Minnesota Administrative Code

1105.3350 CONTINUING PROFESSIONAL EDUCATION REQUIREMENTS FOR INITIAL ISSUANCE OF CERTIFICATE. A. Applicants for initial issuance of a certificate shall submit with the application specified in part 1105.2500, item A, on a form provided by the board, a report of continuing profess…

1105.3400 INTERSTATE RECIPROCITY. Subpart 1. Principal place of business not in this state. If the substantial equivalency standard in Minnesota Statutes, section 326A.14, is not applicable, the board shall issue a certificate to the holder of a certificate in good standing issue…

1105.3500 INTERNATIONAL RECIPROCITY. Subpart 1. Foreign countries. The board may designate a professional accounting credential or professional registration issued in a foreign country as generally equivalent to a CPA license and: A. may rely on the International Qualifications A…

1105.3600 PEER REVIEW FOR LICENSEES WHO DO NOT PRACTICE IN A FIRM. A licensee who issues compilation reports as defined in the act other than through a CPA firm that holds a permit under Minnesota Statutes, section 326A.05, must undergo a peer review as described in parts 1105.46…

1105.3700 EXEMPTION FROM CERTIFICATE RENEWAL REQUIREMENT WHILE EXEMPT OR RETIRED. A. A licensee who does not engage in the practice of public accounting in any manner, who does not hold out as a CPA in any manner, and who does not have an inactive certificate is not required to r…

1105.3800 INITIAL ISSUANCE OF CERTIFICATE. A certificate shall be issued to a person who has: A. completed the examination specified in Minnesota Statutes, section 326A.03, subdivision 4, with a passing grade; B. paid the required fee specified in Minnesota Statutes, section 326A…

1105.3900 [Repealed, 38 SR 1367] Published Electronically: April 28, 2014

1105.4000 APPLICATION FOR FIRM PERMIT. A. Applications by firms for initial issuance and for renewal of permits under Minnesota Statutes, section 326A.05, must be made on a form provided by the board and, in the case of applications for renewal, must be filed no later than Decemb…

1105.4100 NOTIFICATION OF CHANGES BY FIRMS. A. A firm granted a permit according to Minnesota Statutes, section 326A.05, must file with the board a written notification of any of the following events concerning the practice of public accountancy within this state within 30 days a…

1105.4150 HEADQUARTERS OF CLIENT. A. For purposes of part 1105.4200 and Minnesota Statutes, sections 326A.05, subdivision 1, and 326A.14, subdivision 1, a client is considered to have its headquarters in this state if the location specified by the client as the address to which a…

1105.4200 APPLICATIONS; INITIAL ISSUANCE; RENEWAL OF PERMITS. A. The application for initial issuance and for renewal of permits must specify that: (1) all individual employees of the firm who have been granted practice privileges under Minnesota Statutes, section 326A.14, or who…

1105.4250 [Repealed, 33 SR 476] Published Electronically: September 18, 2008

1105.4300 PEER REVIEW AS CONDITION FOR RENEWAL OF PERMIT. A. The board has established in parts 1105.4600 to 1105.5500 procedures to perform the following functions: (1) review financial statements and the reports of licensees on financial statements to assess compliance with app…

1105.4400 INTERNET PRACTICE. A CPA firm offering or rendering professional services via a website shall provide in the website's home page a means for regulators and the public to contact a responsible licensee in charge at the firm regarding complaints, questions, or regulatory …

1105.4500 [Repealed, 38 SR 1367] Published Electronically: April 28, 2014

1105.4600 PEER REVIEW. For the purpose of parts 1105.4600 to 1105.5500, the terms in this part have the meanings given. A. "Peer review" has the meaning given in Minnesota Statutes, section 326A.01, subdivision 12. B. "Report acceptance body" or "administrating entity" means the …

