Self-Study
4
Basic
Regulatory Ethics
There are no prerequisites.

Course Description

Real-World Ethics for Florida CPAs is designed to meet the ethical requirements of the Florida Board of Accountancy, covering important ethical issues such as independence, objectivity, client communication, and professional standards. In addition, the materials cover contemporary accounting and business ethics, suggested methods for approaching ethical dilemmas, AICPA ethical pronouncements and rulings, and PCAOB guidance. State-specific information includes an overview of significant rules of the Board of Accountancy that pertain to ethics as specified in the Florida Administrative Code Chapter 61H1, and major provisions that apply to public accountancy as contained in Chapter 473 of the Florida Statutes. Case studies illustrate how to handle real-life ethical issues and situations making this course a hands-on tool you can use to critique the various ethical decisions you face in your practice.

Approved by the Florida Committee on Continuing Professional Education on June 9, 2017. Course # 0018308.

Note: A passing grade of 80% is required for this course. 



Instructor

Rod Redding, Inactive CPA

Dr. Rod Redding received his PhD from Penn State University after working with Price Waterhouse and IBM. Presently, he presents seminars and webcasts and prepares self-study courses for Western CPE. He has over 30 years' experience as a professor at universities such as the University of North Carolina, the University of Utah, Georgetown University, and Gettysburg College. He also has taught internationally at Kenyatta University in Kenya and the American University of Sharjah in the United Arab Emirates. Three different universities have given Dr. Redding awards for excellence in teaching. Dr. Redding holds a CPA certificate but has elected inactive status.

Dr. Redding’s intellectual contributions are in the fields of financial reporting and auditing. He is the coauthor of the book The FASB: The People, The Process, and The Politics. He has written financial accounting articles on topics such pensions, leases, and capitalization of interest, as well as a number of articles on teaching effectiveness. Each year he publishes The World’s Liveliest Accounting Update, which is a financial accounting, auditing, attestation, compilation, and review update. As indicated by the title, this is an exceptionally energetic and engaging presentation. He is known as one of the country’s most dynamic financial and auditing CPE seminar leaders.



Course Specifics

Regulatory Ethics
Jul 10, 2017
There are no prerequisites.
SS4130579
120
None


Compliance Information

103220
Qualifies for CA Fraud: No


Learning Objectives

Upon successful completion of this course, participants will be able to:

Chapter 1

  • Recognize the step-by-step process contained in the framework for ethical decision making and the framework for resolving an ethical dilemma

Chapter 2

  • 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

Chapter 3

  • Identify reputable sources for referencing additional ethical practice material, including the AICPA's newsletter issued by the Professional Ethics Executive Committee
  • Recognize the role of the Professional Ethics Division in investigating disciplinary matters involving AICPA members and members of state societies participating in the Joint Ethics Enforcement Program

Chapter 4

  • Recognize significant rules of the Board of Accountancy that pertain to ethics as specified in the Florida Administrative Code Chapter 61H1, noting when guidance from other sources is to be used
  • Note the rules and requirements pertaining to a CPAs responsibility to clients and a CPAs responsibility for other persons
  • Define advertising, noting exclusions and information that can be considered fraudulent, false, deceptive, or misleading
  • Identify acceptable forms of practice, insurance requirements, allowable firm changes, noting the timeframe for reporting events
  • Specify the disciplinary guidelines from which disciplinary penalties will be imposed upon practitioners guilty of violating Florida Statutes Chapter 473, including the penalty amounts that could be levied for a particular violation and deadlines for satisfying assessed violations
  • Cite violations of Florida Statues Section 455.224 for which a citation can be issued, noting accompanying fines
  • Note the disciplinary proceedings as specified in Section 455.225 of the Florida Statutes
  • Specify violations that trigger the issuance of a notice of noncompliance, noting potential corrective action and the timeframe for responding
  • Note peer review requirements, including program standards, approved administering entities, oversight committee composition and responsibilities, and compliance requirements
  • Recognize the major provisions contained in Chapter 473 of the Florida Statutes that apply to public accountancy, noting any overlap with Chapter 61H1 regulations


