What individuals with a professional corporation need to be licensed in order to provide public accounting services?
Only the lead engagement partners on public accounting engagements performed by the professional corporation are required to be licensed. It is no longer required that every shareholder be licensed, just as it is no longer required that every partner of a partnership be licensed. The shareholder(s) of a professional corporation that is a partner of a firm (partnership) do not need to be licensed. The professional corporation can be a partner of the firm without any of the shareholders of the professional corporation being licensees.
Related Questions
- I understand that no license is needed to offer tax services to the public. If I am a licensed accounting practitioner must I comply with the professional ethics in regards to my tax practice?
- I practise public accounting through a professional corporation. How does the change in the licensing system impact me?
- What individuals within a firm need to be licensed in order to provide public accounting services?
