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Home > Ethics > Ethics Standards for New Mexico CPAs
Prerequisite
None
Knowledge Level
Basic
Copyright 2012

Publication Date
August, 2012
Ethics Standards for New Mexico CPAs
Introduction Organization Learning Objectives Author Bios
Title: Ethics Standards for New Mexico CPAs
Prerequisite: None
Advance Preparation: None
Knowledge Level: Basic
Subject Matter Area: Behavioral Ethics, Regulatory Ethics
Date of Publication: August 2012
Copyright © 2012 by Bisk Education, Inc. All rights reserved.
Recommended CPE Credits: 4 QAS/Registry (based on 50-minute hour)
Expiration Date: One year from date of receipt to complete program and submit quizzer to obtain credit
Passing Grade for Quizzer: 70 percent or higher


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 a discussion of CPA responsibilities to the public, and the ethical decision making process CPAs can follow when faced with ethical dilemmas in practice. The focus then shifts to the professional regulations CPAs in New Mexico must be in compliance with. The program closes with a look at the ethical standards from the AICPA Code of Professional Conduct and the AICPA Statements on Standards for Tax Services.

Use of Materials

DVD
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.

Online
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 six (6) chapters and an appendix.

Chapter 1 provides an introduction to ethics and examines the different ethical reasoning methods.

Chapter 2 discusses corporate governance and accountability and the governance control mechanisms.

Chapter 3 examines the professional regulations for accountants practicing in New Mexico.

Chapter 4 discusses the independence, integrity and objectivity rules of the AICPA Code of Professional Conduct.

Chapter 5 highlights additional rules under the AICPA Code of Professional Conduct that practitioners must be aware of.

Chapter 6 takes a look at the Statements on Standards for Tax Services.

The Appendix contains a bibliography.

Helpful Guidance

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 decision making by ignoring ethical reasoning considerations

  • Discuss the elements of a corporate governance system

  • Explain how internal mechanisms contribute to an effective governance system

  • Describe the role of internal accountants in the corporate governance system

  • 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

  • Determine what is required by the integrity and objectivity standards

  • Discuss how the Principles of the AICPA Code of Professional Conduct provide guidance in the performance of professional responsibilities

  • Describe what it means to have an ethical dilemma in accounting and how to deal with such issues in an ethical manner

  • Explain the peer review requirements for firms granted permit to practice public accountancy

  • Describe the requirements imposed on licensees for continuing professional education

  • Discuss the substantial equivalency requirements and granting of practice privileges

  • Describe the provisions of the rules of conduct

  • Explain the conflict of interest provisions

  • Identify relationships that violate the independence rules under the AICPA Code

  • Discuss how a CPA should handle differences of opinion in the application of accounting principles

  • Explain the responsibilities of a CPA using a third-party service provider

  • Discuss when a CPA can accept contingent fees and commissions

  • Describe the ethics rules that govern the quality of professional services performed for clients and employers

  • Explain the ethical responsibilities of a CPA to maintain confidential client information and obligations when using a third-party service provider

  • Discuss other ethical responsibilities including permissible advertising and solicitation practices; the acceptance of commissions, contingent fees, and referral fees; and the form and name of organization used to practice public accounting

  • 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

  • Answer questions about the ethical obligations of tax practitioners under the SSTS


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. He received the KPMG Outstanding Educator Award at Cal Poly in 2012. Dr. Mintz is developing accounting ethics teaching materials for university professors under a grant received from the PwC INQUIRES PROGRAM. (Author/Speaker)

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