326A.01 DEFINITIONS. Subdivision 1. Scope. When used in this chapter, the terms in this section have the meanings given. Subd. 2. Attest. “Attest” means providing any of the following services: (1) an audit or other engagement performed in accordance with the Statements on Auditing Standards (SAS); (2) an audit or other engagement performed in accordance […]
326A.02 STATE BOARD OF ACCOUNTANCY. Subdivision 1. Board. A Board of Accountancy is created to carry out the purposes and enforce the provisions of this chapter. It consists of nine citizens of this state appointed by the governor. Two must be public members as defined by section 214.02, and seven must be certified public accountants […]
326A.03 CERTIFIED PUBLIC ACCOUNTANT QUALIFICATIONS. Subdivision 1. Qualifications. The certificate of certified public accountant shall be granted to persons of good moral character who meet the education, experience, and examination requirements of this section and rules adopted under it and who apply under section 326A.04. Good moral character for purposes of this chapter means the […]
326A.04 CERTIFICATE ISSUANCE AND RENEWAL; COMPETENCY STANDARD. Subdivision 1. Eligibility. The board shall grant or renew certificates to a person of good moral character who makes an application and demonstrates that the person’s qualifications, including where applicable the qualifications prescribed by section 326A.03, are in accordance with this section and rules adopted by the board. […]
326A.045 RETIRED STATUS. Subdivision 1. Retired status requirements. The board shall grant retired status to a person who meets the following criteria: (1) is age 55 or older; (2) holds a current active license to practice public accounting under this chapter with a license status of active, inactive, or exempt under Minnesota Rules, part 1105.3700; […]
326A.05 PERMIT TO PRACTICE AS A CPA FIRM. Subdivision 1. General. The board shall grant or renew permits to practice as a CPA firm to entities that make application and demonstrate their qualifications in accordance with this section. (a) The following must hold a permit issued under this section: (1) any firm with an office […]
326A.06 LPAS AND ACCOUNTING PRACTITIONERS. (a) All licensed public accountants (LPAs) who are actively licensed by the state board on December 31, 2002, shall be issued a certified public accountant certificate. LPAs are those accountants who were eligible for licensure on July 1, 1979, under the law in effect on that date and who were […]
326A.07 APPOINTMENT OF SECRETARY OF STATE AS AGENT. Application by a person or a firm not a resident of this state for a certificate issued under section 326A.04 or a permit issued under section 326A.05 shall constitute appointment of the secretary of state as the applicant’s agent upon whom process may be served in any […]
326A.08 ENFORCEMENT. Subdivision 1. Basis for conducting investigations. If the board, or the complaint committee if authorized by the board, has a reasonable basis to believe that a person or firm has engaged in or is about to engage in a violation of a statute, rule, or order that the board has issued or is […]
326A.09 REINSTATEMENT. The board may reinstate a suspended, revoked, expired, or surrendered certificate, registration, or permit or suspended, revoked, expired, or surrendered practice privileges upon petition of the person or firm holding or formerly holding the registration, permit, or certificate, or practice privileges. The board may, in its sole discretion, require that the person or […]
326A.10 UNLAWFUL ACTS. (a) Only a licensee and individuals who have been granted practice privileges under section 326A.14 may issue a report on financial statements of any person, firm, organization, or governmental unit that results from providing attest services, or offer to render or render any attest service. Only a certified public accountant, an individual […]
326A.11 SINGLE ACT EVIDENCE OF PRACTICE. In any action brought under section 326A.08, evidence of the commission of a single act prohibited by this chapter is sufficient to justify a penalty, injunction, restraining order, or conviction, respectively, without evidence of a general course of conduct. History: 2001 c 109 art 1 s 13
326A.12 CONFIDENTIAL COMMUNICATIONS. (a) Except by permission of the client for whom a licensee performs services or the heirs, successors, or personal representatives of the client, a licensee shall not voluntarily disclose information communicated to the licensee by the client relating to and in connection with services rendered to the client by the licensee. Nothing […]
326A.13 WORKING PAPERS; CLIENTS’ RECORDS. (a) Subject to the provisions of section 326A.12, all statements, records, schedules, working papers, and memoranda made by a licensee or a partner, shareholder, officer, director, member, manager, or employee of a licensee, incident to, or in the course of, rendering services to a client while a licensee, except the […]
326A.14 SUBSTANTIAL EQUIVALENCY. Subdivision 1. Requirements. (a) An individual whose principal place of business is not in this state and who holds a valid license in good standing as a certified public accountant from any state which, upon verification, is in substantial equivalence with the certified public accountant licensure requirements of section 326A.03, subdivisions 3, […]
