Michigan Laws 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
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 339.727a
- 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. See Michigan Laws 339.720Certified 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 339.720Compilation: means providing a service to be performed in accordance with statements on standards for accounting and review services that are presenting, in the form of financial statements, information that is the representation of management or owners without undertaking to express any assurance on the statements. See Michigan Laws 339.720 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Principal place of business: means the office location designated by the licensee for the purposes of substantial equivalency and reciprocity. See Michigan Laws 339.720 state: 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) 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 of licensees of this state, and may practice public accountancy without the need to obtain a certificate, license, or temporary practice permit under this article, if the individual meets either or both of the following:
(a) Holds a valid license as a certified public accountant from another licensing jurisdiction that requires, as a condition of licensure, that the individual meets all of the following:
(i) Has at least 150 semester hours of college education including a baccalaureate or higher degree conferred by a college or university.
(ii) Achieves a passing grade on the uniform CPA exam.
(iii) Possesses at least 1 year of experience including providing any type of service or advice involving the use of accounting, attest, compilation, management advisory, financial advisory, tax, or consulting skills, all of which may be obtained through government, industry, academic, or public practice as verified by a licensee.
(b) Holds a valid license as a certified public accountant from another licensing jurisdiction that does not meet the requirements of subdivision (a), but has certified public accountant qualifications that are substantially equivalent to those requirements. Any individual who passed the uniform CPA exam and holds a valid license issued by another licensing jurisdiction before January 1, 2012 is exempt from the education requirement in subdivision (a)(i) for purposes of this subdivision.
(2) Notwithstanding any other provision of law, an individual who offers or renders professional services, whether in person or by mail, telephone, or electronic means under this section shall be granted practice privileges in this state, and no notice, fee, or other submission is required of that individual. An individual described in this subsection is subject to the requirements of section 734a.