Michigan Laws 339.733 – Statements, records, schedules, working papers, or memoranda; restriction; sale, transfer, bequeathing, or assignment
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(1) Statements, records, schedules, working papers, or memoranda made by a licensee or by an employee of a licensee shall remain the property of the licensee unless there is an agreement to the contrary. This subsection does not apply to a report submitted by a licensee to a client or a document constituting the original books or records of a client’s business.
(2) Statements, records, schedules, working papers, or memoranda pertaining to a client shall not be sold, transferred, or bequeathed without consent of the client or the client’s personal representative and shall not be assigned except to 1 or more surviving partners or a new partner of the licensee or members of the licensee’s firm.
Terms Used In Michigan Laws 339.733
- Client: means an individual or entity that engages a licensee or licensee's employer to receive any service in the practice of public accounting. See Michigan Laws 339.720
- Firm: means a corporation, partnership, limited liability company, unincorporated association, sole proprietorship operating under an assumed name, or other legal entity. See Michigan Laws 339.720
- Report: when used with reference to an attest or compilation service, means an opinion, report, or other form of language that states or implies assurance as to the reliability of attested information or compiled financial statements and that also includes, or is accompanied by, any statement or implication that the individual or firm issuing it has special knowledge or competence in accounting or auditing. See Michigan Laws 339.720