Michigan Laws 339.721 – State board of accountancy; creation; qualifications of members; promulgation of rules
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Terms Used In Michigan Laws 339.721
- Certified public accountant: means an individual who is either of the following:
(i) Qualified by education, examination, and experience to engage or offer to engage in the practice of public accounting as evidenced by the issuance of a certificate as a certified public accountant under section 725 or 726 and a license or registration issued under section 727. See Michigan Laws 339.720Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name. practice of public accounting: means rendering or offering to render an opinion on or attesting to or offering to attest to the reliability of a representation or estimate, including, but not limited to, the giving of an opinion in substance that 1 or more of the following types of information concerning the entity that is the subject of the opinion present fairly the condition of the entity:
(i) Financial or other information about which the opinion is given. See Michigan Laws 339.720state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(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 licensed under section 727, and who have practiced in this state as certified public accountants for not less than 5 years.
(b) Three members who represent the general public, 1 of whom shall be an attorney who is a member in good standing in the bar of this state.
(3) One of the 9 members of the board shall be a full-time instructor of accounting above the elementary level at an accredited college or university.
(4) The director may promulgate the following rules:
(a) Rules of professional conduct for establishing and maintaining high standards of competence and integrity in the practice of public accounting.
(b) Rules governing corporations practicing public accounting, consistent with former 1962 PA 192 or chapter 2A of the business corporation act, 1972 PA 284, MCL 450.1281 to 450.1289, as applicable.
(c) Rules governing educational requirements that qualify an applicant to sit for the uniform CPA exam.
(d) Rules governing educational and experience requirements for the issuance of a certificate as a certified public accountant.
(e) Rules of procedure governing the conduct of matters before the board.
(f) Rules governing the recognition of educational institutions by the board.
(g) Rules governing continuing education required under section 729.
(h) Any other rules considered necessary by the director to implement and enforce this article.