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Colorado CR&R and Generic Ethics CPE For CPAs |
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Are you trying to become a CPA in the “Centennial State?” Or, perhaps you are planning to meet your Colorado CPE requirements? Although the requirements and processes are different in these cases, there’s one common thing that you must focus on: Colorado CPA ethics.
As one of the top CPE sponsors, we frequently receive different queries about Colorado CPA ethics from aspiring and practicing CPAs. Instead of replying to each of them individually, we decided to create this ultimate guide where we’ll discuss all the essential topics.
From the Colorado CPA ethics exam to Colorado CPA ethics requirements in terms of CPE, we’ll discuss everything in this guide.
So, let’s get started!
To understand Colorado CPA ethics exam requirements, first, we need to know what it takes to become a CPA in this state. Similar to many states, you must fulfill four steps to become a Colorado CPA.
These include:
· Meeting education requirements
· Successful clearing of the Uniform CPA Exam
· Meeting work experience requirements
· Passing the Colorado CPA ethics exam
Now, let’s see a brief overview of each of these steps.
· The Colorado board of accountancy needs you to complete 120 semester hours before appearing on the CPA exam.
· After you clear the exam, you must complete additional 30 semester hours to be able to apply for the CPA license.
So, basically, you’re required to complete a total of 150 semester hours to be eligible to apply for your CPA license.
It’s important to note that within these 150 semester hours, you have to meet certain coursework requirements like the following:
· 27 Semester hours in higher-level courses with subject matters such as theories of accounting, ethics in accounting, financial statements & analysis, accounting and information systems, cost accounting, etc.
· 3 Semester hours in an audit course that focuses on U.S. GAAS.
· 3 Semester hours in subject matters such as advanced audits, auditing information systems, fraud, etc.
· 27 Semester hours in higher-level business administration courses that may include subject matters such as business law, business ethics, business communication, economics, management, etc.
This standardized test is administered by the AICPA. You must successfully complete all four separate sections of this exam.
In Colorado, you must gain 1,800 hours of work experience. Here’re the things you need to know in terms of work experience.
· All your work must be completed under the supervision of a CPA who’s licensed by the Colorado board of accountancy.
· You may choose to work in private industry, public accounting, academia, or government agencies.
· You must obtain a certificate of experience from each employer and submit them to the state board along with your application.
You can sit for the Colorado CPA ethics exam either after clearing the CPA exam or completing all three parts of the process. Vital things that you need to remember include:
· Colorado CPA ethics exam revolves around the AICPA’s Code of Professional Conduct.
· This is an open-book test and contains a self-study packet.
· To successfully clear the Colorado CPA ethics exam, you must earn a minimum score of 90.
To meet your Colorado CPA ethics requirements successfully, you need to clear the Colorado CPA ethics exam. And to clear this exam, it’s a must to have a robust knowledge of the key principles of the AICPA’s Code of Professional Conduct.
The Code of Professional Conduct comes with six guiding principles. Although you’ll get to learn about these principles in detail by taking a Colorado CPA ethics course, here’re brief overviews of each of them.
· Professional responsibilities
Accountants need to exercise sensitive moral and professional judgments when delivering their professional responsibilities. This principle states that accountants should work collaboratively with other accountants with the objective of improving the standards and image of accounting. This includes focusing on public education and helping both the general public and clients comprehend the role and limitations of accountants.
· Sense of integrity
Accountants need to carry out all professional responsibilities with the greatest sense of integrity to maintain and strengthen public confidence. They should also avoid even minute misrepresentations, including misstatements by overlooking obtainable information or by omission when discharging their duties. They should always try to gather enough amount of data to build a reasonable foundation for their recommendations or conclusions.
· The public interest
Accountants should act in a manner that’ll honor the public trust, serve the public interest, and exhibit commitment to professionalism. In the accounting world, the public constitutes governments, investors, creditors, employers and clients, and the financial and business community at large. Accountants need to work hard to maintain the collective well-being of all these parties. When accountants serve the overall public good by following all the guiding principles of accounting, the best interests of the public get served during the process.
· Due care
Accountants need to observe the ethical and professional standards of the accounting profession, strive continuously to enhance the quality of their services and competence, and carry our professional responsibilities to the best of their ability. According to this principle, accountants should diligently pursue continuing education, particularly with regard to the profession’s generally accepted practices. They should also only offer professional services within their level of expertise and their area of competence.
· Objectivity and independence
Accountants need to maintain objectivity and remain free of conflicts of interest when carrying out professional responsibilities. They should remain independent in appearance and fact when offering auditing and other attestation services. Independence guides the ability of an accountant to work with objectivity and integrity. It’s important to understand that while an accountant may exhibit independence in appearance, they need to stay away from even potential conflict, both in mental attitude and action, to act independently.
· Scope and nature of services
Accountants in public practice need to observe the principles outlined in the Code of Professional Conduct when establishing the scope and nature of their services. According to this principle, they should only accept jobs from clients who are willing to follow the professional, technical, and ethical standards mentioned in the guiding principles.
If you can truly internalize these guiding principles, clearing the Colorado CPA ethics exam shouldn’t be a problem for you at all.
