Current through Register Vol. 47, No. 13, December 25, 2024
(1)
Cooperation with board inquiry. A CPA or an LPA will, when
requested, respond to communications from the board within 30 days.
(2)
Reporting convictions, judgments,
and disciplinary actions. In addition to any other reporting obligations
in Iowa Code chapter 542 or these rules, a CPA or an LPA needs to notify the
board within 30 days of:
a. Imposition upon the
CPA or LPA of discipline including, but not limited to, censure, reprimand,
sanction, probation, civil penalty, fine, consent decree or order, or suspension,
revocation or modification of a license, certificate, permit or practice rights
by:
(1) The SEC, PCAOB, or IRS (by the Director
of Practice); or
(2) Another state
board of accountancy for cause other than failure to pay a professional fee by
the due date or failure to complete continuing education obligations by another
state board of accountancy; or
(3)
Any other federal or state agency regarding the CPA's or LPA's conduct while
rendering professional services; or
(4) Any foreign authority or credentialing body
that regulates the practice of accountancy;
b. Occurrence of any matter reportable by the
CPA or LPA to the PCAOB pursuant to the Sarbanes-Oxley Act, Section 102(b)(2)(f)
as amended to December 29, 2022, and PCAOB rules and forms adopted pursuant
thereto;
c. Any judgment, award or
settlement of a civil action or arbitration proceeding in which the CPA or LPA
was a party if the matter included allegations of gross negligence, violation of
specific standards of practice, fraud, or misappropriation of funds in the
practice of accounting; provided, however, licensed firms will notify the board
regarding civil judgments, settlements or arbitration awards directly involving
the firm's practice of public accounting in this state; or
d. Criminal charges, deferred prosecution or
conviction or plea of no contest to which the CPA or LPA is a defendant if the
crime is:
(1) Any felony under the laws of the
United States or any state of the United States or any foreign jurisdiction;
or
(2) Any crime, including a
misdemeanor, if an essential element of the offense is dishonesty, deceit or
fraud, as more fully described in Iowa Code section
542.5(2).
(3)
Firm's duty to report. Each firm will designate a CPA or an LPA
as responsible for firm licensure or office registration and responsible for
reporting any matter reportable under this rule.
(4)
Solicitation or disclosure of CPA
examination questions and answers. A CPA or an LPA who solicits or
knowingly discloses a Uniform Certified Public Accountant Examination question(s)
or answer(s) without the written authorization of the AICPA has committed an act
discreditable to the profession.
(5)
Falsely reporting continuing professional education (CPE). A CPA
or an LPA has committed an act discreditable to the profession when the CPA or
LPA falsely reports CPE credits to the board.