Table of Contents

Chapter 1 – Suggested Methods for Approaching Ethical Dilemmas

Learning Objectives

A Framework for Ethical Decision Making

Recognize an Ethical Issue

Get the Facts

Make a Decision and Test It

Act, Then Reflect on the Decision Later

Resolving an Ethical Dilemma

Step 1: Analyze the Consequences

Step 2: Analyze the Actions

Step 3: Make a Decision

Summary

Chapter 1 Review Questions

Chapter 2 – AICPA Ethical Pronouncements and Rulings and PCAOB Guidance

Learning Objectives

The AICPA Code of Professional Conduct

AICPA Ethics Codification Project

Restructuring the Code

Conceptual Frameworks

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.000 Introduction

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

Five Cases Related to the Code

Case Suggested Solutions

The PCAOB and Ethics Guidelines

Summary

Chapter 2 Review Questions

Chapter 3 – Sources of Other AICPA Ethics Guidance

Learning Objectives

AICPA’s Professional Ethics Executive Committee

Ethics Enforcement

Summary

Chapter 3 Review Questions

Chapter 4 – Florida State-Specific Ethics

Learning Objectives

Rules of the Department of Business and Professional Regulation (Chapter 61H1)

61H1-21.001 Independence

61H1-21.002 Integrity and Objectivity

61H1-21.003 Commissions or Referral Fees

61H1-21.005 Contingent Fees

61H1-21.006 Communication with Client of Another Certified Public Accountant

Chapter 61H1-22

61H1-22.001 Competence (General Standards)

Chapter 61H1-23

Responsibilities to Clients

61H1-23.001 Confidential Client Information

61H1-23.002 Records Disposition Responsibility

Chapter 61H1-24

Advertising

61H1-24.001 Advertising

61H1-24.002 Solicitation

Chapter 61H1-25

Responsibility for Other Persons

61H1-25.001 Responsibility for Other Persons

Chapter 61H1-26

Names, Terms, Branch Offices

61H1-26.001 Form of Practice and Name-Shared Office Space

61H1-26.002 Minimum Capitalization or Adequate Public Liability Insurance for Florida Firms with the Exception of a Sole Proprietorship

Waiver on Limitation of Liability

61H1-26.003 Licensure of Florida Certified Public Accountant Firms

61H1-26.004 Changes by Firms

61H1-26.005 Address of Record

Chapter 61H1-36 Discipline

61H1-36.003   Time for Payment of Civil Penalties

61H1-36.004   Disciplinary Guidelines; Range of Penalties; Aggravating and Mitigating Circumstances

61H1-36.005   Citations

455.225       Disciplinary proceedings

61H1-36.0055 Minor Violation, Notice of Non-Compliance

61H1-36.006   Mediation

Chapter 61H1-39 Peer Review

61H1-39.001   Definitions

61H1-39.002   Peer Review Program Standards

61H1-39.003   Peer Review Administering Entities

61H1-39.004   Peer Review Oversight Committee Composition and Responsibilities

61H1-39.005   Compliance with Peer Review Requirements

Florida Statutes

Chapter 473 Public Accountancy

473.301       Purpose

473.302       Definitions

473.309       Practice requirements for partnerships, corporations, and limited liability companies; business entities practicing public accounting

473.3101     Licensure of sole proprietors, partnerships, corporations, limited liability companies, and other legal entities

473.315       Independence, technical standards

473.316       Communications between the accountant and client privileged

473.318       Ownership of working papers

473.319       Contingent fees

473.3125     Peer Review

473.3205     Commissions or referral fees

473.321       Fictitious names

473.322       Prohibitions; penalties

473.323       Disciplinary proceedings

455.227       Grounds for discipline; penalties; enforcement

Chapter 4 Review Questions

Review Question Answers and Rationales

Appendix A: Outside Ethics Reading

Appendix B: State of Florida Information Page

Glossary

Index

Final Examination

Answer Sheet

Course Evaluation



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