Current through Register Vol. 47, No. 6, September 18, 2024
(1) CPA firms that
satisfy the conditions for a practice privilege may practice public accounting in
Iowa or for a client with a home office in Iowa in person, or by telephone, mail,
or electronic means without licensure under Iowa Code chapter 542 or notice to
the board.
(2) CPA firms lawfully
practicing public accounting under a practice privilege may use the title "CPAs,"
"CPA firm," "certified public accountants," or "certified public accounting
firm."
(3) CPA firms practicing
public accounting in Iowa or for a client with a home office in Iowa while
exercising a practice privilege are subject to all of the following provisions:
a. Practice privilege firms are not allowed to
make any representation tending to falsely indicate that the firm is licensed
under Iowa Code chapter 542. Such firms may truthfully identify themselves as
licensed in any jurisdiction in which the firm holds a valid, active, unexpired
license to practice as a certified public accounting firm. For example, a
practice privilege firm could not use the title "Iowa CPAs" or "Iowa CPA firm" or
otherwise state or imply licensure in Iowa, but, if true, the firm could use a
title such as "CPA firm, licensed in Texas" or "Florida CPAs." Such firm could
also truthfully state that the firm is practicing in Iowa under a practice
privilege.
b. Practice privilege
firms will provide, upon a client's or prospective client's request, accurate
information on the state or states of licensure, principal place of business,
contact information, and manner in which licensure status can be
verified.
c. Practice privilege firms
will comply with all professional standards, laws, and rules that apply to
licensed firms performing the same professional services.
(4) As a condition of exercising the practice
privilege provided in Iowa Code section 542.20, the firm:
a. Consents to the personal and subject matter
jurisdiction and regulatory authority of the board including, but not limited to,
the board's jurisdiction to revoke the practice privilege or otherwise take
action under Iowa Code section 542.14 for any violation of Iowa Code chapter 542
or board rules;
b. Appoints the
regulatory body of the state that issued the license in the firm's principal
place of business as the agent upon whom process may be served in any action or
proceeding by the board against the firm;
c. Agrees to supply the board, upon the board's
request and without subpoena, such information or records that licensed firms are
similarly obligated to provide the board under Iowa Code chapter 542, including
but not limited to the information described in Iowa Code section
542.20(7)
"c," and rule 193A-7.3 (542); and
d. Agrees to promptly cease offering or
providing public accounting services in Iowa or for a client with a home office
in Iowa if the license in the firm's principal place of business expires or is
otherwise no longer in good standing, or if any of the conditions for exercising
the practice privilege are no longer satisfied, or if the board revokes the
practice privilege.
