Indiana Code
Chapter 5. Permits for Firms
25-2.1-5-4. Application for Initial Permit; Demonstration of Firm Member Qualifications

Sec. 4. (a) An applicant for initial issuance or renewal of a permit to practice under this chapter must show that:
(1) a simple majority of the ownership of the firm, in terms of financial interests and voting rights of all partners, officers, shareholders, members, or managers, belongs to holders of an active CPA certificate issued under this article or a corresponding certificate that is issued after examination by another state; and
(2) the partners, officers, shareholders, members, or managers whose principal place of business is in Indiana and who practice accountancy in Indiana hold a valid CPA certificate issued under this article.
(b) For firms of public accountants, at least a simple majority of ownership of the firm, in terms of financial interests and voting rights, must belong to public accountants certified under IC 25-2.1-6.
(c) A firm issued a permit under this section may include nonlicensee owners if:
(1) the firm designates a licensee who is responsible for the proper registration of the firm and identifies that individual to the board;
(2) all nonlicensee owners are active individual participants in the CPA or PA firm or affiliated entities; and
(3) the firm complies with the other requirements that the board may impose by rule.
(d) An individual licensee who is responsible for supervising attest or compilation services and signs or authorizes an individual to sign the accountant's report on behalf of the firm shall meet the competency requirements set out in the professional standards adopted by the board for the services.
(e) An individual licensee who signs or authorizes an individual to sign the accountant's report on behalf of the firm shall meet the competency requirement of subsection (d).
As added by P.L.30-1993, SEC.7. Amended by P.L.128-2001, SEC.31; P.L.112-2014, SEC.19.

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