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 ethics in accounting and corporate governance system failures. The focus then shifts to the professional regulations CPAs in North Carolina must be in compliance with. The program closes with a look at the ethical standards from the AICPA Code of Professional Conduct, the AICPA Statements on Standards for Tax Services, and the PCAOB ethics and independence rules.

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.

Chapter 1 provides an introduction to ethics and discusses corporate failures that resulted from a lack of ethical tone at the top.

Chapter 2 discusses the administrative requirements for practicing public accountancy in North Carolina.

Chapter 3 takes a look at the professional ethics and conduct rules under Chapters 08I and 08N of the North Carolina Accountancy Rules.

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

Chapter 5 takes a look at the Statements on Standards for Tax Services.

Chapter 6 reviews the PCAOB ethics and independence rules.

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.

• Explain how business failures were caused by breakdowns in corporate governance and what might be done to improve financial oversight

• Discuss the role and responsibilities of the Public Company Accounting Oversight Board

• Identify the characteristics of the accounting profession and the regulatory system for CPAs

• Discuss how the provisions of the Sarbanes-Oxley Act of 2002 affect CPA firms

• Explain how the Principles of the AICPA Code of Professional Conduct provides the foundation for the Code's enforceable provisions (Rules)

• Explain when a CPA can practice public accountancy in North Carolina and use the CPA title

• Explain the requirements to be granted a practice privilege to perform or offer to perform services in North Carolina

• Identify the continuing education requirements for CPAs in the State

• Discuss the CPA firm registration requirements and peer review requirements for CPAs and CPA firms in the State

• Discuss the disciplinary process for actions filed against a CPA partner, member, or CPA shareholder of a firm

• Explain how the rules of conduct applicable to all CPAs affect the performance of professional services and obligations to others

• Discuss the rules of conduct applicable to all CPAs with respect to the return of client books and records and work paper retention

• Identify the rules of conduct applicable to CPAs performing attest services including independence requirements, standards to be followed, and restrictions of forms of payment for services

• 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

• 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

• Discuss how Rules 3501 and 3502 create an overall framework for independence within the PCAOB's ethics rules

• Describe how Rules 3521, 3522, and 3523 treat a public accounting firm as not independent

• Discuss how Rules 3524 and 3525 establish requirements for audit committee pre-approval when performing, for an audit client, tax services and permissible nonaudit services related to internal control over financial reporting

• Explain the PCAOB's ethics and independence rules