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Home > Ethics > Ethics Standards for Michigan CPAs
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Prerequisite
None
Knowledge Level
Basic
Copyright 2014

Publication Date
December, 2014
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Ethics Standards for Michigan CPAs
Introduction Organization Learning Objectives Author Bios
Title: Ethics Standards for Michigan CPAs
Prerequisite: None
Advance Preparation: None
Knowledge Level: Basic
Subject Matter Area: Regulatory Ethics, Behavioral Ethics
Date of Publication: December 2014
Copyright © 2014 by Thomson Reuters/Tax & Accounting All rights reserved.
Recommended CPE Credits:  
     Textbook w/Video Online: 4
     Textbook Only & Online: 4
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 the discussion of ethical concepts 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 different state rules of conduct with which Michigan CPAs must be in compliance, and close with a look at tax standards, PCAOB rules, and a brief discussion of how the AICPA Code of Professional Conduct will be changing.

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 eight (8) chapters.

Chapter 1 examines ethical concepts and moral development.

Chapter 2 discusses fraud reporting, subordination of judgment, and the Dodd-Frank Financial Reform Act.

Chapter 3 explains the Michigan state BOA Accountancy Rules.

Chapter 4 discusses the revised AICPA Code of Professional Conduct.

Chapter 5 examines independence and integrity requirements under the AICPA Code.

Chapter 6 discusses additional rules under the AICPA Code.

Chapter 7 reviews specific AICPA Tax Standards and PCAOB Rules.

Chapter 8 contains glossary that defines frequently used key terms.


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 Bisk CPEasy alert 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 Bisk CPEasy point presents analysis or commentary that attempts to explain or clarify authoritative guidance.

A Bisk CPEasy tip provides practical advice that may be used to help improve client service or service to the practitioner's organization.

A Bisk CPEasy plan offers a strategy/discussion point when a practitioner is faced with a particular issue or situation.



Upon successful completion of this program, the user should be able to:

  • Identify the different characteristics of ethics

  • Determine which factors should and should not be emphasized in making ethical decisions

  • Determine the factors that contributed to the business failures of Enron, Worldcom, and Tyco

  • Identify when the Dodd-Frank Act permits internal accountants and auditors to blow the whistle on their employers

  • Identify to whom the Occupational Code, Act 299 of 1980, transfers powers and duties for the regulation of CPAs to in Michigan

  • Determine what is identified as a person, persons, or entity for which a licensee performs professional services

  • Determine what an individual whose principal place of business is not in Michigan must do to be considered to have qualifications substantially equivalent to the state's requirements and shall have all the privileges of licensees of the state

  • Recognize how many hours of continuing education licensed CPAs in Michigan must have

  • Identify the services that would require each licensed firm and sole practitioner to participate in a peer review program established by rule of the department and approved by the Board

  • Recognize which acts would not subject a Michigan CPA to a maximum penalty of $25,000

  • Determine how a licensed CPA in Michigan violates the confidentiality rule

  • Identify the best definition of ethical conflicts in the revised AICPA Code

  • Recognize the different types of threats to independence

  • Identify, in the case of ESM Government Securities, what the lead audit partner of Alexander Grant was found guilty of

  • Determine when a CPA be permitted to accept a contingent fee from a current tax client without violating Rule 302 of the AICPA Code

  • Identify when failure to follow requirements of governmental bodies, commissions, or other regulatory agencies most likely would lead to a violation of which of the following rules in the AICPA Code of Professional Conduct

  • Determine the proper ways in which a CPA can advertise or solicit clients

  • Identify the different types of tax reporting standards and the corresponding likelihood amounts of each



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 (3rd edition), was published by McGraw-Hill Irwin in 2014. The book is used in about 40 colleges and universities in the U.S. and internationally. Dr. Mintz edited the Advances in Business Ethics Research series "Accounting for the Public Interest: Perspectives on Accountability, Professionalism and Role in Society." 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)
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