Certified Public Accountant (CPA)

About

Certified Public Accountants (CPAs) prepare, analyze and verify business records and financial reports; prepare profit and loss statements, balance sheets, cost studies and tax reports; and, may also develop, install and supervise accounting systems and operations. Using special computer software packages, they transform raw transaction data into a variety of specialized reports and tabulations. They work in one of four major fields of accounting: 1) public, 2) management or industry, 3) government, or 4) internal auditing. Only accountants who qualify on the basis of education and experience can attest to the accuracy of financial data. Only CPAs can perform audits and reviews.

Code Citation IC chapter 542; IAC 193A

Who Applies Any individual wishing to possess the CPA certificate.

When To Apply After requirements are met.

Initial Requirements The applicant must complete 150 hours of education which includes a minimum of a baccalaureate degree with an accounting concentration that includes accounting and business courses. The applicant should review IAC 193A-chapter 3 for specific course requirements. 1 year of experience verified by an actively licensed CPA.

Duration Certificate must be renewed every year.

Processing Time Applications are generally processed within five to ten business days.

Fee Structure Original Registration: $100 (Initial certificate application) $100 (Annual renewal) Substantial Equivalency Registration: $100 (Initial Application) $100 (Annual certificate) Examination: Fees are paid directly to the test administrator CPA Examination Services.

Renewal Requirements One hundred twenty hours of continuing education are required within a three-calendar year period ending December 31 or June 30, prior to the renewal date.

Exam All states use the four-part Uniform CPA Examination prepared by the American Institute of Certified Public Accountants. The exam covers Auditing and Attestation, Business Environment and Concepts, Financial Accounting and Reporting, and Regulation. The examination is offered year round via computer through a network of Prometic Test Centers. Application forms are available by contacting CPA Examination Services at 1.800.CPA.EXAM or online at www.nasba.org

Additional Information CPA Examination Services 150 4th Ave N Ste 700 Nashville TN 37219 1.800.272.3926 (for Iowa Examination Application) http:www.nasba.org American Institute of Certified Public Accts 1211 Ave of the Americas New York NY 10036 Institute of Certified Mgmt Accts 10 Pargon Drive, Suite 1 Montvale NJ 07645 Iowa Society of Certified Public Accts 1415 28th Street, Suite 450 West Des Moines IA 50266 Nat\\’l Society of Public Accts and Accreditation Council for Accountancy 1010 N Fairfax St Alexandria VA 22314