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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 personor firm holding a permit to practice issued by this state prior to July 1, 2002, is deemed tohave met the requirements of this section. a. A firm must hold a permit issued under this section if the firm has an office in this state and uses the title 'CPAs', 'CPA firm', 'certified public accountants', or 'certified publicaccounting firm'. b. A firm which is not subject to paragraph 'a' may practice public accounting in this state without a permit issued under this section in conformance with section 542.20. c. A firm that holds a permit issued under this chapter shall designate to the board the licensee or nonlicensee owner who is responsible for the proper licensure of the firm andthe firm’s compliance with all applicable laws and rules of this state. If such firm has oneor more offices in this state, the firm shall designate to the board one or more persons whoare licensed under this chapter who are responsible for the proper

rules of this state. If such firm has oneor more offices in this state, the firm shall designate to the board one or more persons whoare licensed under this chapter who are responsible for the proper registration of each Iowaoffice of the firm and each office’s compliance with all applicable laws and rules of this state. 2. A permit 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. An application for a permit shall bemade in such form, and in the case of an application for renewal, between such dates as theboard may by rule specify. 3. a. An applicant for initial issuance or renewal of a permit to practice as a firm shall show that notwithstanding any other provision of law, a simple majority of the ownership ofthe firm, in terms of financial interests and voting rights of all partners, officers, shareholders,members, and managers, belongs to holders of a certificate issued by a state, and that suchpartners, officers, shareholders, members, and managers, who perform professional servicesin this state or for clients in this state, hold a certificate issued under section 542.6 or 542.19,or by

suchpartners, officers, shareholders, members, and managers, who perform professional servicesin this state or for clients in this state, hold a certificate issued under section 542.6 or 542.19,or by another state if the holder has a practice privilege under section 542.20. b. A certified public accounting firm may include a nonlicensee owner, which for purposes of this section means an owner that does not hold a valid certificate to practicepublic accounting in any state, provided all of the following occur: (1) All nonlicensee owners are active participants in the firm or an affiliated entity.(2) All nonlicensee owners comply with all applicable rules of professional conduct adopted by the board. (3) Such firm complies with other requirements as established by the board by rule.c. (1) Notwithstanding chapter 496C or any other provision of law to the contrary, a certified public accounting firm organized as a professional corporation under chapter 496Cmay have nonlicensee owners provided that the firm complies with the requirements of thissection. (2) Notwithstanding chapter 489, subchapter XI, or any other provision of law to the contrary, a certified public accounting firm

provided that the firm complies with the requirements of thissection. (2) Notwithstanding chapter 489, subchapter XI, or any other provision of law to the contrary, a certified public accounting firm organized as a professional limited liabilitycompany under chapter 489, subchapter XI, may have nonlicensee members provided thatthe professional limited liability company complies with the requirements of this section. d. A licensee or person with a practice privilege under section 542.20 who is responsible for supervising attest or compilation services and signs or authorizes someone to signthe accountant’s report on behalf of the firm shall meet the experience or competencyrequirements set out in nationally recognized professional standards for such services. e. A licensee or person with a practice privilege under section 542.20 who signs or authorizes someone to sign the accountant’s report on behalf of the firm shall meet theexperience or competency requirements established in paragraph 'd'. f. The board may deny the issuance or renewal of or revoke a permit, or otherwise discipline the holder of a permit issued under this section, if a nonlicensee owner’sprofessional license has

ph 'd'. f. The board may deny the issuance or renewal of or revoke a permit, or otherwise discipline the holder of a permit issued under this section, if a nonlicensee owner’sprofessional license has been revoked in any jurisdiction or a nonlicensee owner has beenconvicted of a crime described in section 542.5, subsection 2, if the board determines thatsuch revocation or conviction is detrimental to the public interest and would be a ground fordiscipline if applicable to a licensee under this chapter. Sat Dec 23 01:44:33 2023 Iowa Code 2024, Section 542.7 (26, 1) §542.7, PUBLIC ACCOUNTANTS 2 4. An applicant for initial issuance or renewal of a permit to practice as a certified public accounting firm is required to register each office of the firm within this state with the boardand to show that all attest and compilation services rendered in this state are under the chargeof a person holding a valid certificate issued under section 542.6 or 542.19, or by another stateif the holder has a practice privilege under section 542.20. However, the requirements of thissubsection shall not apply to the office of auditor of state if the auditor of state otherwisecomplies with the

holder has a practice privilege under section 542.20. However, the requirements of thissubsection shall not apply to the office of auditor of state if the auditor of state otherwisecomplies with the requirements of section 11.31A and this section. 5. The board, by rule, shall establish and charge an application fee for each application for initial issuance or renewal of a permit. 6. An applicant for initial issuance or renewal of a permit shall list in the application all states in which the applicant has applied for or holds a permit as a certified publicaccounting firm and list any past denial, revocation, or suspension of a permit by anotherstate. A holder of or applicant for a permit shall notify the board in writing within thirtydays after an occurrence of any of the following: a. A change in the number or location of offices within this state.b. A change in the identity of a person in charge of such offices.c. The issuance, denial, revocation, or suspension of a permit by another state.7. A firm, after receiving or renewing a permit which is not in compliance with this section as a result of a change in firm ownership or personnel, shall take corrective action to bring

