Terms Used In Iowa Code > Chapter 542 - Public Accountants

• Account: means the same as defined in section 554. See Iowa Code 554E.1
• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
• Appraisal: A determination of property value.
• attest service: means providing any of the following services:
   (1) An audit or other engagement to be performed in accordance with the statements on auditing standards. See Iowa Code 542.3
• Board: means the Iowa accountancy examining board established under section 542. See Iowa Code 542.3
• Certificate: means a certificate as a certified public accountant issued 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
• Certified public accounting firm: means a sole proprietorship, a corporation, a partnership, a limited liability company, or any other form of organization issued a permit to practice as a firm of certified public accountants under section 542. See Iowa Code 542.3
• 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
• Commission: means a brokerage or other participation fee. See Iowa Code 542.3
• Compilation: means a service performed in accordance with statements on standards for accounting and review services and presented in the form of financial statements, which provides information that is the representation of management without undertaking to express any assurance on the statements. See Iowa Code 542.3
• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contingent fee: means a fee established for the performance of a service pursuant to an arrangement under which a fee will not be charged unless a specified finding or result is attained, or under which the amount of the fee is otherwise dependent upon the finding or result of such service. See Iowa Code 542.3
• Conviction: A judgement of guilt against a criminal defendant.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
• Dependent: A person dependent for support upon another.
• Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
• Electronic: means the same as defined in section 554D. See Iowa Code 554E.1
• Embezzlement: In most states, embezzlement is defined as theft/larceny of assets (money or property) by a person in a position of trust or responsibility over those assets. Embezzlement typically occurs in the employment and corporate settings. ^{Source: OCC}
• Entitlement: A Federal program or provision of law that requires payments to any person or unit of government that meets the eligibility criteria established by law. Entitlements constitute a binding obligation on the part of the Federal Government, and eligible recipients have legal recourse if the obligation is not fulfilled. Social Security and veterans' compensation and pensions are examples of entitlement programs.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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
• Forgery: The fraudulent signing or alteration of another's name to an instrument such as a deed, mortgage, or check. The intent of the forgery is to deceive or defraud. ^{Source: OCC}
• Fraud: Intentional deception resulting in injury to another.
• Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
• 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
• Licensed public accounting firm: means a sole proprietorship, a corporation, a partnership, a limited liability company, or any other form of organization issued a permit to practice as a firm of licensed public accountants under section 542. See Iowa Code 542.3
• 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
• Money: means the same as defined in section 554. See Iowa Code 554E.1
• month: means a calendar month, and the word "year" and the abbreviation "A. See Iowa Code 4.1
• NASBA: means the national association of state boards of accountancy. See Iowa Code 542.3
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Office: means any Iowa workplace identified or advertised to the general public as a location where public accounting services are performed. See Iowa Code 542.3
• Oversight: Committee review of the activities of a Federal agency or program.
• Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
• 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
• Peer review records: includes peer review reports. See Iowa Code 542.3
• Peer review reports: means a study, appraisal, or review of one or more aspects of a certified public accounting firm's compliance with applicable accounting, auditing, and other attestation standards adopted by generally recognized standard-setting bodies. See Iowa Code 542.3
• Peer review team: means a person or organization participating in the peer review function, but does not include the board. See Iowa Code 542.3
• Permit: means a permit to practice as either a certified public accounting firm issued under section 542. See Iowa Code 542.3
• 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
• Plea: In a criminal case, the defendant's statement pleading "guilty" or "not guilty" in answer to the charges, a declaration made in open court.
• 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
• Practice privilege: means an authorization to practice public accounting in Iowa or for clients with a home office in Iowa without licensure under this chapter, as provided in section 542. See Iowa Code 542.3
• Principal place of business: means the primary location from which public accounting services are performed, as the board may further define by rule. See Iowa Code 542.3
• Probable cause: A reasonable ground for belief that the offender violated a specific law.
• Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
• property: includes personal and real property. See Iowa Code 4.1
• Quorum: The number of legislators that must be present to do business.
• Record: means the same as defined in section 554D. See Iowa Code 554E.1
• Report: includes any form of language which disclaims an opinion when such form of language is conventionally understood to imply a positive assurance as to the reliability of the attested information or compiled financial statements referred to or special knowledge or competence on the part of the person or firm issuing the language, and any other form of language that is conventionally understood to imply such assurance or such special knowledge or competence. See Iowa Code 542.3
• Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
• Rule: includes "regulation". See Iowa Code 4.1
• Signature: includes an electronic signature as defined in section 554D. 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
• Statute: A law passed by a legislature.
• Subpoena: A command to a witness to appear and give testimony.
• Substantial equivalency: is a determination by the board that the education, examination, and experience requirements contained in the statutes and administrative rules of another jurisdiction are comparable to, or exceed, the education, examination, and experience requirements contained in this chapter or that an individual licensee's education, examination, and experience qualifications are comparable to or exceed the education, examination, and experience requirements contained in this chapter. See Iowa Code 542.3
• Testify: Answer questions in court.
• Testimony: Evidence presented orally by witnesses during trials or before grand juries.
• Transaction: means a sale, trade, exchange, transfer, payment, or conversion of a digital asset or any other property or any other action or set of actions occurring between two or more persons relating to the conduct of business, commercial, or governmental affairs. See Iowa Code 554E.1
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• undertaking: means a promise or security in any form. See Iowa Code 4.1
• United States: includes all the states. See Iowa Code 4.1
• year: means twelve consecutive months. See Iowa Code 4.1