The AICPA Code of Professional Conduct has undergone some significant changes that went into effect in August 2013 and December 2014. The Code has been reorganized to make it easier to use and enable CPAs to find specific areas of concern, and includes two new conceptual frameworks: one for CPAs in public practice and one for CPAs in industry to help determine how to evaluate compliance with the Code when specific issues of concern are not addressed directly.
Moreover, this course thoroughly examines a CPA's independence when performing nonattest services for an attest client and the recently redefined types of activities and services that impair a CPA's independence, providing CPAs with the tools needed to evaluate what may be done for a client without impairing independence.
Even when a CPA does not perform any nonattest services that impair independence, impairment may still result from the relationship between a CPA and a client. Learn about the seven potential threats to independence, the means of evaluating when those threats exceed an acceptable level, how to identify and evaluate existing safeguards to preserve independence, and how to develop additional safeguards.
Finally, this course will address how a CPA might document compliance with ethical requirements to enhance the CPA's system of quality control and satisfy peer reviewers.
Identify the recently modified AICPA Code of Professional Conduct and how it addresses ethical issues.
Recognize applicable ethical conceptual frameworks for CPAs in public practice and in industry, and how to apply judgment in determining when a violation has occurred.
Identify specific nonattest services and the types of services that impair independence.
Recognize when certain independence is preserved when performing allowable, nonattest services.
Identify the seven potential threats to independence and if they are at an acceptable level.
Recognize existing independence safeguards and determine any additional safeguards to ensure threats to independence are maintained at an acceptable level.
Recent codification of the AICPA Code of Professional Conduct
Conceptual frameworks associated with the new Code for CPAs in public practice and in industry
Types and characteristics of nonattest services that may not be performed by a CPA without impairing independence in relation to the client
Seven threats to independence resulting from a CPA's relationship with a client
Public practice or industry CPAs who understand and comply with the newly revised AICPA Code of Professional Conduct. Particularly applicable to CPAs responsible for establishing quality control policies and procedures for their firms.
Advanced Prep: None
Speaker: Mark E. Dauberman, CPA
Field of Study: Ethics
CPE Credit: 4 Hours
Meet the Speaker:
Mark Dauberman taught his first university accounting class in 1969 and has been involved in accounting education since having taught at CSUN, CSULA, UCLA, and Loyola Marymount University. He obtained his bachelors degree in accounting from California State University at Northridge (CSUN) in June of 1970. In 2010, he completed the Executive MBA program at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he had been a student of Dr Drucker in 1971. Mark's public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently he was a partner at NSBN, a Beverly Hills CPA and business consulting firm. Mark's industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the Vice President of Finance and Administration for major real estate development companies. Mark also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam Mark currently provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include applying the risk assessment standards, fraud, internal and external auditing, developing internal controls, strategic planning, and practice management. In addition to numerous CPE courses and articles, Mark authors the CCH publication Knowledge-Based Compilations & Reviews. He also provides consulting services to CPA firms, providing assistance on matters involving strategic planning; partner compensation issues; client management; and the planning, performance, and review of financial statement services.