Mississippi Administrative Code › Title 30 - Professions and Occupations › Part 1 - Mississippi State Board of Public Accountancy Rules and Regulations Appendix; Schedule of Fees › Chapter 6 - Rules of Professional Conduct › Rule 30-1-6.6 - Commission

Current through June 25, 2024
Rule 6.6.1. A CPA or firm permit holder shall neither pay
				  any consideration or commission to obtain a client, nor accept any
				  consideration or commission for the referral of a client to others, nor for a
				  commission recommend or refer to a client any product or service, or for a
				  commission recommend or refer any product or service to be supplied by a
				  client, or receive a commission, when the CPA or the CPA firm also performs for
				  that client any of the following:
(a)
				an audit or review of a financial statement;
(b) a compilation of a financial statement
				when the CPA or firm permit holder expects, or reasonably might expect, that a
				third party will use the financial statement and the compilation report does
				not disclose a lack of independence;
(c) an examination of prospective financial
				information; or
(d) any other
				service requiring independence.
This prohibition applies during the period in which the CPA
				  or firm permit holder is engaged to perform any of the services listed above
				  and the period covered by any historical financial statements involved.
Rule 6.6.2. A CPA or firm permit holder who is not
				  prohibited by this rule from performing services for or receiving a commission
				  and who is paid or expects to be paid a commission shall disclose that fact to
				  any person or entity to whom the CPA or firm permit holder recommends or refers
				  a product or service to which the commission relates and in compliance with
				  these
Rules and Regulations
.
Rule 6.6.3. A CPA or firm permit holder who accepts
				  consideration or a commission for a referral shall disclose such acceptance or
				  payment to the client in compliance with the requirements of Rule 6.6.5. of
				  these
Rules and Regulations
.
Rule 6.6.4. This rule shall not prohibit payments for the
				  purchase of all, or a material part of, an accounting practice, non-compete
				  agreements, or retirement payments to individuals formerly engaged in the
				  practice of public accounting or payments to their heirs and estates.
Rule 6.6.5. Disclosures of commissions for the
				  recommendation or referral of a product or service to client(s) or
				  considerations or commissions to a client for a referral shall include the
				  minimum disclosures in accordance with the following.
(a) be in writing, be clear and
				conspicuous;
(b)state the amount of
				the consideration or commission or the basis on which it will be
				computed;
(c) be made at or prior
				to the time of the recommendation or referral of the product or service for
				which consideration or commission is paid or prior to the client retaining the
				CPA or firm permit holder to whom the client has been referred for which a
				referral fee is paid; and
(d)be
				signed by both the CPA or firm permit holder and the
				client.
Miss. Code Ann. §
				  73- 33-5 (f)