1105.4700 PEER REVIEW STANDARDS. A. For purposes of parts 1105.4600 to 1105.5500, Standards for Performing and Reporting on Peer Reviews (Standards) and Statements on Quality Control Standards (Statements) that are contained in AICPA Professional Standards are incorporated by ref…

1105.4800 PEER REVIEW REQUIREMENTS. A. As a condition to renewal of its permit pursuant to Minnesota Statutes, section 326A.05, subdivision 8, every firm shall undergo a peer review in accordance with parts 1105.4600 to 1105.5500 once every three years. B. To the extent that insp…

1105.4900 EXEMPTION FROM PEER REVIEW REQUIREMENT. A. A firm is exempt from the peer review requirement specified in part 1105.4000 if it annually represents to the board that it has not issued attest or compilation reports, that it does not intend to engage in such practices duri…

1105.5000 Subpart 1. [Repealed, 38 SR 1367] Subp. 2. [Repealed, 33 SR 476] Subp. 3. [Repealed, 38 SR 1367] Subp. 4. [Repealed, 38 SR 1367] Published Electronically: April 28, 2014

1105.5100 FIRM PEER REVIEW REQUIREMENT. A. As a condition to renewal of a firm permit, a new firm shall: (1) undergo a peer review; and (2) submit the material in part 1105.5400 to the board no later than 21 months from the report date of the initial attest or compilation engagem…

1105.5200 QUALIFICATIONS OF REVIEWER. The reviewer shall have the following minimum qualifications: A. hold a certificate with an active status or permit as a CPA or a firm, from any state; and have undergone at least one peer review; B. have knowledge and experience with the typ…

1105.5300 QUALIFICATIONS OF REPORT ACCEPTANCE BODIES. A. The AICPA and the Public Company Accounting Oversight Board are approved report acceptance bodies. B. The Minnesota Association of Public Accountants, the Minnesota Society of Certified Public Accountants, other state accou…

1105.5400 REPORT TO BOARD. A. Within 30 days of receipt of the letter described in subitem (2), each firm shall submit, or have submitted on its behalf, the following material to the board: (1) a copy of the report issued by the reviewer, including any response from the firm that…

1105.5500 PRIVATE DATA. The board and the peer review oversight committee shall treat all material of the firm obtained through the peer review process as private data as defined by Minnesota Statutes, section 13.02, subdivision 12, or nonpublic data as defined by Minnesota Statu…

1105.5600 GROUNDS FOR ENFORCEMENT ACTION. Subpart 1. Grounds for disciplinary action. The grounds for revocation and suspension of certificates, registrations, and permits, and other disciplinary action against licensees, certificate holders, applicants, and individuals with priv…

1105.5700 [Repealed, 42 SR 736] Published Electronically: January 10, 2018

1105.5800 REVIEW OF PROFESSIONAL WORK PRODUCT. The board may solicit and receive publicly available reports of licensees, registrants, and individuals with privileges under Minnesota Statutes, section 326A.14, and related financial statements from clients, public agencies, banks,…

1105.5900 NOTICES OF HEARING OR CONFERENCE. A. A notice of hearing issued by the board or a notice of conference by the board's complaint committee pursuant to Minnesota Statutes, section 326A.08, must include: (1) a statement of matters asserted or charged; and (2) references to…

1105.6000 SERVICE. When required by this chapter, service shall be first class United States mail, postage prepaid, and addressed to the person at the last known address, unless some other manner of service is required by this chapter, the act, or law. Statutory Authority: MS s 3…

1105.6100 APPLICATIONS FOR RELIEF FROM DISCIPLINARY PENALTIES. A. A person whose certificate or registration has been revoked or suspended, an individual whose privileges under Minnesota Statutes, section 326A.14, have been revoked or limited, a firm whose permit to practice has …

1105.6200 ACTION BY BOARD. A. An application pursuant to part 1105.6100 must ordinarily be processed by the board upon the basis of the materials submitted in support of it, supplemented by any additional inquiries required by the board or its complaint committee. At the board's …

