Legislative Session number- 82

Bill Name: SF0859

E "Accountancy Act of 2001"; modifying and recodifying certain provisions
regulating the practice of accountancyARTICLE 1 REGULATION OF
ACCOUNTANCYProviding a state policy relating to regulation of certified public
accountants; defining certain terms; creating a state board of accountancy,
specifying membership requirements and conditions, enumerating certain powers,
authorizing administration and enforcement rules and requiring establishment of
a complaint committee to investigate, mediate or initiate administrative or
legal proceedings on behalf of the board; specifying certain qualifications and
educational, experience and examination requirements for certification as a CPA;
requiring the board in consultation with the university of Minnesota, the
Minnesota state colleges and universities (MnSCU) and private colleges and
career schools to establish criteria to assess equivalent education for
certification purposes; providing for the issuance and renewal of certificates
and the maintenance of competency, providing for reciprocity, requiring
certificate initial issuance or renewal application fees, requiring peer review
of certain certificate holders and automatic certificate revocation under
certain nonrenewal conditions; requiring and providing for board issuance or
renewal of permits to practice as a CPA firm, specifying certain qualification
and peer review requirements, providing for issuance of cooperative auditing
service licenses to certain cooperative auditing organizations; requiring and
providing for the issuance of certificates to licensed public accountants (LPA)
and providing for the voluntary registration of accounting practitioners;
providing for the appointment of the secretary of state as agent under certain
conditions; providing for enforcement, specifying the persons and entities
subject to discipline and the basis for conducting investigations, providing for
hearings, certain legal and administrative actions, the issuance of cease and
desist orders, denial, suspension or revocation of permits, registrations or
certificates and authorizing the imposition of a civil penalty and a costs fee;
providing for reinstatement of suspended or revoked certificates, registrations
or permits; specifying certain unlawful acts; providing for confidential
communications between licensees and clients and regulating the treatment of
licensee working papers and client records; transitional provision for board
members; repealing the existing provisions regulating the practice of
accountancy ARTICLE 2 CONFORMING CHANGESMaking conforming amendments to certain
statutory provisions relating to agency audits by the legislative auditor,
business licensing exceptions, the definition of nonhealth related licensing
board, the definition of professional services under the professional firms act,
certain violations and penalties, public accountants in towns, statutory cities
and counties and certain actions against professionals (ja)