Bill
Bill > HB5236
MI HB5236
MI HB5236Occupations; accounting; certified public accountants; continuing education requirements; modify, and make other general revisions. Amends secs. 720, 721, 724, 727a, 728, 729 & 734a of 1980 PA 299 (MCL 339.720 et seq.).
summary
Introduced
11/09/2017
11/09/2017
In Committee
03/07/2018
03/07/2018
Crossed Over
12/13/2017
12/13/2017
Passed
03/08/2018
03/08/2018
Dead
Signed/Enacted/Adopted
03/20/2018
03/20/2018
Introduced Session
99th Legislature
Bill Summary
Public Acts of 2018 Approved by the Governor March 19, 2018 Filed with the Secretary of State March 19, 2018 EFFECTIVE DATE: June 17, 2018 STATE OF MICHIGAN 99TH LEGISLATURE REGULAR SESSION OF 2018 Introduced by Reps. Iden, Afendoulis, Howrylak, Moss, Whiteford, Lasinski and Theis ENROLLED HOUSE BILL No. 5236 AN ACT to amend 1980 PA 299, entitled "An act to revise, consolidate, and classify the laws of this state regarding the regulation of certain occupations and to regulate certain persons and activities relative to those occupations; to create a board for each of those occupations; to establish the powers and duties of certain departments and agencies and the boards of each occupation; to provide for the promulgation of rules; to provide for certain fees; to provide for penalties and civil fines; to establish rights, relationships, and remedies of certain persons under certain circumstances; to provide immunity from certain civil liability for certain entities and certain related occupations under certain circumstances; to repeal certain parts of this act on a specific date; and to repeal certain acts and parts of acts," by amending sections 720, 721, 724, 727a, 728, 729, and 734a (MCL 339.720, 339.721, 339.724, 339.727a, 339.728, 339.729, and 339.734a), sections 720 and 728 as amended by 2016 PA 76, section 721 as amended by 2012 PA 566, section 724 as amended and sections 727a and 734a as added by 2008 PA 161, and section 729 as amended by 2010 PA 215.
AI Summary
This bill modifies the continuing education requirements for certified public accountants (CPAs) licensed in Michigan. It requires CPAs to complete at least 40 hours of continuing education per year, with at least 8 hours in auditing and accounting and at least 2 hours in professional ethics. The bill also allows CPAs to carry over excess continuing education hours to the next year, up to a certain limit. Additionally, the bill requires CPA firms and sole practitioners that perform audit, review, or compilation services relied upon by third parties to participate in a peer review program. The bill also clarifies provisions related to CPAs licensed in other jurisdictions who practice in Michigan and grants the state board of accountancy authority to discipline CPAs for violations committed in other states or before federal agencies.
Committee Categories
Government Affairs
Sponsors (1)
Last Action
Assigned Pa 81'18 With Immediate Effect (on 03/20/2018)
Official Document
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