Now that you’ve got a clear comprehension of the role of Colorado CPA ethics in the context of meeting your Colorado CPA ethics requirements, it’s time to learn about Colorado CPA ethics CPE requirements.
First, let’s see the overall CPE requirements in Colorado.
· Colorado state board of accountancy has a biennial CPE reporting period.
· You’ll need to earn 80 CPE credits every 2-year period.
· As an active CPA, you’ll need to earn 10 CPE credits every full quarter your certificate is active during every reporting period.
· The reporting period runs from an even-numbered year’s 1st January to an odd-numbered year’s 31st December.
· Learning activities that don’t improve and/or maintain a CPA’s professional competence will not count for CPE credits. Such activities include, but without limitation, activities that teach basic skills like accounting’s first- and second-semester principles or their equivalent.
· You’ll need to earn 4 Colorado CPA ethics credits every reporting period.
Here’re the things you must remember when meeting your Colorado CPA ethics requirements in terms of CPE.
· You may not earn more than 2 CPE credits in Colorado Rules & Regulations.
· Eligible Colorado CPA ethics courses have to cover present Colorado board rules and revised statutes.
· These courses also need to adhere to the CR&R Content Outline mentioned in the Accountancy Rules and Regulations’ section 7.8(E).
· If you take a CR&R course that grants more than 2 credits, the excess ones won’t be considered as Colorado CPA ethics CPE. Instead, they’ll be considered as Specialized Knowledge and Applications as mentioned in the CPE Fields of Study of NASBA.
· If you take an Internet-based Colorado CPA ethics program to meet your Colorado CPA ethics requirements, you must at least answer 75% of the polling questions to earn CPE credits.
It’s also important to note that the Colorado state board doesn’t pre-approve CPE sponsors or courses. If both the CPE sponsor and licensee adhere to the AICPA/NASBA CPE standards, the board will accept the continuing education for meeting the CPE requirements.
CPE providers listed in the National Registry of CPE Sponsors of NASBA adhere to the AICPA/NASBA CPE standards and hence, the Colorado state board accepts them.
A lot of sponsors offer Colorado CPA ethics programs due to their high demand. To help you choose the right sponsor quickly, we’ve done the hard work and handpicked five sponsors of Colorado CPA ethics courses.
Just go through the following details and take your pick.
· CPA Self Study
CPA Self Study offers a Colorado CPA ethics program offering 4 credits at $39.99. While the course is very reasonably priced, the sponsor doesn’t have a large course catalog that can help you meet your other CPE requirements. As a result, you may have to join another CPE sponsor to meet them, which is a time-consuming and expensive affair. It offers a 30-day 100% money-back guarantee on self-study programs.
· Ultimate CPE
The Colorado CPA ethics course (4 credits) from Ultimate CPE is available at different price points. If you choose “Textbook + Exam,” it costs $79.00. The “Digital PDF + Exam” option is available at $59.00. And the “Exam Only” option is available at $49.00. You can get a full refund by raising the refund request within 30 days from making the purchase. Shipping and handling charges will get deducted from your refund amount.
· Western CPE
Western CPE offers its Colorado CPA ethics program (4 credits) at different price points. You can choose the online option by paying $116.00. And if you want to have its hard copy, the price goes up to $136.00. If you purchase this course but don’t consume it within one year, Western CPE gives you two options. You can either transfer the amount to another program of less or equal value or opt for store credit.
· American CPE
If you choose American CPE to meet your Colorado CPA ethics requirements, you get to purchase the program (4 credits) in different formats. You’ll need to pay $59.00 for the “Download Searchable Text and Exam” format. And if you want to have printed text, you’ll have to pay $79.00. If you aren’t satisfied with the course, you can get your money back by raising the refund request within 30 days of making the purchase. Shipping charges will get deducted from the refund amount. You may also exchange the program for the sponsor’s another program of less or equal value.
· CPEThink.com
At CPEThink.com, we offer 3 Colorado CPA ethics programs. The first program is created to help you meet your CR&R requirements (2 credits) and is available at $19.95. The other two Colorado CPA ethics courses are intended to help you meet your Colorado CPA ethics requirements and are available at $39.95 each.
We’ve created a large course catalog of more than 730 courses covering all areas of CPE. This means with us, you’ll never have to search for another CPE sponsor to meet all your Colorado CPE requirements. You may also choose our subscription packages, which will make the costs of the courses even lower. And by choosing us as your CPE sponsor, you’ll get the industry’s best 100-day, 100% money-back guarantee. You only need to raise the refund request within 100 days of making the purchase to get your entire money back.
Since Colorado is considered one of the best states to do business in the entire country, CPAs are in very high demand here. But to prove your expertise and rise above the competition, it’s a must to meet your CPE requirements diligently. And as you can see above, Colorado CPA ethics is required for both aspiring CPAs and practicing ones.
If you haven’t already started planning to meet your Colorado CPA ethics requirements, it’s time to do so. If you want to learn more about our Colorado CPA ethics courses, talk to us today, and we’ll be happy to be of help.
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