§ 542.2

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 foror assessing the financial status or performance of commercial, noncommercial, andgovernmental enterprises. The reliance of the public in general and of the business community in particular on sound financial reporting imposes on persons engaged in suchpractice certain obligations both to their clients and to the public. These obligations, whichthis chapter is intended to enforce, include the obligation to maintain independence inthought and action, to strive continuously to improve one’s professional skills, to observewhere applicable generally accepted accounting principles and generally accepted auditingstandards, to promote sound and informative financial reporting, to hold the affairs of clientsin confidence, and to maintain high standards of personal conduct in all matters affectingone’s fitness to practice public accountancy. The public interest requires that persons professing special competence in accountancy or offering assurance as to the reliability orfairness of

affectingone’s fitness to practice public accountancy. The public interest requires that persons professing special competence in accountancy or offering assurance as to the reliability orfairness of presentation of such information shall have demonstrated their qualificationsto do so, and that persons who have not demonstrated and maintained such qualificationsnot be permitted to represent themselves as having such special competence or to offersuch assurance; that the conduct of persons licensed as having special competence inaccountancy be regulated in all aspects of their professional work; that a public authoritycompetent to prescribe and assess the qualifications and to regulate the conduct of licenseesbe established; and that the use of titles that have a capacity or tendency to deceive thepublic as to the status or competence of the persons using such titles be prohibited. 2001 Acts, ch 55, §2, 38 Sat Dec 23 01:44:29 2023 Iowa Code 2024, Section 542.2 (17, 0)