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Committee backs bill to allow ESOP ownership of CPA firms
Summary
The Senate Workforce Development Committee gave House Bill 1156 a "do pass" recommendation after testimony that the bill would clarify state law to allow employee stock ownership plans to own certified public accounting firms while preserving CPA control standards.
The Senate Workforce Development Committee voted to give House Bill 1156 a do-pass recommendation after hearing testimony that the measure would clarify state law to allow employee stock ownership plans (ESOPs) to own certified public accounting firms while retaining CPA control safeguards.
Supporters told the committee the change would create financial incentives to retain and recruit staff at accounting firms and make explicit language that some states already use.
Representative Austin Shower, district 13 of West Fargo, told the committee, "House bill 11 56 would allow CPA firms to be owned by ESOS." He told members the original North Dakota law required public accounting firms be owned and controlled by individuals licensed as CPAs and that ESOPs were uncommon when the statute was written.
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