Firms that don't comply with these requirements have three years to do so. Such owners may use the title principal, owner, officer, member, shareholder or any other title permitted by state law. Provision must be made for the transfer of such ownership to the firm or to other qualified owners if a non-CPA ceases to be actively engaged in the firm. A majority of this Committee believes that special rules also could be developed to protect both MDP members and their clients. With respect to other non-legal services, such as financial planning, real estate development etc., that do not have outside supervisory and disciplinary authorities already in place, supervision and discipline could be provided internally.
Many institutions already have such rules in place.
The final segment of the report notes the relentless movement by the large accounting firms into areas which have hitherto been the exclusive domain of the legal profession. What is missing, and sorely needed, is a concerted effort to accomplish the tasks which the Committee members felt unable to complete, namely to undertake the research they identified as necessary, and then to develop some detailed new model rules of professional conduct which would fit the guidelines which they outlined. Finally, as they also suggest, the profession will have to face the need to change the regulatory structure under which we are governed.