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
thattheindividualholdsingoodstandingavalidcertificateorlicensetopracticeasacertified
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 section 542.5.
c. The applicant satisfies all of the following:
(1)The applicant passed the examination required for issuance of the applicant’s
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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
thattheindividualholdsingoodstandingavalidcertificateorlicensetopracticeasacertified
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 section 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 section 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 section 542.6, subsection 3.
2. An individual who holds in good standing a valid certificate or license to practice as a
certifiedpublicaccountantinanotherstateandwhodesirestoestablishtheholder’sprincipal
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 section 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 section 542.6.
5. The board shall adopt rules to implement this section which will expedite the
application process to the extent reasonably possible.