1. After notice and hearing pursuant to section 542.11, the board may revoke, suspend for a period of time not to exceed two years, or refuse to renew a license; reprimand, censure, or limit the scope of practice of any licensee; impose an administrative penalty not to exceed one thousand dollars per violation against an individual licensee or ten thousand dollars per violation against a firm licensee; require remedial actions; or place any licensee on probation; all with or without terms, conditions, and in combinations of remedies, for any one or more of the following reasons:

 a. Fraud or deceit in obtaining a license, which may also result in permanent revocation of the license.
 b. Dishonesty, fraud, or gross negligence in the practice of public accounting.
 c. Engaging in any activity prohibited under section 542.13 or 542.20 or permitting persons under the licensee’s supervision to do so.
 d. Violation of a rule of professional conduct adopted by the board under the authority granted by this chapter.
 e. Conviction of a felony under the laws of any state or the United States.
 f. Conviction of any crime, any element of which is dishonesty or fraud as provided in section 542.5, subsection 2, under the laws of any state or the United States.
 g. Cancellation, revocation, suspension, or refusal to renew the authority to practice as a certified public accountant, licensed public accountant, or accounting practitioner, or the acceptance of the voluntary surrender of a license to practice as a certified public accountant, licensed public accountant, or accounting practitioner to conclude a pending disciplinary action, by any other state or foreign authority for any cause other than failure to pay appropriate fees in the other jurisdiction.
 h. Suspension or revocation of the right to practice before any state or federal agency, or the public company accounting oversight board.
 i. Conduct discreditable to the public accounting profession.
 j. Violation of section 272C.10.

Terms Used In Iowa Code 542.10

  • Board: means the Iowa accountancy examining board established under section 542. See Iowa Code 542.3
  • Certified public accountant: means a person licensed by the board who holds a certificate issued under this chapter or corresponding prior law. 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
  • Fraud: Intentional deception resulting in injury to another.
  • 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.
  • License: means a certificate issued under section 542. See Iowa Code 542.3
  • Licensed public accountant: means a person licensed by the board who does not hold a certificate as a certified public accountant under this chapter, and who offers to perform or performs for the public any of the following services:
     (1) Records financial transactions in books of record. See Iowa Code 542.3
  • Licensee: means the holder of a license. See Iowa Code 542.3
  • Oversight: Committee review of the activities of a Federal agency or program.
  • Peer review: means a study, appraisal, or review of one or more aspects of the professional work of a licensee or firm that performs attest or compilation services, by a licensed person or persons who are not affiliated with the licensee or firm being reviewed. See Iowa Code 542.3
  • Practice of public accounting: means the performance or the offering to perform, by a person holding oneself out to the public as a certified public accountant or a licensed public accountant, one or more kinds of professional services involving the use of accounting, attest, or auditing skills, including the issuance of reports on financial statements, or of one or more kinds of management advisory, financial advisory, or consulting services, or the preparation of tax returns or the furnishing of advice on tax matters. See Iowa Code 542.3
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • Rule: includes "regulation". See Iowa Code 4.1
  • State: means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, the Commonwealth of the Northern Mariana Islands, or Guam. See Iowa Code 542.3
  • United States: includes all the states. See Iowa Code 4.1
 2. Multiple violations arising from the same factual circumstances or from different factual circumstances containing a common error shall be considered as a single violation for the purpose of imposition of an administrative penalty.
 3. In lieu of or in addition to any remedy specifically provided in subsection 1, the board may require a licensee to satisfy a peer review or desk review process on such terms as the board may specify, satisfactorily complete a continuing education program, or such additional remedies as the board may specify by rule.