There will be a few adjustments to the Board of Accountancy, thanks to a new law signed by Gov. Tim Pawlenty April 17.
Sponsored by Rep. Joe Atkins (DFL-Inver Grove Heights) and Sen. Ann Rest (DFL-New Hope), the law changes the way the board operates and moves up opportunities for those wanting to become a certified public accountant.
The new law brings Minnesota statute in line with the Uniform Accountancy Act; requires that no fewer than two of the seven members of the Board of Accountancy be owners or employees of a qualifying certified public accountant firm; and eliminates the requirement for the board to have a judicially noticed seal.
It also allows anyone in their last semester of college to take the exam to qualify as a CPA.
Once a certificate of qualification is given, the law states the certificate would be good for three years, a change from the previous process that required a yearly renewal.
There is an increase in the annual fee to practice as a CPA firm from $35 to $68, and the initial CPA permit fee will be $100 for firms with one or more offices located in another state.
The law is effective April 18, 2008.
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