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Course Details

Overview of Topics

  • What Are Ethics?

    13 mins
  • Type of Normative Ethical Theory

    26 mins
  • Consequentialism

    29 mins
  • Virtue Ethics

    56 mins
  • Aristitle's Virtue

    59 mins
  • Integrity

    80 mins
  • Threats to Independence

    98 mins
  • Conflicts of interest

    108 mins
  • Ethics Alarms

    139 mins
  • New York Rules

    145 mins
  • Due Care

    165 mins
  • Impact of Code Violations

    196 mins

Course Description

A CPA is challenged in today’s work world to not only serve his/her client or employer but also to protect the public interest by ensuring that there is transparency in financial reporting or there is fair administration of the tax laws.  In balancing the two interests, a CPA may find him or herself in an ethical dilemma. This course covers not only basic ethical frameworks, but also specific rules from the AICPA Code of Professional Conduct, and the Florida Revised Statutes, Administrative Rules and Code of Professional Conduct.  These sources govern the practice and responsibilities of Florida CPAs. It concludes with a section on how a CPA can put his or her ethics into action. 

Learning objectives

  • To apply the ethics of professional accounting as CPAs through the analysis of case studies involving both actual situations and hypothetical facts.
  • To apply ethical judgment in interpreting the rules and determining public interest. Public interest should be placed ahead of self-interest, even if it means a loss of job or client.
  • To analyze and apply the AICPA Code of Professional Conduct and Connecticut law that pertain to CPAs licensed to practice in the state of Connecticut. Students will become familiar with the Connecticut General Statues and Code of Professional Conduct, and the Policies adopted by the Board current
  • To determine the course of action that would uphold the intent of the rules in the performance of professional accounting services/work, not just to adhere to the mere technical compliance of such rules.
  • To review and discuss the rules and their implications for persons in a variety of practices, including:

About Presenter

Allison McLeod, DL

Accounting Manager,Allison M. McLeod LL.M. CPA A PLLC

a_m_mcleod@yahoo.com

Allison M. (Yee) McLeod, LL.M., JD, CPA, is currently a full-time Senior Lecturer at the University of North Texas in Denton, Texas. She has also taught at the UNT College of Law as an adjunct law professor. Prior to her career in academia, Professor McLeod spent 18 in industry, working for a Big 4 accounting firm. a major retailer and an international cement company. In addition to her academic duties, Professor McLeod has had the privilege of teaching ethics to Texas CPAs across the State since 2011 and regularly serves as an expert witness on accounting malpractice cases. She is the owner of CPAEthicsOnline.com, which provides ethics CPE courses online for CPAs nation-wide. She occasionally serves as an expert witness in accounting malpractice cases.

Allison M. (Yee) McLeod, LL.M., JD, CPA, has served as an expert witness in multi-million dollar cases involving tax litigation and accounting malpractice. Professor McLeod also a full-time Senior Lecturer at the University of North Texas in Denton, Texas. Her courses include Ethics, Corporate Taxation, Tax Research and Financial Accounting. In addition to her academic duties, Professor McLeod has had the privilege of teaching ethics to Texas CPAs across the State since 2011 and regularly serves as an expert witness on accounting malpractice cases.

