Occupations: individual licensing and registration; procedure for vacating disciplinary records of certain licensees or registrants; provide for. Amends secs. 729, 2009 & 2627 of 1980 PA 299 (MCL 339.729 et seq.) & adds sec. 2504b.
What changed between versions
Increased continuing education from 40 hours to at least 40 hours per year, with specific allocations: 8 hours in auditing and accounting, 2 hours in professional ethics, and 1 hour in public accountancy statutes for accountants.
New provision allowing licensees to carry over excess continuing education hours to the next year only, with limits of 40 total hours, 8 hours for accounting/auditing, 2 hours for ethics, and 1 hour for public accountancy content.
Added peer review program requirements for firms and sole practitioners performing audits, reviews, or compilations relied upon by third parties.
New requirements for nonresident licensees to certify compliance with home state continuing education or Michigan requirements if the home state has no such requirements.
New mechanism allowing licensees to apply to set aside disciplinary records for continuing education failures after 5 years, provided they complete the required education and have no new disciplinary actions.
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