HSB 695

This bill concerns the office of auditor of state.3, the auditor of state shall appoint a certified public accountant to lead that division, who shall be subject to confirmation by the senate. The bill requires a deputy auditor of state who meets the experience or competency requirements set out in nationally recognized professional standards to sign an accountant’s report if the auditor of state is not a certified public accountant. The bill also requires the auditor of state to complete the continuing education requirements and comply with the applicable rules of professional conduct required for certified public accountants. Code chapter 542, concerning public accountants, is amended. The bill adds “peer review reports”, defined in the bill, to the definition of “peer review records”. By operation of law, peer review records are privileged, confidential, and not subject to discovery or other means of legal compulsion.7.7 if the auditor of state is a certified public accountant or all divisions of the office of auditor of state performing attest services are led by a certified public accountant.18, concerning client confidentiality, do not apply to the office of auditor of state if the office of auditor of state is issued a permit as a certified public accounting firm.7, concerning firm permits to practice, is amended. The bill provides that the requirements of an applicant to register each office of the firm within the state with the Iowa accountancy examining board and to show that all attest and compilation services rendered in this state are under the charge of a person holding a valid certificate do not apply to the office of auditor of state. In addition, the bill provides that peer review records concerning the office of auditor of state shall be considered a public record pursuant to Code chapter 22. The bill takes effect upon enactment and applies retroactively to July 1, 2002.