Michigan Compiled Laws 299-1980-7 Article 7 (339.701...339.736)

• Section 339.701-339.716 Repealed. 1997, Act 10, Imd.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  Compiler's Notes: The repealed sections pertained to practice of public accountancy; creation of state board of accountancy; and certification, registration, and licensure of certified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...
• Section 339.720 Definitions; Practice Of Public Accounting.
  (1) As used in this article: (a) "Attest" means providing the following financial statement services: (i) Any audit or other engagement to be performed...
• Section 339.721 State Board Of Accountancy; Creation; Qualifications Of Members; Promulgation Of Rules.
  (1) The state board of accountancy is created. (2) Subject to subsection (3), the board shall consist of 9 members as follows: (a) Six...
• Section 339.722 Licenses, Registrations, And Certificates As Certified Public Accountant.
  The department shall issue licenses, registrations, and certificates as a certified public accountant under this article. The department shall issue a license to engage...
• Section 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.
  (1) Each individual having complied with the requirements described in section 720(1)(b) shall be known as a certified public accountant and any other person...
• Section 339.724 Conduct Not Prohibited By Article.
  This article does not prohibit the following: (a) An individual who is not a certified public accountant from serving as an employee of, or...
• Section 339.725 Issuance Of Certificate As Certified Public Accountant; Requirements; Examination; Qualifying Experience.
  (1) The department shall issue a certificate as a certified public accountant to an individual who meets all of the following requirements: (a) Is...
• Section 339.726 Holder Of Certificate Issued By Another State Or Foreign Jurisdiction; Requirements For Issuance Of Certificate By Department.
  (1) The department shall issue a certificate as a certified public accountant to an individual who holds a valid and unrevoked certificate as a...
• Section 339.727 Use Of Authorized Title; Requirements.
  After obtaining a certificate as a certified public accountant under section 725 or 726, an individual seeking to use a title authorized by this...
• Section 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.
  (1) An individual whose principal place of business is not in this state shall be considered to have qualifications substantially equivalent to this state's...
• Section 339.728 License To Engage In Practice Of Public Accounting; Application By Firm; Reports; Requirements; Change In Address; Practice Of Public Accountancy Under Subsection (1); Conditions; Other Professional Services Practiced Without License.
  (1) A firm shall apply for and obtain a Michigan license under this article in order to engage in the practice of public accounting...
• Section 339.729 License Renewal.
  (1) As a condition of license renewal, an individual licensee shall complete at least 40 hours of continuing education for each year since the...
• Section 339.730 Contingent Fee.
  (1) Except as otherwise provided in this section, a certified public accountant may charge or receive a contingent fee. (2) A licensee shall not...
• Section 339.731 Commission Or Referral Fee.
  (1) Except as otherwise provided in this section, a certified public accountant may perform services for or receive for services a commission as long...
• Section 339.732 Confidentiality; Disclosure Of Information.
  (1) Except by written permission of the client or the heir, successor, or personal representative of the client to whom the information pertains, a...
• Section 339.733 Statements, Records, Schedules, Working Papers, Or Memoranda; Restriction; Sale, Transfer, Bequeathing, Or Assignment.
  (1) Statements, records, schedules, working papers, or memoranda made by a licensee or by an employee of a licensee shall remain the property of...
• Section 339.734 Prohibited Conduct; Penalties; Report To Department.
  (1) A holder of a certificate, registration, or license as a certified public accountant or an individual exercising the practice privilege granted under section...
• Section 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.
  (1) An individual, having met the requirements of, and exercising the practice privilege granted by, section 727a, and the firm employing that individual, simultaneously...
• Section 339.735 Violation As Felony; Penalty; Enforcement.
  (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...
• Section 339.736 Issuance Of Audit Report; Opinion As To Whether Financial Information Is Presented According To Statutory Accounting Principles.
  If requested by an insurer, a licensee who agrees to issue an audit report concerning the statutory financial statements of a domestic insurer shall...

Last modified: October 10, 2016