The bill has been endorsed by the Milwaukee Chapter of the National Association of Black Accountants, the Wisconsin Chapter of the American Women's Society of CPAs, the Wisconsin Association of Accountants, and the National Association of Tax Practitioners. We want to make sure that members are aware of the legislative process, the significance of this proposal, and its major provisions. As the business world becomes more complex, the need for interdisciplinary approaches to problem solving increases. The bill allows non-CPAs to become minority owners of CPA firms, though CPAs must maintain a majority ownership interest. As a result, interdisciplinary groups of owners such as CPAs, management consultants and information technologists, would be allowed to provide integrated services to the general public.
Most states only require one year's experience.
The bill changes the Wisconsin requirement to one year so as to achieve the substantial equivalence that will allow Wisconsin CPAs to practice in other states. Mandatory peer reviews Many states have enacted peer review programs under which the accounting and auditing practices of CPA firms must be independently evaluated every three years as to their professional competency. The bill adds Wisconsin to the 32 states that have already enacted this requirement. The last such person ceased practice in 1985. Learn about the UAA Members should familiarize themselves with the major provisions of the bill so that they can answer questions from legislators and clients.