ARE YOU INDEPENDENT WHEN YOU NEED TO BE? UNDERSTANDING RECENT CHANGES TO THE AICPA CODE OF PROFESSIONAL CONDUCT
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Course Details

Overview of Topics

  • The AICPA Code of Professional Conduct17 mins
  • Preamble and Responsibilities21 mins
  • Objectivity and Independence24 mins
  • Independence & the Performance of Nonattest Services37 mins
  • Prohibited Services55 mins
  • Bookkeeping, Payroll, & Other Disbursements61 mins
  • Financial Statement Preparation & Conversion of Cash to Accrual74 mins
  • A Risk Based Approach to Evaluating Independence86 mins
  • Management Participation94 mins
  • Evaluating Threats97 mins
  • Breaches of Independence Interpretations99 mins
  • Consequences of a Breach100 mins

Course Description

The AICPA Code of Professional Conduct (Code) was revised, effective December 31, 2014, with certain provisions effective one year later to coincide with the effective date of SSARS 21. The latter, which were some of the most significant changes, related to independence when performing non attest services for attest clients.  As a result, a CPA may have unknowingly impaired independence leading to a possible modified peer review report or, in some circumstances, increased liability.

This course will review the major revisions to the content and structure of the Code, enabling the CPA to easily navigate through it and address any ethical issues as they arise.  Changes affecting the accountant’s independence will be emphasized, providing a step-by-step process for assuring independence and for developing appropriate documentation.

Highlights of the webinar :

  • Responsibilities
  • Public interest
  • Integrity
  • Objectivity and independence
  • Due care
  • Scope and nature of services

Learning objectives

  • To recall the revised AICPA Code of Professional Conduct.
  • To identify which non-attest services will impair independence and which may be performed for attest clients.
  • To identify how to evaluate threats to independence when more than one nonattest service is performed for a single attest client.
  • To recognize the way of applying a risk-based approach for evaluating independence.
  • To recognize the approach for documenting the performance of non-attest services to demonstrate that independence has not been impaired.

About Presenter

Mark provides CPE and technical staff training for CPA firms, private industry, state CPA societies, and government organizations.  His topics include accounting, SSARS, ethics, fraud, internal and external auditing, internal control development (COSO), entrepreneurship, and developing a business plan.  Mark is in the process of initiating a new entity, The Internal Control Institute, which will be offering CPE and staff training related to internal controls, and in conjunction with professors from Claremont Graduate University, will be providing internal control consulting.

Mark is also an expert witness in the defense of CPAs in cases involving primarily ethics, fraud, and compliance with standards in the performance of professional services.

Mark also provides consulting services to CPA firms with an A & A practice that do not have an expert on GAAP or requirements of Professional Standards within the firm.  He addresses such matters as conformity with GAAP, adequacy of disclosures, compliance with professional standards, risk assessment, development and performance of audit and review processes, engagement documentation, compilation and preparation engagements, ethics and independence requirements, assessing and enhancing internal controls for the firm and clients, preparation for peer review, and staff training and CPE.  He also provides consulting services related to client management and marketing.

Mark’s public accounting experience includes working with Kenneth Leventhal & Company and more recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm along with controller and Vice President of Finance and Administration for major real estate development companies.  Mark also spent nearly 30 years as an entrepreneur, operating a company that prepared individuals for the CPA exam nationwide.

Mark has been involved in accounting education at CSU Northridge, CSU San Bernardino, Loyola Marymount University and UCLA.  He obtained his bachelor’s degree in accounting from CSU Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.  He also obtained an Internal Control Certificate from COSO.  Until recently, he authored “Knowledge Based Preparation, Compilation, and Review Engagements” for CCH and updated their checklists for SSARS engagements.  He also served as Senior Editor for Roger CPA Review.

Mark Currently provides CPE and technical staff training for CPA firms, private industry employers of accountants, and government organizations on topics that include accounting, compilation and review, fraud, internal and external auditing, developing internal controls, strategic planning, and practice management.  He is also the Senior Editor for Roger CPA Review Course and authors CCH’s “Knowledge-Based Compilations and Reviews”.

Mark’s public accounting experience includes working with various local firms throughout high school and college, and employment with Kenneth Leventhal & Company. More recently, he was a partner at NSBN, a Beverly Hills CPA and business consulting firm, where he served as director of the audit practice and was responsible for recruiting, training, business development, quality control, and strategic planning for the firm. Mark’s industry experience includes serving as assistant controller of a large trucking and warehousing firm. He has been both a controller and the Vice President of Finance and Administration for major real estate development companies.  Mark also spent nearly 30 years as an entrepreneur, operating a business that prepared individuals for the CPA exam.

