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 Iowa Workforce Information NetworkOctober 31, 2014
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License Title: Licensed Public Accountant (Lpa)

License Description: 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. Licensed public accountants are not able to do audits, nor can they make a statement as to the accuracy of financial data.

Places of Employment: Self-Employed

Authorizing Statute: Code of Iowa 542-C & 542-D

Requirements for License:Applicants must meet one or more of the following requirements: 1) two years continuous experience as an accounting practitioner in the employ of a Certified Public Accountant (CPA) or LPA; 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.

One hundred twenty hours of continuing education are required within a three-year wrap-around period for license renewal.

Fees:
Application: $120
Duration: Two yearsRenewal: $120 Exam: $120 (initial exam fee) $60 (One-section Re-exam) $80 (Two-section Re-exam)

Examination:
When:The examination is given in May and November. Applicants wanting to be licensed as "public accountants" take a separate examination prepared by the Accreditation Council for Accountancy and Taxation.

License Authority:
Iowa Accountancy Examining Board
Professional Licensing & Regulation Division
Iowa Department of Commerce

1920 SE Hulsizer
Ankeny IA 50021
Phone: 5152814126


 
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