Bill Text: IA SF2122 | 2011-2012 | 84th General Assembly | Enrolled
Bill Title: A bill for an act exempting review services from specified requirements otherwise applicable to the performance of attest services by out-of-state certified public accounting firms. (Formerly SSB 3019.) Effective 7-1-12.
Spectrum: Committee Bill
Status: (Passed) 2012-03-30 - Signed by Governor. S.J. 700. [SF2122 Detail]
Download: Iowa-2011-SF2122-Enrolled.html
Senate
File
2122
AN
ACT
EXEMPTING
REVIEW
SERVICES
FROM
SPECIFIED
REQUIREMENTS
OTHERWISE
APPLICABLE
TO
THE
PERFORMANCE
OF
ATTEST
SERVICES
BY
OUT-OF-STATE
CERTIFIED
PUBLIC
ACCOUNTING
FIRMS.
BE
IT
ENACTED
BY
THE
GENERAL
ASSEMBLY
OF
THE
STATE
OF
IOWA:
Section
1.
Section
542.20,
subsection
5,
paragraph
a,
Code
2011,
is
amended
to
read
as
follows:
a.
The
firm
shall
not
perform
attest
services
,
other
than
review
services,
in
Iowa
or
for
a
client
having
a
home
office
in
Iowa.
Sec.
2.
Section
542.20,
subsection
5,
paragraph
c,
Code
2011,
is
amended
to
read
as
follows:
c.
The
firm
may
perform
compilation
or
review
services
only
if
it
complies
with
the
ownership
and
peer
review
requirements
of
section
542.7
.
Sec.
3.
Section
542.20,
subsection
6,
paragraph
c,
Code
2011,
is
amended
to
read
as
follows:
c.
An
individual
who
provides
attest
services
,
other
than
review
services,
in
Iowa
or
for
a
client
having
a
home
office
in
Iowa
must
practice
through
a
certified
public
accounting
firm
that
is
licensed
under
section
542.7
.
Sec.
4.
Section
542.20,
subsection
6,
Code
2011,
is
amended
by
adding
the
following
new
paragraph:
NEW
PARAGRAPH
.
h.
An
individual
who
provides
reviews
of
financial
statements,
as
provided
in
section
542.3,
subsection
1,
in
Iowa
or
for
a
client
having
a
home
office
in
Iowa
must
provide
such
services
through
a
certified
public
accounting
firm
that
is
validly
licensed
in
the
state
of
its
principal
Senate
File
2122,
p.
2
place
of
business
and
complies
with
the
peer
review
and
ownership
provisions
of
section
542.7.
______________________________
JOHN
P.
KIBBIE
President
of
the
Senate
______________________________
KRAIG
PAULSEN
Speaker
of
the
House
I
hereby
certify
that
this
bill
originated
in
the
Senate
and
is
known
as
Senate
File
2122,
Eighty-fourth
General
Assembly.
______________________________
MICHAEL
E.
MARSHALL
Secretary
of
the
Senate
Approved
_______________,
2012
______________________________
TERRY
E.
BRANSTAD
Governor