Review Questions

  • Question 1 : 00:10
  • Question 2 : 00:25
  • Question 3 : 00:50
  • Question 4 : 01:10
  • Question 5 : 01:20
  • Question 6 : 01:40
  • Question 7 : 02:00
  • Question 8 : 02:15
  • Question 9 : 02:35
  • Question 10 : 02:45
  • Question 11 : 03:00
  • Question 12 : 03:15
  1. Which of the following is not one of the three major normative ethical schools of thought?
  2. A person who has adopted the Consequentialism school of ethical thought would be most likely to take the following actions:
  3. Which of the following items did not contribute to the mortgage crisis during the Great Recession of 2007-2010?
  4. Bob, a sole practitioner CPA, serves as an external auditor for Spicy Suds Car Wash and Taco Stand, Inc. Bob owns 25% of the voting stock of Spicy Suds but does not serve on its management team. Which of the following statements are false:
  5. Christopher is on an attest engagement for Ray and Tom’s Car Repair and Gelato shop. Which situations below would lead to Christopher’s independence being compromised?
  6. Krishna is on the audit team of Luciano’s Pizza and Tanning Salon. Which situations below would lead to her independence being compromised?
  7. As detailed in course material, the accountants at WorldCom, under pressure from the CFO, agreed to change the interim financial statements so that expenditures, which should have been currently expensed through the P & L were instead capitalized or charged against “cookie jar” reserves. The accountants had determined earlier that expensing was the correct treatment, but they made the changes anyway, even though the CFO was unable to come up with any support. Which of the following best describes the accountants’ actions?
  8. What are the main steps a CPA should apply as it pertains to threats to independence?
  9. The Due Care principle includes which of the following:
  10. The course materials discuss action steps a person can take to rebuild moral character. Which of the following are parts of these steps?
  11. When do ethical conflicts arise?
  12. Which of the following is a sign than an organization is on the verge of an ethical collapse?
  1. Deeba is the newest CPA hired on by the Tax Department of Feel Better Surgical Center, L.P. Her supervisor has asked her to take an extraordinary position in reporting a transaction on the tax return. Even though Deeba is a recent graduate and has very little accounting experience, she feels certain based on some research she has done that the position is unsupported by the Internal Revenue Code, Treasury Regulations and case law. Deeba must:
  2. Blake and Miranda are in the middle of bitter divorce proceedings. Jeremy, CPA, agrees to prepare net worth statements for both individuals and has promised an arbitrator that he will present numbers which Jeremy believes is a fair property split and alimony payment. Jeremy’s actions constitute:
  3. Taylor, CPA, is a supervising CPA in the accounting department of Cheep-a-Lot Wholesale Flooring and Handbag Emporium. She becomes aware that a significant transaction was incorrectly booked to a different account, causing the income statement to appear far rosier than it actually is. Taylor has the ability and authority to immediately correct the error, but opts to wait until the following fiscal year since her bonus will be much larger as a result. Taylor has violated which of the following rules?
  4. Shantall Smith, a solo CPA practitioner, decides to call her new firm Smith and Associates, CPAs, in order to make it appear to potential clients that her CPA practice is much larger than it actually is. Her action can best be described as:
  5. LuAnn, CPA, specializes in forensic accounting but finds herself in need of additional revenue. She therefore posts flyers in her area and puts on her websites/social media accounts that she is highly experienced in individual tax matters and will obtain higher refunds than recognized franchise S & H Circle Tax Preparers. LuAnn has never worked in the tax field in her entire career. Has LuAnn violated any rules of professional conduct?
  6. Sonja, CPA, has been approached by retailer Oklahoma Furniture Mart to perform an external audit on the company’s financial statements. Sonja has only audited financial institutions and is wholly unfamiliar with the retail industry. She does not have any CPAs in her practice that have ever audited any retail clients and Sonja is doubtful that she will be able to obtain the requisite knowledge before or during the audit. Sonja must under these circumstances:
  7. Bruce, CPA, billed his client Jane’s Sporting Goods 14 months ago for auditing services rendered. Jane’s has not paid the bill. Bruce’s independence with respect to his client is:
  8. Jose, CPA, serves as the partner-in-charge of the external audit of Get ‘em Going Travel Agency, which is publicly traded on the New York Stock Exchange. Jose’s friend, Ralph, is going through financial difficulties. Jose becomes aware of crucial information about Get ‘em Going which he passes on to Ralph. Ralph uses the insider tips to make profitable trades on the travel agency’s stock, resulting in $1.2 million in profits. He gives Jose a solid gold Rolex watch as a thank-you, but otherwise Jose does not personally profit from the insider information.
  9. Mark is preparing the annual tax return for Yummy Catering Company and accidentally discovers through a third party that the owners of Yummy are charging personal expenses such as vacations, home renovation, college tuition and cars for their children through their business. The expenditures have been hidden in a variety of capital asset accounts. Mark withdraws from the engagement, but then is later contacted by one of his friends, Chris, CPA, who is the successor tax preparer on the Yummy account. Mark should:
  10. Shawn, a self-employed CPA, has experienced financial difficulties recently due to a gambling addiction and has not filed her tax return or paid estimated taxes for the past three years. She does not qualify for any “reasonable cause” exceptions under the Internal Revenue Code. Shawn has:
  11. Which of the following statements are true?
  12. Klutzy Ski School and Orthopedic Clinic has plans to go public in the near future but does not have sufficient funds to hire an external auditor. Klutzy asks Donald, CPA, if he would be willing to perform the audit in exchange for a 10% ownership stake in Klutzy and free snow ski lessons to Donald’s six children.
  13. Oscar worked as a manager at Shoot ‘em Up Gun and Doughnut Shop while he was completing his accounting degree. In the course of his duties, he was exposed to sensitive proprietary information regarding suppliers, pricing and recipes. Oscar is now an in-house staff accountant at one of Shoot ‘em Up’s direct competitors. Which of the following are true?
  14. Roy is the CFO of Duct Tape R Us, Inc. He is also is a principal of Pikachu Technologies, LP. Roy convinces the management of Duct Tape R Us to hire Pikachu to upgrade the accounting systems. Roy directs Susan, the controller of Duct Tape R Us, to pay Pikachu’s inflated bills even though there have been almost no technology services rendered. Roy orders Susan to incorrectly charge the expenditure to Prepaid Capacity.
  15. Velma, CPA, works in the Tax Department of Scooby Pharmaceuticals, Inc., which is located in Honolulu, HI. Fred, who is a partner in a public accounting firm, is anxious to win some business from Velma, who is a key decision-maker on hiring outside consultants. Fred knows that Velma is fond of NASCAR racing and offers to sponsor an all-expense paid weeklong trip for Velma to meet with other members of Fred’s firm at their hospitality suite at the Indianapolis Motor Speedway. The meeting coincides with the Indianapolis 500 race being held. The firm will provide to Velma free of charge an all-access pass to the event. The business matters that Velma and Fred’s firm need to discuss, is scheduled to take about one hour. Velma will be free to spend the rest of the week however she would like. If Velma were to accept Fred’s offer of the trip, this would be an example of what type of threat to independence?
  16. Teri, CPA, works for the Internal Revenue Service as a field auditor. Which are the following statements are false?
  17. Daphne, CPA, is preparing a joint tax return for a married couple, Ben and Jennifer, who are in the process of a divorce. The clients live and work in a community property state. There are no pre- or post- nuptial agreements overriding the community nature of wages earned during the marriage. Jennifer has secretly started a successful online business selling sports apparel. When Daphne questions Jennifer about the Forms 1099 she received from the online business, Jennifer requests that Daphne not report the income on the joint tax return and to make it “our little secret.” Which of the following is the correct answer?
  18. Shaggy, a partner in a public accounting firm, allowed his CPA license to lapse a couple of years ago. He, however, has continued to hold himself out as a CPA this entire time.
  19. When the public interest of transparency in financial reporting or fair administration of the tax law is in conflict with the agenda of the CPA’s employer/client, the CPA must:
  20. Rubeena prepared the original return for CSI Latex Gloves Company. A year later, she proposes to the client that her firm prepare an amended return, the fee for which would be based on a percentage of the tax refund obtained. Which one of the following situations describes when she can take a contingent fee for her services?