Mark taught his first university accounting class in 1969 and has been involved in accounting education since, most recently a visiting lecturer at California State University at San Bernardino.

Mark obtained his bachelor’s degree in accounting from California State University at Northridge. He obtained his Executive MBA at the Peter Drucker and Masatoshi Ito School of Management at Claremont Graduate University, where he previously had been a student of Dr. Drucker’s.

Review Questions

  • Question 1 : 00:15
  • Question 2 : 00:30
  • Question 3 : 00:45
  • Question 4 : 01:00
  • Question 5 : 01:20
  • Question 6 : 01:40
  1. What are the threats in accounting profession?
  2. Which services should not be performed by CPA?
  3. Which activities may raise threats to unacceptable level?
  4. What you mean by threat exists when accountant’s actions effectively promote client’s interests or position?
  5. What are the principles of the aicpa code of professional conduct?
  6. Which safeguard should be implemented by firm?
  1. What is the full form of SEC?
  2. Which is prohibited services?
  3. Independence not impaired by__________.
  4. Independence would be impaired if not met:
  5. Which is not principles of GAAP?
  6. Safeguards macy include :
  7. Safeguards policies and procedures designed to
  8. Consequences of a breach may require __________ of engagement.
  9. _____________________is an equitable doctrine that involves one person taking advantage of a position of power over another person. This inequity in power between the parties can vitiate one partys consent as they are unable to freely exercise their independent will.
  10. PCAOB stands for:

Disclaimer

All jurisdictions accept courses from Registry sponsors to a certain extent. However, some jurisdictions have additional requirements. You can see which jurisdictions have these requirements here: https://www.nasbaregistry.org/cpe-requirements

FAQ

  • myCPE self-study courses are online.
  • The self-study format allows you to access the material online 24/7 and study at your own pace.
  • As per NASBA guidelines, you have one year from date of registration to complete each program.
  • Complete your final exam at any time and get CPE Credit instantly. You can retake the exam multiple times without any additional charges.
  • Course have minimum passing score of 70% and test takers will not be provided feedback on failed exams.
  • These are Live recorded presentations converted into Self Study (On-Demand Videos).

Refund/Cancellation Policy

  • For more information regarding refund, complaint and program cancellation policies, please contact our offices at 646-688-5128
  • Please email to   help@my-cpe.com  in case of any self study program queries.

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MY-CPE LLC, 1600 Highway 6 South, Suite 250, Sugar Land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

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  • Cost $20
  • CPE Credits 2
  • Subject Area Ethics (Regulatory)
  • Course Level Basic
  • Instructional Method QAS Self Study
  • Prerequisites None
  • Advanced Preparation None
  • Recorded Date July 02 ,2020
  • Published Date July 02 ,2020
  • Who should attend? Accountant CPA - Small Firm CPA - Mid Size Firm CPA - Large Firm CPA (Industry) Young CPA Entrepreneurial CPA Accounting Practice Owners Accounting Managers
  • Handout Material Download
  • Key Terms Download

On-Demand Webinars

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
Ethics for Wyoming CPAs
Friday, October 09, 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
TAX FIRM MARKETING: 5 ESSENTIAL DIGITAL STRATEGIES FOR UNCERTAIN TIMES
Thursday, October 08, 2020 View Details/Register
COMPREHENSIVE GUIDE TO IDENTITY THEFT WITH CASE STUDIES
Thursday, October 08, 2020 View Details/Register
UNDERSTANDING FRAUD, THE BASICS
Wednesday, October 07, 2020 View Details/Register
NEW CYBER FRAUDS & CYBERSECURITY INTERNAL CONTROLS (POST PANDEMIC)
Wednesday, October 07, 2020 View Details/Register
Accounting Changes and Error Corrections (2 CPE)
Thursday, August 27, 2020 View Details/Register
Corporate External Financial Reporting Decisions
Tuesday, September 29, 2020 View Details/Register
Internal and System Controls
Tuesday, September 29, 2020 View Details/Register
Common Issues with Financial Ratio Analysis
Tuesday, September 29, 2020 View Details/Register
PRACTICAL QB TRAINING - YEAR END CLOSING, ANALYSIS, BEING TAX/AUDIT READY
Friday, September 25, 2020 View Details/Register