1. The certificate of certified public accountant granted by the board under section 542C.5 and the license to practice as an accounting practitioner under section 542C.7 or 542C.8 shall be renewed as determined by the board. There shall be a renewal fee, in the amount to be determined from time to time by the board. The board shall give notice by restricted certified mail, return receipt requested, to the holder of a certificate or license who has failed to renew it. If the holder fails to renew the certificate or license within thirty days of receipt of the notice, the certificate or license lapses and is void.
2. In addition to the certificates and licenses, permits to engage in the practice of public accounting in this state shall be issued by the board to holders of the certificate of certified public accountant and to holders of a license to practice as an accounting practitioner in force and effect as specified in subsection 1, upon payment of the fees, as follows:
a. Persons holding the certificate of certified public accountant on July 1, 1975, and who have had three years' continuous practical accounting experience as a staff accountant, or three years' continuous employment as a field examiner under a revenue agent-in-charge of the income tax bureau of the treasury department of the United States, or as a field examiner in the office of the auditor of state, department of management, department of revenue and finance, or the insurance division of the department of commerce, of this state, or a bank examiner employed by the banking division of the department of commerce of this state pursuant to section 524.208 shall be issued permits by the board.
b. Persons holding the certificate of certified public accountant under the provisions of section 542C.5 who are high school graduates and who have had three years' continuous experience under the direct supervision of a certified public accountant holding a current permit to practice, which experience must include a significant amount of accounting work involving third-party reliance on the financial statements, shall be issued permits by the board. The experience required in section 542C.5, subsection 2, shall be counted as the experience required in this paragraph.
c. Persons holding the certificate of certified public accountant under the provisions of section 542C.5 who have a baccalaureate degree conferred by a college or university recognized by the board with a concentration in accounting, or what the board determines to be substantially the equivalent of an accounting concentration including related courses in other areas of business administration, and who have had at least two years of experience in the practice of public accounting, such experience being acceptable to the board, shall be issued permits by the board.
d. All offices of a holder of a certificate of certified public accountant shall be maintained and registered as required under section 542C.19.
3. Permits to engage in the practice of public accounting in this state shall also be issued by the board to persons, partnerships, corporations, or limited liability companies registered under sections 542C.17 and 542C.18 if all offices of the registrant are maintained and registered as required under section 542C.19.
4. There shall be a permit fee in an amount to be determined by the board, payable by certified public accountants and accounting practitioners engaged in practice in this state. A fee shall not be charged for the renewal of a partnership, corporation, or limited liability company permit to practice. All permits shall expire as determined by the board.
5. A person, firm, corporation, or limited liability company shall not practice as a certified public accountant or accounting practitioner without a permit.
6. The board shall prescribe continuing education requirements for all certified public accountants and accounting practitioners holding permits and all other certified public accountants and accounting practitioners working under permits to engage in the practice of public accounting in this state and compliance by certified public accountants and accounting practitioners shall be a condition precedent to the renewal of a permit to practice under this section.
7. A person who fails to renew the person's permit to practice as a certified public accountant by the expiration date shall be allowed to do so within thirty days following its expiration, but the board may assess a reasonable penalty.
[SS15, § 2620-i; C24, 27, § 1904; C31, 35, § 1905-c15, -c19; C39, § 1905.13, 1905.17; C46, 50, 54, 58, 62, 66, 71, 73, § 116.13, 116.17; C75, 77, 79, 81, § 116.20, 116.21(10); 81 Acts, ch 53, § 1; 82 Acts, ch 1038, § 1]
91 Acts, ch 97, §13-15
C93, § 542C.20
92 Acts, ch 1180, §4, 5; 93 Acts, ch 19, §6
Referred to in § 542C.5, 542C.6, 542C.18, 542C.19, 542C.21, 542C.25, 542C.26, 542C.30
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