Accountancy Reform Background
Why Was the Accountancy Reform Needed?
- An obscure section of the Sarbanes-Oxley Act of 2002 required legislative and regulatory changes for the accounting profession in Michigan.
- Provisions of the Act required each licensing jurisdiction (i.e. the Michigan State Board of Accountancy (MSBA)) to make a determination if any should apply to privately held businesses, and to the CPAs who provide services to such businesses.
How Was the Legislation Drafted?
- Members of the Michigan State Board of Accountancy (MSBA) worked for 18 months to examine provisions of Sarbanes-Oxley Act.
- The MSBA issued recommendations, which were drafted as legislative language and introduced in the Michigan Legislature in September 2005.
- A three-bill package was passed in the Michigan Senate and House of Representatives and was signed into law by Governor Jennifer Granholm on December 19, 2005.
- The bills were enacted as Public Acts (PA) 277, 278 and 279.
I Have Additional Questions About
Accountancy Reform?
Comments regarding the Michigan Accountancy Reform Initiative should be directed to the MACPA Key Legislative Stakeholders.
