Section 542.1 – Title.
542.1 Title. This chapter shall be known and may be cited as the “Iowa Accountancy Act of 2001”. 2001 Acts, ch 55, §1, 38
Section 542.10 – Enforcement against a holder of a certificate, permit, or license.
542.10 Enforcement against a holder of a certificate, permit, or license. 1. After notice and hearing pursuant to section 542.11, the board may revoke, suspend for a period of time not to exceed two years, or refuse to renew a license; reprimand, censure, or limit the scope of practice of any licensee; impose an administrative […]
Section 542.11 – Investigations and hearings.
542.11 Investigations and hearings. 1. The board may initiate proceedings under this chapter upon written complaint or on its own motion pursuant to other information received by the board suggesting violations of this chapter or board rules. The board may conduct an investigation as needed to determine whether probable cause exists to initiate such proceedings. […]
Section 542.12 – Reinstatement.
542.12 Reinstatement. 1. In any case in which the board has suspended, revoked, or restricted a license, refused to renew a license, or accepted the voluntary surrender of a license to conclude a pending disciplinary investigation or action, the board may, upon written application, modify or terminate the suspension, reissue the license, or modify or […]
Section 542.13 – Unlawful acts.
542.13 Unlawful acts. 1. Only a certified public accountant may issue a report on financial statements of a person, firm, organization, or governmental unit, or offer to render or render any attest service. Only a certified public accountant or licensed public accountant may render compilation services. This restriction does not prohibit such acts by a […]
Section 542.14 – Injunction against unlawful acts, civil penalties, and consent agreements.
542.14 Injunction against unlawful acts, civil penalties, and consent agreements. 1. If, as a result of an investigation under section 542.11 or otherwise, the board believes that a person or firm has engaged, or is about to engage, in an act or practice which constitutes or will constitute a violation of section 542.13 or 542.20, […]
Section 542.15 – Criminal penalties.
542.15 Criminal penalties. 1. A person who violates a provision of section 542.13 is guilty of a serious misdemeanor. 2. If the board has reason to believe that a person has committed a violation subject to subsection 1, the board may certify the facts to the attorney general of this state, or to the county […]
Section 542.16 – Single act evidence of practice.
542.16 Single act evidence of practice. In an action brought under section 542.14 or 542.15, evidence of the commission of a single act prohibited by this chapter is sufficient to justify a penalty, injunction, restraining order, or conviction, without evidence of a general course of conduct. 2001 Acts, ch 55, §16, 38
Section 542.17 – Confidential communications.
542.17 Confidential communications. 1. A licensee shall not voluntarily disclose information communicated to the licensee by a client relating to and in connection with services rendered to the client by the licensee, except with the permission of the client, or an heir, successor, or personal representative of the client. Such information is deemed to be […]
Section 542.18 – Licensees’ working papers — clients’ records.
542.18 Licensees’ working papers — clients’ records. 1. Subject to section 542.17, all statements, records, schedules, working papers, and memoranda made by a licensee or a partner, shareholder, officer, director, member, manager, or employee of a licensee, incident to, or in the course of, rendering services to a client, except reports submitted by the licensee […]
Section 542.19 – Substantial equivalency.
542.19 Substantial equivalency. 1. An individual whose principal place of business is not in this state shall be granted a certificate to practice as a certified public accountant in this state if the board determines that the individual holds in good standing a valid certificate or license to practice as a certified public accountant in […]
Section 542.2 – Legislative intent.
542.2 Legislative intent. It is the policy of this state, and the purpose of this chapter, to promote the reliability of information that is used for guidance in financial transactions or for accounting for or assessing the financial status or performance of commercial, noncommercial, and governmental enterprises. The reliance of the public in general and […]
Section 542.20 – Practice privilege.
542.20 Practice privilege. 1. This section authorizes a person or firm whose principal place of business is not in this state to practice public accounting in Iowa in person, or by telephone, mail, or electronic means without licensure under this chapter or notice to the board under the conditions described in this section. Such a […]
Section 542.3 – Definitions.
542.3 Definitions. As used in this chapter, unless the context otherwise requires: 1. a. “Attest” or “attest service” means providing any of the following services: (1) An audit or other engagement to be performed in accordance with the statements on auditing standards. (2) A review of a financial statement to be performed in accordance with […]
Section 542.4 – Iowa accountancy examining board.
542.4 Iowa accountancy examining board. 1. An Iowa accountancy examining board is created within the professional licensing and regulation bureau of the banking division of the department of commerce to administer and enforce this chapter. a. The board shall consist of eight members, appointed by the governor and subject to senate confirmation, all of whom […]
Section 542.5 – Qualifications for a certificate as a certified public accountant.
542.5 Qualifications for a certificate as a certified public accountant. 1. A certificate as a certified public accountant may be granted to a person of good moral character who makes application pursuant to section 542.6 and who satisfies the education, experience, and examination requirements of this section and rules adopted pursuant to this section. 2. […]
Section 542.6 – Issuance and renewal of certificates — maintenance of competency.
542.6 Issuance and renewal of certificates — maintenance of competency. 1. a. The board shall issue a certificate to a person who makes application on a form prescribed and furnished by the board and who demonstrates either of the following: (1) That the person’s qualifications, including where applicable the qualifications prescribed by section 542.5, satisfy […]
Section 542.7 – Firm permits to practice — attest experience and peer review.
542.7 Firm permits to practice — attest experience and peer review. 1. The board shall issue or renew a permit to practice to a certified public accounting firm that makes application and demonstrates the qualifications set forth in this section. A person or firm holding a permit to practice issued by this state prior to […]
Section 542.8 – Qualifications for and issuance of a license as a licensed public accountant — renewal of license — firm registration — peer review.
542.8 Qualifications for and issuance of a license as a licensed public accountant — renewal of license — firm registration — peer review. 1. The license of a licensed public accountant shall be granted by the board to any person who meets one of the following requirements: a. The applicant holds a license as an […]
Section 542.9 – Appointment of secretary of state as agent.
542.9 Appointment of secretary of state as agent. Application for a certificate under section 542.6, a license under section 542.8, a permit to practice under section 542.7, or a certificate under section 542.19 by a person or a firm not a resident of this state constitutes appointment of the secretary of state as the applicant’s […]