1998 Minnesota Statutes

     326.212 Permitted acts. 

    Subdivision 1.    Employees; assistants.  Nothing 
 contained in sections 326.165 to 326.229 shall prohibit any 
 person not a certified public accountant or licensed public 
 accountant from serving as an employee of, or an assistant to, a 
 certified public accountant or licensed public accountant, or 
 partnership, corporation, or limited liability company or 
 partnership composed of certified public accountants or licensed 
 public accountants, provided that the person shall not issue any 
 accounting or financial statement over the person's name. 

    Subd. 2.    Certified but not licensed C.P.A., L.P.A.  
 The board, by rule, may permit persons holding a certificate 
 issued pursuant to section 326.19, but who do not hold a current 
 license, to assume or use the title or designation "certified 
 public accountant" or "licensed public accountant," or the 
 abbreviation "CPA," "LPA," or other title, designation, words, 
 letters, abbreviation, sign, card, or device tending to indicate 
 that the person is a certified public accountant or licensed 
 public accountant, provided (a) that the board has not revoked, 
 suspended, or refused to renew a license previously issued to 
 the person; (b) that the assumption or use is not incident to 
 the practice of public accountancy; and (c) that the assumption 
 or use is not in conjunction with or incident to any opinion or 
 certificate within the purview of section 326.211, subdivision 6.

    Subd. 3.    Corporations performing unaudited accounting 
 services.  Nothing contained in sections 326.165 to 326.229 
 shall prohibit any corporation from performing accounting 
 services incident to a commercial relationship with another 
 corporation, cooperative association, or cooperative corporation 
 involving either the extension of credit or the performance of 
 sales, purchasing, or marketing functions if any financial 
 reports prepared incident thereto are marked "Unaudited" and 
 disclose the identity of the preparer and its lack of 
 independence.  

    Subd. 4.    Persons preparing unaudited financial 
 statements.  Nothing contained in sections 326.165 to 326.229 
 shall prohibit any person, partnership, corporation, or limited 
 liability company or partnership, not licensed under sections 
 326.165 to 326.229, from preparing and presenting unaudited 
 financial statements and unaudited schedules on printed forms or 
 the letterhead of the preparer if they are clearly marked on 
 each page "unaudited."  Any person or entity who prepares 
 unaudited financial statements and unaudited schedules for a 
 client for a fee is subject to section 326.229 and the practice 
 of the person or entity may be disciplined by the board as 
 provided for in section 326.229.  The board may discipline a 
 person or entity based on violations of sections 326.165 to 
 326.229, the board's rules, or misrepresentations made by such 
 person or entity regarding the work the person or entity 
 performed. 

    Subd. 5.    Tax returns.  Nothing contained in sections 
 326.165 to 326.229 shall prohibit any person, partnership, 
 corporation, or limited liability company or partnership, not 
 licensed under sections 326.165 to 326.229, from preparing tax 
 returns. 

    Subd. 6.    Maintain or surrender license.  Once 
 licensed, a certified public accountant or licensed public 
 accountant in order to perform any of the services listed in 
 section 326.165, subdivision 2, shall maintain an active license.

    HIST: 1979 c 326 s 9; 1980 c 591 s 11; 1986 c 444; 1992 c 542 
 s 4; 1994 c 465 art 1 s 40; 1998 c 340 s 9-12