Iowa Code 542.18 – Licensees’ working papers — clients’ records
Current as of: 2023 | Check for updates
|
Other versions
1. Subject to section 542.17, all statements, records, schedules, working papers, and memoranda made by a licensee or a partner, shareholder, officer, director, member, manager, or employee of a licensee, incident to, or in the course of, rendering services to a client, except reports submitted by the licensee to the client and except for records that are part of the client’s records, are the property of the licensee in the absence of an express agreement between the licensee and the client to the contrary. Such statement, record, schedule, working paper, or memorandum shall not be sold, transferred, or bequeathed, without the consent of the client or the client’s personal representative or assignee, to anyone other than a surviving partner, stockholder, or member of the licensee, or any combined or merged firm or successor in interest to the licensee. This section shall not be construed as prohibiting a temporary transfer of working papers or other material necessary in the course of carrying out peer reviews or as otherwise interfering with the disclosure of information pursuant to section 542.17.
Terms Used In Iowa Code 542.18
- Account: means the same as defined in section 554. See Iowa Code 554E.1
- Client: means a person or entity that agrees with a licensee or licensee's employer to receive a professional service. See Iowa Code 542.3
- 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
- Licensee: means the holder of a license. See Iowa Code 542.3
- Manager: means a manager of a limited liability company. See Iowa Code 542.3
- Member: means a member of a limited liability company. See Iowa Code 542.3
- property: includes personal and real property. See Iowa Code 4.1
- Record: means the same as defined in section 554D. See Iowa Code 554E.1
- Statute: A law passed by a legislature.
2. A licensee shall furnish to a client or former client, upon request and reasonable notice, the following:
a. A copy of the licensee’s working papers, to the extent that such working papers include records that would ordinarily constitute part of the client’s records and are not otherwise available to the client.
b. Accounting or other records belonging to, or obtained from or on behalf of, the client that the licensee removed from the client’s premises or received for the client’s account. The licensee may make and retain copies of such documents of the client when they form the basis for work done by the licensee.
3. This chapter does not require a licensee to keep any working papers beyond the period prescribed in any other applicable statute.