North Dakota Administrative Code
Title 3 - Accountancy, Board of
Article 3-01 - General Administration
Chapter 3-01-03 - Ethics, Firm Ownership, and Firm Review
Section 3-01-03-02 - Firm ownership
Current through Supplement No. 392, April, 2024
A minority of the ownership of a firm practicing public accountancy within this state may be held by noncertified public accountants or nonlicensed public accountants, but each such owner:
1. Must be an individual;
2. Must not serve as the principal executive officer of the firm;
3. Must not exercise authority over the performance of audit, review, compilation, or other attest services; and
4. Must not aid in the unauthorized practice of public accounting, or knowingly misrepresent facts, or commit any act discreditable to the accounting profession.
When any owner of a firm practicing public accounting within this state is convicted of a felony or other crime involving fraud or dishonesty, or is disciplined by a regulatory agency, that person's ownership in the firm must be fully divested within six months thereafter, if so directed by the board.
In the event of death or incapacity of a firm's sole owner, the firm may continue to operate under the owner's name and credential, for up to one year. The board may require firm supervision.
General Authority: NDCC 43-02.2-03
Law Implemented: NDCC 43-02.2-06