Real-World Ethics for Delaware CPAs is designed to meet the ethical requirements of the Delaware Board of Accountancy. The materials provide an in-depth look at Chapter 1 of the Delaware Code, the rules and regulations pertaining to the practice of accountancy as contained in the Delaware Administrative Code, and any applicable statutory or rule changes. The course also provides an overview of AICPA ethical pronouncements and rulings and PCAOB guidance. In addition, the course presents valuable state-specific case studies to help illustrate how to handle real-life ethical issues and situations.
Approved by the Delaware Board of Accountancy on February 17, 2016.
Upon successful completion of this course, participants will be able to:
- Recognize the authority that governs a CPA's ethical behavior, the principles that guide the conceptual framework for the AICPA Code of Professional Conduct, and the restructuring that occurred during the AICPA Ethics Codification project.
- Identify terminology, ethical standards, and rules contained in the AICPA Code of Professional Conduct, noting implementation requirements.
- Recognize the application of authoritative and nonauthoritative guidance in helping the accounting professional avoid common mistakes as illustrated in the provided case studies.
- Specify the guidelines and restrictions established by the Public Companies Accounting Oversight Board for registered public accounting firms auditing SEC filers.
- Recognize the objective and functions of the Delaware Board of Accountancy, noting statutory powers and duties.
- Define applicable terms.
- Recognize the statutory requirements for permits to practice in the state of Delaware, specifically for certificate and CPAs, public accountancy, reciprocity, firms, and renewals.
- Recognize the Board's authority to impose disciplinary sanctions and the procedures for hearings when a complaint is filed.
- Note the requirements for substantial equivalency.
- Recognize the requirements to obtain a certificate and CPA permit to practice in the state of Delaware.
- Note the requirements to obtain a public accountancy permit to practice, a firm permit to practice, and a reciprocity permit to practice.
- Cite the requirements to renew a permit to practice, noting continuing professional education requirements and what constitutes acceptable CPE.
- Identify the proper use of designations and titles, the process and procedures for disciplinary proceedings, and treatment options for impaired professionals.
Table of Contents
Chapter 1 – AICPA Ethical Pronouncements and Rulings and PCAOB Guidance
The AICPA Code of Professional Conduct
AICPA Ethics Codification Project
Restructuring the Code
Preface: Applicable to All Members
0.100 Overview of the Code of Professional Conduct
0.200 Structure and Application of the AICPA Code
0.300 Principles of Professional Conduct
0.500 Nonauthoritative Guidance
0.600 New, Revised, and Pending Interpretations and Other Guidance
0.700 Deleted Interpretations and Other Guidance
Part 1: Members in Public Practice and Part 2: Members in Business
x.100 Integrity and Objectivity
x.110 Conflicts of Interest
x.120 Gifts and Entertainment
x.130 Preparing and Reporting Information
x.300 General Standards
x.310 Compliance with Standards
x.320 Accounting Principles
x.400 Acts Discreditable
The Remainder of the Code of Professional Conduct
The PCAOB and Ethics Guidelines
Chapter 1 Review Questions
Chapter 2 – Delaware Board of Accountancy Statutory Authority
The Delaware Code
Title 24 – Professions and Occupations
Chapter 1. Board of Accountancy
§101 Objectives and functions.
§103 Board of Accountancy; appointments; qualifications; term; vacancies.
§104 Officers; meetings; conduct of business; quorum; absences.
§105 Powers and duties.
§106 Certificate or permit required.
§107 Certificate and permit requirements for certified public accountancy.
§108 Substantial equivalency.
§110 Requirements for permits to practice public accountancy.
§111 Requirements for permits to practice by firms.
§112 Professional responsibilities.
§114 Waiver of examination.
§115 Prohibited acts; limitation of services.
§117 Grounds for discipline.
§118 Disciplinary sanctions.
§119 Board hearings; procedures.
§120 Ownership of working papers.
§121 Violations; penalties.
§122 Status of existing certificates preserved.
§123 Status of existing public accountants preserved.
§§ 125 , 126. [Reserved.]
§127 Permitted titles and safe harbor language.
Chapter 2 Review Questions
Chapter 3 – Delaware Board of Accountancy Rules & Regulations
Delaware Administrative Code
Title 24: Regulated Professions and Occupations
100 Board of Accountancy
1.0 General Provisions
2.0 Professional Conduct
4.0 Requirements for a Certificate and Permit to Practice Certified Public Accountancy
5.0 Experience Requirements for Permit to Practice Certified Public Accountancy
6.0 Requirements for Permit to Practice Public Accountancy
7.0 Certificate Holders
8.0 Use of Designations
10.0 Firm Permits to Practice
11.0 Continuing Education
12.0 Additional Provisions Concerning Examinations
13.0 Excepted Practices; Working Papers
15.0 Voluntary Treatment Option for Chemically Dependent or Impaired Professionals
16.0 Crimes Substantially Related to the Practice of Accountancy:
Statutory or Rule and Regulation Changes
Statutory Authority: 24 Delaware Code, Section 105(a)(1) (24 Del.C. §105(a)(1))
24 DE Admin. Code 100
Delaware Case Studies
Case Study #1
Case Study #2
Case Study #3
Case Study #4
Case Study #5
Case Study #6
Chapter 3 Review Questions
Review Question Answers and Rationales
Appendix A: Outside Ethics Reading
Appendix B: State of Delaware Information Page
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