1105.6300 MISLEADING CPA FIRM NAMES. A. A CPA firm name must not be used unless the name has been registered with and approved by the board. B. A CPA firm name is misleading within the meaning of Minnesota Statutes, section 326A.10, paragraph (h), if, among other things, the CPA …

1105.6400 FICTITIOUS FIRM NAMES. A fictitious CPA firm name, that is, one not consisting of the names or initials of one or more present or former partners, members, or shareholders, may not be used by a CPA firm unless the name has been registered with and approved by the board …

1105.6500 SAFE HARBOR LANGUAGE. A. Nonlicensees not registered under Minnesota Statutes, section 326A.06, paragraph (b), and part 1105.6600 must use the following disclaimer language in connection with financial statements so as not to violate the act: "I (we) have prepared the a…

1105.6550 DEFINITION OF VALID CERTIFICATE, LICENSE, PERMIT, REGISTRATION, AND OF GOOD STANDING. A. "Valid certificate" or "valid license," as used in Minnesota Statutes, section 326A.10 or 326A.14, is an unexpired certificate that has a certificate status of "active" as defined i…

1105.6600 REGISTERED ACCOUNTING PRACTITIONER. A. The designation of "registered accounting practitioner" shall be issued by the board to persons of good moral character who have made application on a form provided by the board and who: (1) have met the education requirement in pa…

1105.6700 EDUCATION REQUIREMENT FOR REGISTERED ACCOUNTING PRACTITIONER. A. Persons applying for initial designation as a registered accounting practitioner shall have a minimum of an associate degree in accounting from an accredited college or university or have, in the opinion o…

1105.6800 EXAMINATION; REGISTERED ACCOUNTING PRACTITIONER. A. Persons applying for initial designation as a registered accounting practitioner shall successfully pass all sections of an RAP examination designed to test knowledge in the subjects of accounting and compilation servi…

1105.6900 EXPERIENCE; REGISTERED ACCOUNTING PRACTITIONER. A. A person applying for initial designation as a registered accounting practitioner shall demonstrate to the board that the person has had one year of acceptable experience. Acceptable experience may consist of providing …

1105.7000 RENEWAL OF REGISTRATION. A. The registration of a registered accounting practitioner expires on December 31 each year and must be renewed annually before December 31 on a form provided by the board for that purpose. The fee in Minnesota Statutes, section 326A.04, must b…

1105.7100 RAP FIRM APPLICATION. A. Applications by RAP firms for initial issuance and for renewal of RAP firm permit must be made on a form provided by the board and, in the case of applications for renewal, shall be filed no later than December 31. Applications are not considere…

1105.7200 NOTIFICATION OF CHANGES BY RAP FIRMS. A. A RAP firm registered under this chapter shall file with the board a written notification of any of the following events concerning its practice within this state within 30 days after its occurrence: (1) formation of a new RAP fi…

1105.7300 APPLICATION FOR INITIAL ISSUANCE AND FOR RENEWAL OF RAP FIRM PERMIT. The application for initial issuance and for renewal of a RAP firm permit must specify that all compilation services rendered in this state are under the charge of a person holding a valid registration…

1105.7400 PEER REVIEW AS CONDITION FOR RENEWAL OF PERMIT. A. The board has established in parts 1105.4600 to 1105.5500 procedures to perform the following functions: (1) review of financial statements and the reports of registrants on financial statements, to assess their complia…

1105.7450 MISLEADING RAP FIRM NAMES AND FICTITIOUS RAP FIRM NAMES. A. A RAP firm name must not be used unless the name has been registered with and approved by the board. B. A RAP firm name is misleading within the meaning of Minnesota Statutes, section 326A.10, paragraph (h), if…

1105.7500 COMPILATION REPORTS. A. No holder of a registration issued under this chapter may issue a compilation report through any business form that does not hold a valid RAP firm permit issued under this chapter. B. The form of the compilation report that can be issued is in pa…