Learn more about proposed changes to Board of Accountancy rules
April 7, 2023 | Linda Wedul, CAE
One constant in the accounting profession is the ongoing changes over time.
The Minnesota Board of Accountancy is
seeking comments right now as it moves through its process of adopting new rules. This is a 30-day comment period, which closes May 3, 2023. A public hearing will be scheduled with an administrative law judge if there are more than 25 requests for a public hearing.
Many of the changes are housekeeping in nature, including grammatical changes and references to old rules or clarifying language.
But there are more substantial changes, including:
1105.1800 Examination content | Subp. 2. Ethics
Applications for initial licensure must pass an ethics exam specified by the Board. An applicant must complete the examination
within six months preceding
or following the initial application for the certificate.
Change: Current rules allow an applicant to complete the exam within two years preceding the initial application for the certificate.
1105.2500 Applications for certificates
Applicants who do not supply all required supporting documents and applicable fees for an initial certificate within
six months of the date
that the application was received by the Board shall submit a new application with the required fees.
Change: Current rules allow documents and fees to be submitted within three years of the date the application was received by the Board.
1105.3100 Continuing professional education programs | Subp. 2. D.
Allows CPE credit for
content review of works as described in the
Statement on Standards for Continuing Professional Education (CPE) Programs.
Change: Current rules allow CPE credit for authoring articles, books or CPE courses for publications. The new rule will add credit for content review.
1105.7850 Retention and content of audit and other professional services documentation
This adds a requirement that documentation must provide sufficient detail to support the conclusions reached in any report or filing issued by the firm related to the professional service. For
tax services, the retention period is 7 years. For audit, the retention period is not less than 6 years from the report date.
Other professional services are not less than 6 years from the engagement date.
Change: This adds a document retention standard for tax services and other professional services. Other professional services are defined as issuing reports on financial statements, providing management or financial advisory or consulting services, preparing tax returns, providing advice in tax matters, or other services performed under a professional engagement.
Access key information
Proposed rule changes – Includes all rule changes.
Statement of Need and Reasonableness (SONAR) – Required by law when changes are proposed.
Dual Notice – Provides notice of proposed rule changes and hearing if required based on comments received.
Submit comments
Deadline: May 3, 2023
We encourage members to review the proposed changes and submit comments either with concerns or in support.
When there is a concern about the impact of a change or there is not clarity in the language, it is important to provide specific feedback. Note that the rule changes in this proposal are the only changes being considered at this time.
Direct your comments or hearing requests to the Office of Administrative Hearings. Submit comments virtually via this site:
https://minnesotaoah.granicusideas.com/discussions.
The Board requests that you also copy their office. Do so by copying Kay Weiss, the Board’s assistant executive director, at
kay.weiss@state.mn.us.
After May 3, 2023, the proposed rule changes will be reviewed by the Office of Administrative Hearings. A final notice will be provided once the rules are officially adopted.
Questions?
Please email your questions to the MNCPA membership team at
membership@mncpa.org. Or call us at 952-831-2707.
Topics: Government, Education
Linda Wedul, CAE
Linda Wedul is president and CEO of the MNCPA. She’s usually spotted at MNCPA events, introducing herself to members with a warm smile and memorable laugh. Mixed among the Footnotes, accounting journals, leadership books and three monitors in her office, you’d be surprised to see a dog kennel. Her unpaid job is volunteering as a foster family for service dogs in training through Can-Do-Canines. She and her husband have two adult children and live in Farmington. Linda can be reached at 952-885-5516 or lwedul@mncpa.org.
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