Important Audit Announcement for CPAs Submitting Film Audits After January 1, 2012
Peer Review Required for Certified Public Accountants Performing Film Tax Credit Audits
A certified public accountant who performs an audit of the expenditures of a production company for a tax credit under section 455 of the Michigan Business Tax Act must participate in peer review as a condition of license renewal pursuant to MCL 339.729(2).
The Michigan Department of Treasury will require proof of peer review for the licensing period beginning on January 1, 2012. The Department will not accept any audit opinion letter signed by a firm after December 31, 2011 unless the Department has received proof that the firm has had a successful review by the AICPA Peer Review Board and that the review has been accepted by the MACPA Peer Review Task Force.
In addition, the Department will require proof of successful peer review for any individual who participated in an audit during the 2009-2010 licensing period if that person will participate in audits during the 2012-2013 licensing period.