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 what is meant by ethics and the factors that influence ethical behavior. To keep discussions flowing, the text gives case studies and examples to illustrate ethical decision-making points. This program not only probes the philosophical reasoning methods that can help resolve ethical conflicts in a morally appropriate way, but it explains how the interests of stakeholders affect ethical decision-making in business and accounting. The author also reviews the various rules and requirements that CPAs need to be in compliance with, including the AICPA Principles and Rules of Conduct, Statements on Standards for Tax Services, and the PCAOB Ethics and Independence Rules.

Biskalert: The AICPA Professional Ethics Division issued Proposed Revised and New Interpretations and Proposed Deletion of Ethics Rulings on June 29, 2012. Comments to the exposure draft will be considered by PEEC at its October 25-26, 2012, open meeting and final changes to Interpretation 101-3 under Rule 101 are expected to take effect subsequent to that meeting. Additional changes pending affect Rules 501 and 502 and ethics rulings under Rule 102, 501, and 502. The exposure draft can be reviewed at:

http://www.aicpa.org/interestareas/professionalethics/community/exposuredrafts/
downloadabledocuments/2012juneomnibusproposalaicpaprofessionalethicsdivision.pdf

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 moral development.

Chapter 2 discusses the various types of ethical reasoning methods.

Chapter 3 examines a CPA's responsibilities to the public it serves.

Chapter 4 discusses the foundational standards of the AICPA Code of Professional Conduct.

Chapter 5 takes a look at integrity, objectivity, and other independence restrictions CPAs must be aware of in practice.

Chapter 6 examines additional rules under the AICPA Code of Professional Conduct.

Chapter 7 takes a look at the Statements on Standards for Tax Services.

Chapter 8 discusses other regulatory standards for auditor independence, including PCAOB 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.

• Demonstrate an understanding of the relationship between following the law and ethical behavior

• Discuss how virtue influences one's ability to reason ethically

• Describe how one's moral development influences ethical decision making

• Discuss the role of integrity in ethical decision making

• 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 and why regulation of accounting has changed over time and the role of the Public Company Accounting Oversight Board

• 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

• Identify when threats to independence may impair independence in the performance of professional services

• Explain when relationships between a CPA and a CPA's immediate family and close relatives might impair independence

• Describe the safeguards that may mitigate independence threats

• 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

• Identify a CPA's ethical responsibilities when rendering an opinion on the client's financial statements

• 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

• Identify when the provision of tax services impairs auditor independence under PCAOB rules

• Explain when the provision of services related to marketing, planning, or opining on tax transactions violates independence standards

• Discuss when audit committee pre-approval is required before providing professional services to an audit client