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Minnesota Legislature

Office of the Revisor of 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