Licensed Public Accountant (LPA)

About

Licensed public accountants (LPAs) prepare, analyze, and verify business records and financial reports; prepare profit and loss statements, balance sheets, cost studies, and tax reports; and, may 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. LPAs work in one of four major fields of accounting – public, management, government, or internal auditing. LPAs are not able to do audits, nor can they make a statement as to the accuracy of financial data.

Code Citation Code of Iowa 542

Who Applies Any candidate who passes the examination and wishes to practice as a licensed public accountant in the State of Iowa.

When To Apply Take the Accreditation Council for Accountancy and Taxation (ACAT)examination and apply for license after passing that exam and having completed education and experience requirements/qualifications.

Initial Requirements Applicants must meet one or more of the following requirements: 1) two years continuous experience as an accountant in the employment of a Certified Public Accountant (CPA) Licensed Public Accountant (LPA) or accounting practitioner; 2) a graduate of a four-year college or university accredited by the North Central Accreditation Association with a major in accounting; 3) a graduate in accounting from a business or correspondence school accredited by the accrediting commission of the Association of Independent Colleges and Schools or the accrediting commission of the National Home Study Council. Initial licensure requires verified experience as well– Two years with no degree, one year with a degree.

Duration One year.

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

Fee Structure Application: $100 for a one year license. Renewal: $100

Renewal Requirements One hundred-twenty hours of continuing education are required within a three-year wrap-around period for license renewal. 4 hours of business ethics must be included in each three-calendar year reporting period prior to the June 30, renewal date.

Exam Applicants wanting to be licensed as “public accountants” take a separate examination prepared by the Accreditation Council for Accountancy and Taxation.

Additional Information Does not pertain.