(d) The auditing standards issued by the International Auditing and Assurance
Standards Board (IAASB), 529 5th Avenue, New York, New York, 10017, in the
publication entitled “2018 Handbook of International Quality Control, Auditing, Review,
Other Assurance, and Related Pronouncements” issued on December 17, 2018, and any
related pronouncements issued as of the effective date of this rule, which are available at
(e) The accounting standards issued by the Financial Accounting Standards Board
(FASB), 401 Merritt 7, P.O. Box 5116, Norwalk, Connecticut, 06856, in the publication
entitled “FASB Accounting Standards Codification” as of July 20, 2020, and any updates
published as of the effective date of this rule, which are available at no cost from the
(f) The accounting standards issued by the Governmental Accounting Standards Board
(GASB), 407 Merritt 7, P.O. Box 5116, Norwalk, Connecticut, 06856, in the publication
entitled “GASB Codification” as of June 30, 2019, and any pronouncements published as
of the effective date of this rule, which are available at a cost of $132.00 from the board’s
(g) The accounting standards issued by the International Accounting Standards Board,
30 Cannon Street, London EC4M 6XH, United Kingdom, in the publication entitled
“2018 International Financial Reporting Standards IFRS® (Red Book)” and any
pronouncements issued as of the effective date of this rule, which are available at a cost
(h) The United States Securities and Exchange Commission (SEC) rules contained in
17 CFR chapter 2 and the SEC’s Interpretative Releases and Policy Statements issued as
of the effective date of this rule. The SEC rules may be obtained free of charge at
(2) Copies of the standards adopted in this rule are available for inspection and
distribution at the cost of 10 cents per page from the Department of Licensing and
Regulatory Affairs, Bureau of Professional Licensing, 611 W. Ottawa Street, P.O. Box
30670, Lansing, Michigan, 48909.
(3) A licensee shall satisfy the applicable standards adopted in subrule (1) of this rule.
History: 2007 AACS; 2013 AACS; 2017 AACS; 2019 AACS; 2021 MR 9, Eff. May 5, 2021.
R 338.5103 Rescinded.
History: 1986 AACS; 1996 AACS; 1999 AACS; 2007 AACS; 2013 AACS.
R 338.5104 Retention of documents
Rule 104. (1) With the exception of documents related to a peer review, all individual
licensees, firm licensees, individuals with practice privileges, and out-of-state firms shall
retain sufficient documentation, in any form, with regard to services performed while
engaged in the practice of public accounting, as well as evidence obtained and
conclusions reached, for a period of not less than 5 years.