Pass the CNMI accountancy bill

Posted on Nov 26 1999

House Bill 11-12, the CNMI Accountancy Act, was derived from the Uniform Accountancy Act which has been adopted by a majority of U.S. states and territories. The Uniform Accountancy Act is based on the principle that it is in the best interest of the public that competent and qualified individuals perform audits, reviews, and compilations of financial statements. Major advantages of the bill would include:

1. A Board of Accountancy would be established in the CNMI which is the only jurisdiction within the United States without a Board.

2. Licensing accountants will help prevent deception of the public with respect to financial statements.

3. The bill will allow the accounting profession to regulate itself.

4. The bill will require accountants to maintain their competence through continuing professional education.

5. The bill will elevate requirements of financial statements in the CNMI to adhere to professional standards.

It is in the best interest of the CNMI public that this bill be passed as soon as possible.

Michael S. Johnson

Managing Partner

Deloitte & Touche, Saipan

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