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 the requirements of this section, or that the person holdsa certificate issued under prior law. (2) That the person holds in good standing a certificate or license to practice as a certified public accountant in another state or equivalent designation from a foreign country, and iseligible under the substantial equivalency or other provisions of section 542.19. b. The holder of a certificate issued under this section shall only provide attest services in a certified public accounting firm that is issued a permit under section 542.7, or through acertified public accounting firm with a practice privilege under section 542.20. 2. A certificate shall be initially issued, and renewed, for a period of not more than three years, but in any event shall expire on a date specified by rule. practice privilege under section 542.20. 2. A certificate shall be initially issued, and renewed, for a period of not more than three years, but in any event shall expire on a date specified by rule. A person who fails to renewa certificate as a certified public accountant by the expiration date shall be allowed to do sowithin thirty days following its expiration, but the board may assess a reasonable penalty. Theboard shall specify by rule the conditions under which a lapsed certificate may be reinstated,including the imposition of administrative penalties. 3. A certificate holder, for renewal of a certificate under this section, shall participate in a program of learning designed to maintain professional competency. Such programof learning must comply with rules adopted by the board. The board, by rule, may grantan exception to this requirement for a certificate holder who does not perform or offerto perform for the public one or more kinds of services involving the use of accountingor auditing skills, including issuance of reports on financial statements or the use of oneor more kinds of management advisory, financial advisory, or consulting services, or thepreparation of tax ngor auditing skills, including issuance of reports on financial statements or the use of oneor more kinds of management advisory, financial advisory, or consulting services, or thepreparation of tax returns or the furnishing of advice on tax matters. A certificate holderentitled to an exception by rule of the board shall place the word 'inactive' adjacent to theholder’s certified public accountant title on any business card, letterhead, or other documentor device, with the exception of the certificate holder’s certified public accountant certificate,on which the certificate holder’s certified public accountant title appears. 4. The board shall charge an application fee for initial issuance or renewal of a certificate in an amount prescribed by the board by rule. 5. An applicant for initial issuance or renewal of a certificate shall list in the application all states in which the applicant has applied for or holds a certificate, license, or permit andlist any past denial, revocation, or suspension of a certificate, license, or permit. A holder ofor applicant for a certificate under this section shall notify the board in writing, within thirtydays after its occurrence, of any ion, or suspension of a certificate, license, or permit. A holder ofor applicant for a certificate under this section shall notify the board in writing, within thirtydays after its occurrence, of any issuance, denial, revocation, or suspension of a certificate,license, or permit by another state. 6. The board, by rule, shall require as a condition for renewal of a certificate under this section, by any certificate holder who performs compilation services for the public otherthan through a certified public accounting firm or licensed public accounting firm, that suchindividual undergo, no more frequently than once every three years, a peer review conductedin such manner as the board shall by rule specify, and such review shall include verificationthat such individual has met the competency requirements set out in professional standardsfor such services. The provisions of section 542.7, subsections 10, 11, and 12, shall apply tothe peer review required in this subsection. 2001 Acts, ch 55, §6, 38; 2008 Acts, ch 1106, §7, 15; 2017 Acts, ch 78, §2Referred to in §542.3, 542.4, 542.5, 542.7, 542.8, 542.9, 542.13, 542.19, 542.20 Sat Dec 23 01:44:33 2023 Iowa Code 2024, Section 542.6 (20, 5, §6, 38; 2008 Acts, ch 1106, §7, 15; 2017 Acts, ch 78, §2Referred to in §542.3, 542.4, 542.5, 542.7, 542.8, 542.9, 542.13, 542.19, 542.20 Sat Dec 23 01:44:33 2023 Iowa Code 2024, Section 542.6 (20, 0)
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