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

Course Description

Real-World Ethics for Massachusetts CPAs is designed to meet the ethical requirements of the Massachusetts State Board of Accountancy. This course covers the AICPA Code of Professional Conduct, highlighting the changes adopted through the AICPA Ethics Codification Project as well as important PCAOB ethical guidance for registered public accounting firms auditing SEC filers. In addition, applicable sections of IRS Circular 230, a publication that focuses on U.S. Treasury regulation and practicing before the IRS are covered. Light-hearted case studies and examples interspersed throughout help to illustrate how to handle real-life ethical issues and situations.



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
Sep 13, 2018
There are no prerequisites.
SS4130590
115
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 authority that governs a CPA's ethical behavior, the authoritative 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 2

  • Recognize the rules for practicing before the IRS and the discipline process for violations of IRS Circular 230


Table of Contents

Course CPE Information

Instructional Design

Table of Contents

Chapter 1 – 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

The Code of Professional Conduct

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

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

Ethics Case Study 1: The Last Shot at the Buzzer...Too Late! The Case of the Losing Lady

Ethics Case Study 2: Do You Have What It Takes? The Case of the Inadequate Accountant

Ethics Case Study 3: Give It Back! The Case of Empty Promises

Ethics Case Study 4: Oops! The Case of the Harmless Mistakes

Ethics Case Study 5: Stop Thief! The Case of the Almost Stolen Clients

Case Suggested Solutions

Ethics Case Study 1: The Last Shot at the Buzzer...Too Late! The Case of the Losing Lady

Ethics Case Study 2: Do You Have What It Takes? The Case of the Inadequate Accountant

Ethics Case Study 3: Give It Back! The Case of Empty Promises

Ethics Case Study 4: Oops! The Case of the Harmless Mistakes

Ethics Case Study 5: Stop Thief! The Case of the Almost Stolen Clients

The PCAOB and Ethics Guidelines

Summary

Chapter 1 Review Questions

Chapter 2 – Ethics in Tax Practice: IRS Circular 230

Learning Objectives

IRS Circular 230

§10.20 Information to be furnished.

§10.21 Knowledge of client’s omission.

§10.22 Diligence as to accuracy.

§10.23 Prompt disposition of pending matters.

§10.24 Assistance from or to disbarred or suspended persons and former Internal Revenue Service employees.

§10.25 Practice by former government employees, their partners and their associates.

§10.26 Notaries.

§10.27 Fees.

§10.28 Return of client’s records.

§10.29 Conflicting interests.

§10.30 Solicitation.

§10.31 Negotiation of taxpayer checks.

§10.32 Practice of law.

§10.33 Best practices for tax advisors.

§10.34 Standards with respect to tax returns and documents, affidavits and other papers.

§10.35 Competence.

§10.36 Procedures to ensure compliance.

§10.37 Requirements for other written advice.

§10.38 Establishment of advisory committees.

§10.50 Sanctions.

§10.51 Incompetence and disreputable conduct.

§10.52 Violations subject to sanction.

§10.53 Receipt of information concerning practitioner.

§10.60 Institution of proceeding.

§10.61 Conferences.

§10.62 Contents of complaint.

§10.63 Service of complaint; service of other papers; service of evidence in support of complaint; filing of papers.

§10.64 Answer; default.

§10.65 Supplemental charges.

§10.66 Reply to answer.

§10.67 Proof; variance; amendment of pleadings.

§10.68 Motions and requests.

§10.69 Representation; ex parte communication.

§10.70 Administrative Law Judge.

§10.71 Discovery.

§10.72 Hearings.

§10.73 Evidence.

§10.74 Transcript.

§10.75 Proposed findings and conclusions.

§10.76 Decision of Administrative Law Judge.

§10.77 Appeal of decision of Administrative Law Judge.

§10.78 Decision on review.

§10.79 Effect of disbarment, suspension, or censure.

§10.80 Notice of disbarment, suspension, censure, or disqualification.

§10.81 Petition for reinstatement.

§10.82 Expedited suspension.

Chapter 2 Review Questions

Review Question Answers and Rationales

Chapter 1

Chapter 2

Appendix A: Outside Ethics Reading

Appendix B: State of Massachusetts Information Page

Appendix C: Massachusetts Code of Ethics and Rules of Professional Conduct

Glossary

Index

Final Examination

Answer Sheet

Course Evaluation



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