Mississippi § 73-33-1 - Who may use title “certified public accountant”; firm permit requirements; registration and permit requirements.

§ 73-33-1. Who may use title “certified public accountant”; firm permit requirements; registration and permit requirements.

Any person residing or having a place for the regular transaction of business in the State of Mississippi being of good moral character, and who shall have received from the State Board of Public Accountancy a license certifying his qualifications as a certified public accountant as hereinafter provided, shall be styled or known as a certified public accountant, and it shall be unlawful for any other person or persons to assume such title or use any letters, abbreviations or words to indicate that such person using same is a certified public accountant, unless such person qualifies for a practice privilege under Section 73-33-17, or at the discretion of the board, such person has been granted use of the title of “certified public accountant retired” by the Mississippi State Board of Public Accountancy or has received a reciprocal certified public accountant license from the State Board of Public Accountancy. A certified public accountant practicing public accounting under a Mississippi license must be associated and registered with a certified public accountant firm. The State Board of Public Accountancy shall grant and renew permits to practice as a CPA firm to applicants that demonstrate their qualifications in accordance with this section. The following shall hold a permit issued under this section: any firm with an office in this state that practices public accountancy or that uses the title “CPA” or “CPA firm,” and any firm that does not have an office in this state but performs the services described in Section 73-33-17(4) for a client having its home office in this state. A firm that does not have an office in this state may perform a review of a financial statement to be performed in accordance with Statements on Standards for Accounting and Review Services, or a compilation as defined in Section 73-33-2(d), for a client having its home office in this state and may use the title “CPA” and “CPA firm” without a permit issued under this section only if such firm has the qualifications described in subsection (4), complies with the peer review requirements set forth by board rule, and performs such services through an individual with practice privileges under Section 73-33-17. A firm that is not subject to the requirements of paragraph (a) or (b) of this subsection may perform other professional services within the practice of public accountancy while using the title “CPA” and “CPA firm” in this state without a permit issued under this section only if such firm performs such services through an individual with practice privileges under Section 73-33-17 and such firm can lawfully do so in the state where the individuals with practice privileges have their principal place of business. In order to obtain and maintain a firm permit, a certified public accountant firm shall be required to show the following: It is wholly owned by natural persons and not owned in whole or in part by business entities; and A simple majority of the ownership of the firm in terms of financial interests and/or voting rights hold certified public accountant licenses in any state; however, the individuals whose principal place of business is in Mississippi and who perform professional services in this state shall hold a Mississippi certified public accountant license, and that individuals who qualify for practice privileges under Section 73-33-17 who perform services for which a firm permit is required under Section 73-33-17(4) shall not be required to obtain a certificate pursuant to Section 73-33-3 or 73-33-9. Any certified public accountant firm may include nonlicensee owners, provided that: The firm designates a licensee of this state who is responsible for the proper registration of the firm and identifies that individual to the board; or in the case of a firm without a Mississippi office which must have a permit pursuant to subsection (3)(a), the firm designates a licensee of another state who meets the requirements provided in Section 73-33-17; All nonlicensee owners are active individual participants in the certified public accountant firm or affiliated entities; and The firm complies with such other requirements as the board may impose by rule. Unless exempt from the firm permit requirement under Section 73-33-1(3), no person or persons shall engage in the practice of public accounting as defined herein as a partnership, joint venture or professional corporation, sole proprietor, or other business organization allowed by law, unless and until each business organization or office thereof located inside the State of Mississippi has registered with and been issued a firm permit by the State Board of Public Accountancy.