Disclaimer

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On-Demand Webinars

IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
GOVERNMENT CONTRACT ACCOUNTING - FUNDAMENTALS, INDIRECT RATES, COST & PRICE PROPOSAL, CAS (UPDATED 2020)
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register
FUNDAMENTALS OF INCOME TAXATION OF TRUSTS & FORM 1041 PLANNING: WHAT EVERY ADVISORS NEEDS TO KNOW
Wednesday, October 21, 2020 View Details/Register
ACCOUNTANT PREPARED A RETURN AND IT IS UNDER CRIMINAL INVESTIGATION BY THE IRS, NOW WHAT?
Wednesday, October 21, 2020 View Details/Register
GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS: THE NEW YELLOW BOOK (LATEST FOR NON-PROFIT)
Thursday, October 15, 2020 View Details/Register
CUTTING THE GORDIAN KNOT: ECHECK FRAUD, MOBILE BANKING FRAUD, CHECK 21 & HOLDER IN DUE COURSE
Tuesday, October 13, 2020 View Details/Register
CYBERSECURITY BASICS FOR ACCOUNTING & TAX COMMUNITY
Monday, October 12, 2020 View Details/Register
CYBERSECURITY ESSENTIALS FOR TAX PREPARER
Friday, October 09, 2020 View Details/Register
FORENSIC ACCOUNTING : VALUE ADDED SKILL FOR EVERY ACCOUNTANT
Thursday, October 08, 2020 View Details/Register
  • Cost FREE
  • CPE Credits 4
  • Subject Area Ethics (Regulatory)
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Published Date June 25 ,2020
  • Who should attend? Accountant CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm CPA (Industry) Young CPA CPA in Business Accounting Practice Owners Senior Accountant Entrepreneurial Accountant Accounting Managers
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

IRS PENALTIES, ABATEMENTS, AND REASONABLE CAUSE
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP - NFP AND GOVERNMENTAL ACCOUNTING & AUDITING UPDATE
Wednesday, October 28, 2020 View Details/Register
IS IT DEDUCTIBLE: COMMONLY ASKED IRS DEDUCTIONS (UPDATED 2020)
Wednesday, October 28, 2020 View Details/Register
YELLOW BOOK BOOT CAMP – INTRODUCTION TO NFP AND GOVERNMENTAL ACCOUNTING & AUDITING
Monday, October 26, 2020 View Details/Register
GOVERNMENT CONTRACT ACCOUNTING - FUNDAMENTALS, INDIRECT RATES, COST & PRICE PROPOSAL, CAS (UPDATED 2020)
Monday, October 26, 2020 View Details/Register
Ethics for Wyoming CPAs
Friday, October 09, 2020 View Details/Register
CPA & ACCOUNTANTS: WHAT YOU SHOULD KNOW ABOUT CREDIT CARD SURCHARGING & IT'S LEGALITY
Thursday, October 22, 2020 View Details/Register
WORK WELL REMOTE: BOUNDARIES FOR BETTER HABITS
Wednesday, October 21, 2020 View Details/Register
FUNDAMENTALS OF INCOME TAXATION OF TRUSTS & FORM 1041 PLANNING: WHAT EVERY ADVISORS NEEDS TO KNOW
Wednesday, October 21, 2020 View Details/Register
ACCOUNTANT PREPARED A RETURN AND IT IS UNDER CRIMINAL INVESTIGATION BY THE IRS, NOW WHAT?
Wednesday, October 21, 2020 View Details/Register
GENERALLY ACCEPTED GOVERNMENT AUDITING STANDARDS: THE NEW YELLOW BOOK (LATEST FOR NON-PROFIT)
Thursday, October 15, 2020 View Details/Register
CUTTING THE GORDIAN KNOT: ECHECK FRAUD, MOBILE BANKING FRAUD, CHECK 21 & HOLDER IN DUE COURSE
Tuesday, October 13, 2020 View Details/Register
CYBERSECURITY BASICS FOR ACCOUNTING & TAX COMMUNITY
Monday, October 12, 2020 View Details/Register
CYBERSECURITY ESSENTIALS FOR TAX PREPARER
Friday, October 09, 2020 View Details/Register
FORENSIC ACCOUNTING : VALUE ADDED SKILL FOR EVERY ACCOUNTANT
Thursday, October 08, 2020 View Details/Register