||Ethics Standards for Louisiana CPAs
|Subject Matter Area:
||Behavioral Ethics, Regulatory Ethics
|Date of Publication:
||2012 by Bisk Education, Inc. All rights reserved.
|Recommended CPE Credits:
4 QAS/Registry (based on 50-minute hour)
||One year from date of receipt to complete program and submit quizzer to obtain credit
|Passing Grade for Quizzer:
The Louisiana Board has approved this ethics program for the 2013, 2014, and 2015 reporting periods.
With the number of negative, but high-profile cases gaining attention in recent years, it is imperative that practitioners be well-versed and clear as to their ethical responsibilities to the public that they serve. This program opens with the discussion of the different ethical reasoning methods and how they can assist in making ethical decisions, as well as CPA responsibilities to the public as outlined in the AICPA Principles of Professional Conduct. We will then move into a discussion of the Louisiana Accountancy Act and the different state rules of conduct Louisiana CPAs must be in compliance with. The author also reviews Statements on Standards for Tax Services, and the PCAOB Ethics, and Independence Rules for CPAs.
Use of Materials
The user should begin by watching the DVD segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. It may be helpful to highlight important material and/or to make additional notes. Next, the user should complete the study questions at the end of the chapter and review the answers. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the DVD and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or DVD that were difficult. When the user is ready, s/he should complete the quizzer. Reviewing notes periodically will increase retention of the material.
The user should begin by watching the streamed video segment, if any, or listening to the streamed audio segment, if any, for the chapter before reading the text. The user may wish to make notes of the most important concepts and any terms that are new. Next, the user should review the learning objectives at the beginning of the chapter and read the chapter. The user should work through each of the examples. After the user has studied each chapter, s/he should click on the link at the left to complete the interactive study questions. If the user answers a study question incorrectly, s/he should review the section of the text that is indicated at the end of the explanation to the study question to assure comprehension of the material. The user should review the learning objectives once more to consider achievement of the objectives. After the user has finished watching the streamed video, if any, or listening to the streamed audio, if any, and reading the text and working through the study questions, s/he may wish to review her/his notes and any sections of the text or video/audio, if any, that were difficult. When the user is ready, s/he should click on the link to the left to complete the quizzer. The user's CPE certificate will be provided immediately upon successful completion of the quizzer.
This program is divided into eight (8) chapters and an appendix.
Chapter 1 examines different ethical reasoning methods and how they can assist in making ethical decisions.
Chapter 2 describes CPA responsibilities to the public as outlined in the AICPA Principles of Professional Conduct.
Chapter 3 discusses the Louisiana Accountancy Act.
Chapter 4 details the rules of conduct Louisiana CPAs must be in compliance with.
Chapter 5 examines the independence standards that exist in the AICPA Rules of Professional Conduct, as well as the integrity and objectivity restrictions under the AICPA Code.
Chapter 6 covers additional AICPA ethics rules related to other responsibilities and practices.
Chapter 7 discusses other regulatory standards for auditor independence, including PCAOB Rules.
Chapter 8 takes a look at the Statements on Standards for Tax Services.
The Appendix contains a bibliography.
Throughout this program, the user will find explanations and discussions regarding some of the issues that often face practitioners. In order to enhance the user's comprehension of the material and highlight important practical considerations, this program includes the following designations:
A Biskalert is intended to warn the practitioner of a particular situation that may require action or other consideration by the client or the practitioner on behalf of the client.
A Biskplan offers a strategy/discussion point when a practitioner is faced with a particular issue or situation.
A Biskpoint presents analysis or commentary that attempts to explain or clarify authoritative guidance.
A Bisktip provides practical advice that may be used to help improve client service or service to the practitioner's organization.
Upon successful completion of this program, the user should be able to:
- Demonstrate how philosophical reasoning methods can assist in making ethical decisions
- Identify the elements of utilitarianism, rights, and justice theories and how each might be used to reason out ethical dilemmas
- Discuss how business entities have made mistakes in decisionmaking by ignoring ethical reasoning considerations
- Describe how ethical reasoning can be used to decide on the proper course of action in accounting decisions
- Discuss how and why regulation of accounting has changed over time and the role of the Public Company Accounting Oversight Board
- Describe what is meant by the public interest obligation of accountants and auditors
- Discuss how the Principles of the AICPA Code of Professional Conduct provide guidance in the performance of professional responsibilities
- Discuss the rules for obtaining continuing professional education
- Explain the requirements for firm licensure including nonresident requirements and practice privileges
- Describe the various enforcement actions that can be taken against licensees
- Discuss the peer review requirements for licensees in the state
- Explain the registration, renewal, and reinstatement requirements, including the granting of practice privileges under the substantial equivalency requirements
- Discuss the requirements for independence, integrity and objectivity in the performance of professional services
- Evaluate responsibilities to clients and explain other responsibilities and practices
- Identify when threats to independence may impair independence in the performance of professional services
- Determine when independence may be impaired when performing nonattest services for an attest client
- Understand the ethical obligations of a CPA to be objective and maintain integrity in dealing with supervisors and clients
- Understand the ethical obligations of a CPA to a client when using a third-party service provider to assist in providing professional services
- Explain PCAOB audit and independence standards
- Discuss the SEC overarching principles underlying independence, and explain the differences in the rules of the SEC and AICPA
- Explain how the AICPA Statements on Standards for Tax Services (SSTS) affect a CPA's ethical and professional responsibilities in tax practice
- Describe the ethical obligations of a tax practitioner to clients and the government
Steven M. Mintz, PhD, is a professor at California Polytechnic State University in San Luis Obispo, CA. His expertise is in ethics and he teaches a course in accounting ethics at Cal Poly. Dr. Mintz is the holder of a PhD in Accounting and International Business from George Washington University, an MBA in Management Sciences from Syracuse University, and a BS in Accounting from Long Island University. He was certified in New York State but no longer practices as a licensed CPA. Dr. Mintz writes a popular ethics blog under the name, Ethics Sage. The website is: http://www.ethicssage.com. He has been interviewed by publications such as The New York Times because of his expertise in ethics. He has published about 30 papers in business and accounting ethics and made dozens of presentations on ethics topics to academic and professional groups. His textbook, co-authored with Roselyn Morris, Ethical Obligations and Decision-Making in Accounting: Text and Cases (2nd edition), was published by McGraw-Hill Irwin in 2011. The book is used in about 40 colleges and universities in the U.S. and internationally. Dr. Mintz serves on the Ethics Curriculum Committee of the California Board of Accountancy that is charged with identifying 10-units of ethics education to be part of the state's 150-hour educational requirement. (Author/Speaker)