nother state.7. A firm, after receiving or renewing a permit which is not in compliance with this section as a result of a change in firm ownership or personnel, shall take corrective action to bring thefirm back into compliance as quickly as possible or apply to modify or amend the permit. Theboard may grant a reasonable period of time for a firm to take such corrective action. Failureto comply within a reasonable period as deemed by the board shall result in the suspensionor revocation of the firm’s permit. 8. a. The board, by rule, shall require as a condition of renewal of a permit to practice as a certified public accounting firm, that an applicant undergo, no more frequently than onceevery three years, a peer review conducted in such manner as the board specifies. The reviewshall include a verification that any individual in the firm who is responsible for supervisingattest and compilation services and who signs or authorizes someone to sign the accountant’sreport on behalf of the firm meets the competency requirements set forth in the professionalstandards for such services. b.

lation services and who signs or authorizes someone to sign the accountant’sreport on behalf of the firm meets the competency requirements set forth in the professionalstandards for such services. b. Such rules shall include reasonable provision for compliance by an applicant showing that the applicant, within the preceding three years, has undergone a peer review that isa satisfactory equivalent to the peer review required under this subsection. An applicant’scompletion of a peer review program endorsed or supported by the American institute ofcertified public accountants, or other substantially similar review as determined by the board,satisfies the requirements of this subsection. 9. An applicant for a permit to practice as a certified public accounting firm, at the time of renewal, may request in writing upon forms provided by the board, a waiver from therequirements of subsection 8. The board may grant a waiver upon a showing satisfactory tothe board of any of the following: a. The applicant does not engage in, and does not intend to engage in during the following year, financial reporting areas of practice, including but not limited to audits, compilations,and reviews.

a. The applicant does not engage in, and does not intend to engage in during the following year, financial reporting areas of practice, including but not limited to audits, compilations,and reviews. An applicant granted a waiver pursuant to this paragraph shall immediatelynotify the board if the applicant engages in such practice, and shall be subject to peer review. b. Reasons of health.c. Military service.d. Instances of hardship.e. Other good cause as determined by the board.10. a. Peer review records are privileged and confidential, and are not subject to discovery, subpoena, or other means of legal compulsion. Peer review records are not admissible in evidence in a judicial, administrative, or arbitration proceeding. Unless thesubject of a peer review timely objects in writing to the administering entity of the peerreview program, the administering entity shall make available to the board within thirty daysof the issuance of the peer review acceptance letter the final peer review report or such peerreview records as are designated by the peer review program in which the administeringentity participates.

f the issuance of the peer review acceptance letter the final peer review report or such peerreview records as are designated by the peer review program in which the administeringentity participates. The subject of a peer review may voluntarily submit the final peer review Sat Dec 23 01:44:34 2023 Iowa Code 2024, Section 542.7 (26, 1) report directly to the board. Information or documents discoverable from sources otherthan a peer review team do not become nondiscoverable from such other sources becausethey are made available to or are in the possession of a peer review team. Information ordocuments publicly available from the American institute of certified public accountantsrelating to quality or peer review are not privileged or confidential under this subsection.A person or organization participating in the peer review process shall not testify as to thefindings, recommendations, evaluations, or opinions of a peer review team in a judicial,administrative, or arbitration proceeding. b. However, notwithstanding any provision of this subsection to the contrary, peer review reports concerning the office of auditor of state shall be considered a public record pursuantto chapter 22.

b. However, notwithstanding any provision of this subsection to the contrary, peer review reports concerning the office of auditor of state shall be considered a public record pursuantto chapter 22. 11. A person is not liable as a result of an act, omission, or decision made in connection with the person’s service on a peer review team, unless the act, omission, or decision is madewith actual malice. A person is not liable as a result of providing information to a peer reviewteam, or for disclosure of privileged matters to a peer review team. 12. The costs of the peer review shall be paid by the applicant.2001 Acts, ch 55, §7, 38; 2002 Acts, ch 1119, §112; 2003 Acts, ch 108, §100; 2008 Acts, ch 1106, §8, 15; 2015 Acts, ch 13, §3 – 7; 2017 Acts, ch 78, §3; 2022 Acts, ch 1085, §4, 5, 7, 8; 2023Acts, ch 152, §160, 161 Referred to in §542.3, 542.4, 542.6, 542.7A, 542.9, 542.13, 542.202022 amendments to subsections 4 and 10 apply retroactively to July 1, 2002; 2022 Acts, ch 1085, §82023 amendment to subsection 3, paragraph c, subparagraph (2) effective January 1, 2024; 2023 Acts, ch 152, §161Subsection 3, paragraph c, subparagraph (2) amended Sat Dec 23 01:44:34 2023 Iowa Code 2024,

amendment to subsection 3, paragraph c, subparagraph (2) effective January 1, 2024; 2023 Acts, ch 152, §161Subsection 3, paragraph c, subparagraph (2) amended Sat Dec 23 01:44:34 2023 Iowa Code 2024, Section 542.7 (26, 1)