Iowa Code 542.19 – Substantial equivalency
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Terms Used In Iowa Code 542.19
- following: when used by way of reference to a chapter or other part of a statute mean the next preceding or next following chapter or other part. See Iowa Code 4.1
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- person: means individual, corporation, limited liability company, government or governmental subdivision or agency, business trust, estate, trust, partnership or association, or any other legal entity. See Iowa Code 4.1
- Rule: includes "regulation". See Iowa Code 4.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
542.19 Substantial equivalency.
1. An individual whose principal place of business is not in this state shall be granted a certificate to practice as a certified public accountant in this state if the board determines that the individual holds in good standing a valid certificate or license to practice as a certified public accountant in the state in which the individual’s principal place of business is located, and that the individual satisfies one of the following conditions:
a. The other state’s licensing or certification standards are substantially equivalent to those required by this chapter.
b. The applicant’s individual qualifications are substantially equivalent to those required by § 542.5.
c. The applicant satisfies all of the following:
(1) The applicant passed the examination required for issuance of the applicant’s
certificate or license with grades that would have been passing grades at the time in this
state;
(2) The applicant has at least four years of experience within the ten years immediately
preceding the application which occurred after passing the examination upon which the
applicant’s certificate or license was based and which in the board’s opinion is substantially
equivalent to that required by § 542.5, subsection 12; and,
(3) If the applicant’s certificate or license was issued more than four years prior to the
filing of the application in this state, the applicant has fulfilled the continuing professional
education requirements described in § 542.6, subsection 3.
2. An individual who holds in good standing a valid certificate or license to practice as a
certified public accountant in another state and who desires to establish the holder’s principal
place of business in this state shall request the issuance of a certificate from the board prior
to establishing such principal place of business. The board shall issue a certificate to an
individual who satisfies one or more of the conditions described in subsection 1.
3. The board shall issue a certificate to a holder of a substantially equivalent foreign
designation, upon satisfaction of all of the following:
a. The foreign authority which issued the designation allows a person who holds a valid
certificate issued by this state to obtain such foreign authority’s comparable designation.
b. The foreign designation satisfies all of the following:
(1) The designation was issued by a foreign authority that regulates the practice of public
accountancy and the foreign designation has not expired or been revoked or suspended.
(2) The designation entitles the holder to issue reports on financial statements.
(3) The designation was issued upon the basis of education, examination, and experience
requirements established by the foreign authority or by law.
c. The applicant satisfies all of the following:
(1) The designation was issued based on education and examination standards
substantially equivalent to those in effect in this state at the time the foreign designation
was granted.
(2) The applicant satisfies an experience requirement, substantially equivalent to the
requirement set out in § 542.5, subsection 12, in the jurisdiction which issued the
foreign designation or has completed four years of professional experience in this state;
or meets equivalent requirements prescribed by the board by rule, within the ten years
immediately preceding the application.
(3) The applicant has passed qualifying examinations in national standards and the laws,
rules, and code of ethical conduct in effect in this state.
(4) The applicant shall list in the application all jurisdictions, foreign and domestic, in
which the applicant has applied for or holds a designation to practice public accountancy. A
holder of a certificate issued under this section shall notify the board in writing, within thirty
days after its occurrence, of any issuance, denial, revocation, or suspension of a designation
or commencement of a disciplinary or enforcement action by any jurisdiction.
4. An applicant under this section shall comply with all applicable provisions of section
542.5, subsections 1 through 6, and § 542.6.
1. An individual whose principal place of business is not in this state shall be granted a certificate to practice as a certified public accountant in this state if the board determines that the individual holds in good standing a valid certificate or license to practice as a certified public accountant in the state in which the individual’s principal place of business is located, and that the individual satisfies one of the following conditions:
a. The other state’s licensing or certification standards are substantially equivalent to those required by this chapter.
b. The applicant’s individual qualifications are substantially equivalent to those required by § 542.5.
c. The applicant satisfies all of the following:
(1) The applicant passed the examination required for issuance of the applicant’s
certificate or license with grades that would have been passing grades at the time in this
state;
(2) The applicant has at least four years of experience within the ten years immediately
preceding the application which occurred after passing the examination upon which the
applicant’s certificate or license was based and which in the board’s opinion is substantially
equivalent to that required by § 542.5, subsection 12; and,
(3) If the applicant’s certificate or license was issued more than four years prior to the
filing of the application in this state, the applicant has fulfilled the continuing professional
education requirements described in § 542.6, subsection 3.
2. An individual who holds in good standing a valid certificate or license to practice as a
certified public accountant in another state and who desires to establish the holder’s principal
place of business in this state shall request the issuance of a certificate from the board prior
to establishing such principal place of business. The board shall issue a certificate to an
individual who satisfies one or more of the conditions described in subsection 1.
3. The board shall issue a certificate to a holder of a substantially equivalent foreign
designation, upon satisfaction of all of the following:
a. The foreign authority which issued the designation allows a person who holds a valid
certificate issued by this state to obtain such foreign authority’s comparable designation.
b. The foreign designation satisfies all of the following:
(1) The designation was issued by a foreign authority that regulates the practice of public
accountancy and the foreign designation has not expired or been revoked or suspended.
(2) The designation entitles the holder to issue reports on financial statements.
(3) The designation was issued upon the basis of education, examination, and experience
requirements established by the foreign authority or by law.
c. The applicant satisfies all of the following:
(1) The designation was issued based on education and examination standards
substantially equivalent to those in effect in this state at the time the foreign designation
was granted.
(2) The applicant satisfies an experience requirement, substantially equivalent to the
requirement set out in § 542.5, subsection 12, in the jurisdiction which issued the
foreign designation or has completed four years of professional experience in this state;
or meets equivalent requirements prescribed by the board by rule, within the ten years
immediately preceding the application.
(3) The applicant has passed qualifying examinations in national standards and the laws,
rules, and code of ethical conduct in effect in this state.
(4) The applicant shall list in the application all jurisdictions, foreign and domestic, in
which the applicant has applied for or holds a designation to practice public accountancy. A
holder of a certificate issued under this section shall notify the board in writing, within thirty
days after its occurrence, of any issuance, denial, revocation, or suspension of a designation
or commencement of a disciplinary or enforcement action by any jurisdiction.
4. An applicant under this section shall comply with all applicable provisions of section
542.5, subsections 1 through 6, and § 542.6.
§542.19, PUBLIC ACCOUNTANTS 2
5. The board shall adopt rules to implement this section which will expedite the application process to the extent reasonably possible.
2001 Acts, ch 55, §19, 38; 2003 Acts, ch 44, §94
Referred to in §542.3, 542.4, 542.6, 542.7, 542.8, 542.9, 542.13, 542.20