OCCUPATIONAL CODE (EXCERPT)
Act 299 of 1980
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 of good moral character.
(b) Has complied with the education requirements of subsection (2).
(c) Has passed an examination meeting the requirements of subsection (3).
(d) Has complied with the experience requirements of subsection (4).
(e) Has completed at least 150 semester hours of college education, including a baccalaureate degree or higher degree with a concentration in accounting, at an educational institution approved by the board.
(2) An individual who has completed a curriculum required for a baccalaureate degree with a concentration in accounting at an educational institution approved by the board may sit for the examination required under subsection (3).
(3) An applicant for a certificate as a certified public accountant shall pass an examination in accounting, auditing, and other related subjects, acceptable to the department and the board, that is given reciprocal status in the plurality of states as compared to other examinations.
(4) For an application for a certificate as a certified public accountant received on or after the effective date of the amendatory act that added this subsection, or an application received before that date if a certificate of certified public accountant has not been issued, the applicant shall have 1 year of qualifying experience, all of which is verified by a certified public accountant of this state, any other state, or any jurisdiction of the United States, submitted on a form prescribed by the department. Qualified experience is experience gained through employment in government, industry, academia, or public practice in 1 or more of the following areas:
(a) Audits of financial statements in accordance with the applicable standards at the time of engagement.
(b) Reviews of financial statements in accordance with the applicable standards at the time of engagement.
(c) Compilations of financial statements with complete disclosure in accordance with the applicable standards at the time of engagement.
(d) Attestation engagements in accordance with the applicable standards at the time of engagement.
(e) Other auditing in accordance with applicable standards at the time of engagement that leads to an expression of a written opinion including any of the following:
(i) Reviews regarding internal control.
(ii) Operational audits.
(iii) Compliance audits.
(iv) Expressions of an opinion on financial forecasts and projections.
(f) Performance of an independent internal audit function.
(g) Compliance audits of government contracts performed on behalf of a government agency that result in the issuance of an opinion or report.
(h) Audits performed on behalf of a government audit agency that result in the issuance of an opinion or report.
(i) Preparation of income and nonprofit tax returns for any taxing jurisdiction.
(j) Properly documented tax research.
(k) Representation of a client before a government agency on a tax matter.
(l) Financial forecasts, analyses, and projections.
(m) Management advisory services including, but not limited to, business valuation, forensic accounting, and fraud examination services that meet applicable standards.
(n) Management and supervision of accounting functions and preparing financial statements for profit or nonprofit entities.
(o) Professional accounting-related work in a public accounting firm.
(p) Other work generally associated with the profession of public accounting.
(5) An applicant for certification under this section shall not receive credit as qualifying experience for the following:
(a) Experience consisting of nonprofessional work, including recruiting, industrial engineering, administration, bookkeeping, and appraisals.
(b) Paraprofessional work that does not comply with subsection (4)(o).
History: Add. 1997, Act 10, Imd. Eff. May 16, 1997
Am. 1998, Act 380, Imd. Eff. Oct. 23, 1998
Am. 2005, Act 278, Imd. Eff. Dec. 19, 2005
Am. 2007, Act 1, Imd. Eff. Mar. 1, 2007
Am. 2010, Act 215, Imd. Eff. Nov. 23, 2010
Popular Name: Act 299
© 2009 Legislative Council, State of Michigan