capitol dome
Michigan Legislative Website


Michigan Compiled Laws Complete Through PA 281 of 2014

Michigan Legislative Website

Main Content

Section 339.731

OCCUPATIONAL CODE (EXCERPT)
Act 299 of 1980


339.731 Commission or referral fee.

Sec. 731.

(1) Except as otherwise provided in this section, a certified public accountant may perform services for or receive for services a commission as long as the certified public accountant discloses that arrangement to the person to whom the certified public accountant recommends or refers a product or service to which the commission relates.

(2) A licensed certified public accountant shall not receive a commission for recommending or referring to a client a product or service or for causing to be recommended, referred, or supplied to a client a product or service during the period in which a licensee or a licensee's firm is engaged by the client to perform 1 or more of the following services or during the period of time covered by any historical financial statements in those services:

(a) An audit or review of a financial statement.

(b) A compilation of financial statement when the licensee expects, or may reasonably expect, that a third party will use the financial statement and that the compilation report does not disclose a lack of independence.

(c) An examination of prospective financial information.

(3) This section does not prohibit a licensee from paying or receiving a referral fee for recommending or referring a service involving the practice of public accounting if the payment or receipt of the referral fee is disclosed to the client.


History: Add. 1997, Act 10, Imd. Eff. May 16, 1997
Popular Name: Act 299


© 2009 Legislative Council, State of Michigan