountant to an individual who holds a valid and unrevoked certificate as a certified public accountant issued by or under the authority of another […]
339.727 Use of authorized title; requirements. Sec. 727. After obtaining a certificate as a certified public accountant under section 725 or 726, an individual seeking to use a title authorized by this article shall do 1 of the following: (a) If the individual only seeks to use a title authorized by this article, the individual […]
339.727a Individual whose principal place of business is outside of state; practice without need to obtain certificate, license, or temporary practice permit; requirements; practice privileges. Sec. 727a. (1) An individual whose principal place of business is not in this state is considered to have qualifications substantially equivalent to this state’s requirements, has all the privileges […]
339.728 License to engage in practice of public accounting; application by firm; requirements; change in address; practice of public accountancy without license under subsection (1); conditions; other professional services practiced without license. Sec. 728. (1) A firm that establishes or maintains an office in this state must apply for and obtain a Michigan license under […]
339.729 License renewal; continuing education requirements. Sec. 729. (1) As a condition of license renewal, an individual licensee must successfully complete at least 40 hours of continuing education for each year of a license cycle. All of the following apply to the continuing education requirement described in this subsection: (a) A licensee is not required […]
339.730 Contingent fee. Sec. 730. (1) Except as otherwise provided in this section, a certified public accountant may charge or receive a contingent fee. (2) A licensee shall not charge or receive a contingent fee from a client during the period in which a licensee or a licensee’s firm is engaged to perform for the […]
339.731 Commission or referral fee. Sec. 731. (1) Except as otherwise provided in this section, a certified public accountant may perform services for or receive for services a commission as long as the certified public accountant discloses that arrangement to the person to whom the certified public accountant recommends or refers a product or service […]
339.732 Confidentiality; disclosure of information. Sec. 732. (1) Except by written permission of the client or the heir, successor, or personal representative of the client to whom the information pertains, a licensee, or a person employed by a licensee, shall not disclose or divulge and shall not be required to disclose or divulge information relative […]
339.733 Statements, records, schedules, working papers, or memoranda; restriction; sale, transfer, bequeathing, or assignment. Sec. 733. (1) Statements, records, schedules, working papers, or memoranda made by a licensee or by an employee of a licensee shall remain the property of the licensee unless there is an agreement to the contrary. This subsection does not apply […]
339.734 Prohibited conduct; penalties; report to department. Sec. 734. (1) A holder of a certificate, registration, or license as a certified public accountant or an individual exercising the practice privilege granted under section 727a and the firm employing that individual is subject to the penalties of section 602 for 1 or more of the following: […]
339.734a Exercise of privilege granted by MCL 339.727a; conditions; disciplinary action for act committed in another licensing jurisdiction; prima facie evidence of violation. Sec. 734a. (1) An individual who meets the requirements of, and is exercising the practice privilege granted by, section 727a, and the firm that employs that individual, each agree to all of […]
339.735 Violation as felony; penalty; enforcement. Sec. 735. (1) A person who violates section 723(1) through (4) is guilty of a felony punishable by a fine of not more than $25,000.00, or imprisonment for not more than 5 years, or both. (2) The attorney general or the prosecuting attorney of a county may bring an […]
339.736 Issuance of audit report; opinion as to whether financial information is presented according to statutory accounting principles. Sec. 736. If requested by an insurer, a licensee who agrees to issue an audit report concerning the statutory financial statements of a domestic insurer shall include an opinion as to whether the financial information is presented […]
