Ethics Cpas
Current, comprehensive guidelines to ethical regulations for accounting professionals\ A handful of high-profile accounting misdeeds at Enron, WorldCom, Adelphia, and the like have left the entire accounting profession scrambling to assert its validity and negotiate a flurry of new regulations. Ethics for CPAs provides a valuable road map to this new landscape, instructing accounting professionals on how to abide by the new pronouncements and, if necessary, how to professionally respond to an...
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Accountants are under attack. Recent investigations of Enron, Global Crossing, WorldCom, and Adelphia, just to name a few, along with the remarkable collapse of Arthur Andersen, have focused the nation’s attention on the accounting profession and the need for reforms. All parties agree that accounting firms must change their priorities and attitudes to put more emphasis on ethics, quality of audits, and on investor and public interests. But recent significant revisions to guidance from the AICPA, SEC, GAO, and IFAC make it difficult to keep up with the latest requirements. Without a clear and up-to-date knowledge of these changes, CPAs enter a minefield that could lead to a variety of sanctions. Ethics for CPAs helps accounting professionals navigate this minefield, providing a reader-friendly, timely resource on the latest ethical pronouncements and considerations. This comprehensive guide integrates the various requirements of the AICPA’s Code of Professional Conduct, the SEC, the Department of Labor, the GAO’s Yellow Book, and state societies and state boards. The book also contains information on ethical standards for consulting and tax services, and provides a concise analysis of international ethics requirements. Drawing upon years of experience consulting on ethical issues, the authors deliver invaluable guidance on how a CPA should respond to an ethics investigation, proceeding step-by-step through the entire process. Ethics for CPAs also:Presents information in an easy-to-use information-mapping format that enables CPAs to find the information they need, fastIdentifies and discusses specific ethical issues raised by the Enron investigationContains practical examples and user-friendly practice aidsIncludes self-study CPE, pursuant to the requirement by many states that CPAs complete a minimum number of hours on ethics-related topics for each licensing periodEach chapter contains a section that provides guidance on the authoritative sources for the topics discussed and also provides information on where CPAs can go to get more information on ethics issues. Guidance on future pronouncements will be posted on www.wiley.com/ethics within thirty days of issuance. Ethics for CPAs supplies accounting professionals with a much-needed authoritative resource for meeting expectations in challenging times.
Pt. AIntroduction to EthicsCh. 1Introduction3Ch. 2Organizations Involved in the Development, Regulation, and Enforcement of Ethics Requirements6Ch. 3Ethics Enforcement - What a Member Needs to Know20Pt. BOverview of Independence, Integrity, and ObjectivityCh. 4The Fall of Enron and the Ethics Aftermath31Ch. 5Importance of Independence35Ch. 6Basic Concepts of Rule 101, Independence, and Rule 102, Integrity and Objectivity39Ch. 7Requirements for Integrity and Objectivity (Including Freedom from Conflicts of Interest)45Pt. CIndependence Requirements for Members in Public PracticeCh. 8Engagements That Require Independence59Ch. 9Definition of Covered Member/Person, Immediate Family Members, and CPA Firm for Purposes of Independence Requirements63Ch. 10Direct and Indirect Financial Interests in Clients71Ch. 11Financial Interests in Nonclients That Have Investor or Investee Relationships with Clients82Ch. 12Former Practitioners90Ch. 13Unpaid Fees94Ch. 14Performance of Other Services for Clients96Ch. 15Business Relationships; Cooperative Arrangements; Joint Closely Held Investment; Lease Arrangements; and Investments by Clients in Auditors113Ch. 16Loans to and from Clients121Ch. 17Employment by the Connections with Clients126Ch. 18Employment of a Spouse, Dependent, or Close Relative by a Client136Ch. 19Gifts and Privileges138Ch. 20Actual or Threatened Litigation139Ch. 21Indemnification Agreements143Ch. 22Outsourcing of the Internal Audit Function and Other Extended Audit Services145Ch. 23Independence Requirements for Governmental Audits and Nonprofit Organizations Subject to Yellow Book Requirements149Ch. 24Independence Requirements for Audits of Employee Benefit Plans167Ch. 25Independence Requirements for Agreed-Upon Procedures Engagements171Ch. 26Alternative Practice Structures173Ch. 27Quality Control Systems for Independence180Pt. DAICPA Rules other than Independence, Integrity, and ObjectivityCh. 28Rules 201, 202, and 203 - General Standards, Compliance with Standards, and Accounting Principles189Ch. 29Rule 301 - Confidential Client Information197Ch. 30Rule 302 - Contingent Fees206Ch. 31Rule 501 - Acts Discreditable212Ch. 32Rule 502 - Advertising and Other Forms of Solicitation219Ch. 33Rule 503 - Commissions and Referral Fees224Ch. 34Rule 505 - Form of Organization and Name230Pt. EOther Ethics GuidanceCh. 35Statements on Standards for Tax Services and Interpretations241Ch. 36Statements on Standards for Consulting Services255Ch. 37An Interpretative Outline of IFAC's Code of Ethics for Professional Accountants259Ch. 38Where to Go for More Information341App. A: Glossary344App. BHow to Contact the State Boards and State Societies3522003 Self-Study CPE Program361Index383
