Section R. 338.5101 - DefinitionsRule 101.
(1) As used in these rules:(a) "Board" means the state board of accountancy created under section 721 of the code, MCL 339.721.(b) "Code" means the occupational code, 1980 PA 299, MCL 339.101 to 339.2677.(c) "Continuing education period" means all or part of a year beginning July 1 and ending June 30.(d) "Continuous instruction" means education time not including breakfast, lunch, or dinner periods, coffee breaks, or any other breaks in the program.(e) "CPA" means certified public accountant.(f) "Disclose" means to provide a written communication from a CPA or CPA firm informing the client, before making a recommendation or referral, that the CPA or CPA firm will receive a commission, referral fee, or contingency fee from a third-party for recommendations or referrals of products or services, or both.(g) "Enterprise" means a person for which an individual licensee, firm licensee, individual with practice privileges, or out-of-state firm performs professional services.(h) "Financial statements" means statements and related footnotes that show financial position, results of operations, and cash flows based on generally accepted accounting principles or another comprehensive basis of accounting. Financial statements does not include incidental financial data included in-management advisory services reports to support recommendations to a client and does not include tax returns and supporting schedules of tax returns.(i) "Generally accepted accounting principles" means accounting principles issued by the applicable nationally or internationally recognized professional standard setting organization related to individual accounting engagements.(j) "Generally accepted auditing standards" means the standards of professional conduct, issued by the applicable nationally or internationally recognized professional standard setting organization, related to individual audit engagements.(k) "Individual with practice privileges" means an individual who practices in this state under section 727a of the code, MCL 339.727a.(l) "Nano-learning program" means a tutorial program designed to allow a participant to learn a given content area in a 10-minute period with electronic media and without interaction with a real-time instructor.(m) "Out-of-state firm" means a firm that may provide certain services and use the title "CPA firm" without obtaining a firm license under the conditions in section 728(4) and (5) of the code, MCL 339.728.(n) "Professional engagement" means an agreement between a client and an individual licensee, firm licensee, individual with practice privileges, or out-of-state firm relative to the performance of professional services.(o) "Professional services" means any services performed or offered to be performed by an individual licensee, firm licensee, individual with practice privileges, or out-of-state firm for a client in the course of the practice of public accounting under section 720 of the code, MCL 339.720.(p) "Qualifying hours" means continuing education hours that satisfy part 3 of these rules.(2) A term defined in the code has the same meaning when used in these rules.Mich. Admin. Code R. 338.5101
1979 AC; 1986 AACS; 1996 AACS; 1998-2000 AACS; 2007 AACS; 2013 AACS; 2017 AACS; 2019 AACS; 2021 AACS; 2022 AACS; 2023 MR 20, Eff. 10/24/2023