Colorado: Ethics for Colorado - v13 (Course Id 1561)

Regulatory Ethics - Regulatory Ethics for Course Id 1561

Individuals in the accounting and auditing profession have a considerable responsibility to the general public. To gain public trust and maintain professionalism, professional conduct and ethical behavior are necessary. This course is designed to meet the ethics requirements for active Colorado CPAs renewing their licenses. It covers standards of professional conduct and business practices adhered to by accountants such as CPAs in order to enhance their profession and maximize idealism, justice and fairness when dealing with the public, clients and other members of their profession.

The course begins with a presentation of ethics and ethical behavior, discussing the relationship between morals and ethics and identifying the causes of unethical behavior. It explains the process of ethical reasoning and how to apply it when dilemmas occur. It addresses the most recent version of the AICPA Code of Professional Conduct, along with the conceptual framework approach to coping with ethical dilemmas. Case studies that demonstrate the application of ethical principles and values are utilized. It discusses the Colorado Statutes and Rules that pertain to CPAs licensed to practice in the State of Colorado. Students will become familiar with the Colorado Revised Statutes, the Rules of the State Board of Accountancy, and the Policies adopted by the Board currently in effect and how the statutes, rules, and policies pertain to them.

This course does not fulfill the Colorado Rules and Regulations (CR&R) course requirements for new or reactivating CPAs.

NASBA QAS - Text - NASBA Registry - 1561

Chapter 1
Ethics and Ethical Behavior

• Recognize the reasoning process of CPAs in resolving ethical dilemmas

Chapter 2
AICPA Code of Professional Conduct

• Recognize different principles and rules of the AICPA Code of Professional Conduct
• Identify independence and objectivity issues
• Recognize ethical standards and violations

Chapter 3
Colorado Rules and Regulations

• Identify the Colorado statutes that pertain to Colorado CPAs
• Recognize the Rules of the State Board of Accountancy

Chapter 1:   Ethics and Ethical Behavior

Learning Objectives

Ethics Concepts

Relationship between Morals and Ethics

Causes of Unethical Behavior

Reasoning Process

Approaches to Ethical Behavior

Corporate Ethical Development Model

Chapter 1 Review Questions

Chapter 2:   AICPA Code of Professional Conduct

Learning Objectives

Code Structure

Principles of Professional Conduct

Ethical Decision-Making Conceptual Framework

Rules of Conduct

1.100 - Integrity and Objectivity Rule

1.110 Conflicts of Interest

1.120 Gifts and Entertainment

1.130 Preparing and Reporting Information

1.140 Client Advocacy

1.150 Use of a Third-Party Service Provider

1.200 - Independence Rule

1.220 Accounting Firms

1.228 Engagement Contractual Terms

1.230.010 Unpaid Fees

1.240 Financial Interests

1.260 Loans, Leases, and Guarantees

1.265 Business Relationships

1.270 Family Relationships with Attest Client

1.275 Current Employment or Association with an Attest Client

1.277 Former Employment or Association with Attest Client

1.290 Actual or Threatened Litigation

1.295 Nonattest Services

1.298 Breach of an Independence

Chapter 2 Review Questions - Section 1

1.300 - General Standards

1.310 - Compliance with Standards Rule

1.320 - Accounting Principle Rule

1.400 - Acts Discreditable

1.510 - Contingent Fees

1.520 - Commissions and Referral Fees

1.600 - Advertising and Other Forms of Solicitation

1.700 - Confidential Information

1.800 - Form of Organization and Name

Chapter 2 Review Questions - Section 2

Chapter 3:   Colorado Rules and Regulations

Learning Objectives

Overview of Regulatory Requirements

Colorado Board of Accountancy

Duties of the Board

Board of Accountancy Policies

Accountants Practice Act

12-100-112 Use of the Title

12-100-113 - Status - Retired - Inactive

12-100-116 Unlawful Acts

12-100-120 Grounds for Disciplinary Action

12-100-121 Response to Board Communication

Accountancy Rules and Regulations

1.8 Reciprocity Requirements

1.9 Certified Public Accountant Designation

1.10 Continuing Professional Education

1.11 Peer Review Requirement

1.12 Professional Conduct

1.14 Practice Privilege/Mobility

1.15 Firm Requirements

Chapter 3 Review Questions

Appendix I: AICPA Ethics FAQ

Blind Trusts

Campaign Contributions

Disclosure of Commissions

Independent Contractors

Letter Of Intent to Purchase Practice

Pro Bono/Below Cost Fees

Compliance with SSCS’s When Member Does Not Hold out as CPA

Use of Standards That Have Not Been Established by a Body Designated by AICPA Council

Form of Communication

Transfer of Client Files to Another Partner in The Firm

Transfer of Client Files in a Merger

Transfer of Files and Return of Client Records in Acquisition of a Nonmember Practice

Electronic Records

Long Association of Senior Personnel of the Engagement Team

Loans

Staff Augmentation Arrangements

Client Affiliates

Appendix II: Conceptual Framework Worksheet

Appendix III: Conflicts of Interest Situations

Appendix IV: Ethics Violation Situations

Appendix V: FAQs on Colorado CPE Requirements

Reporting Period

Required CPE Hours

Continuing Education for Non-Resident

Noncompliance Self-Reporting

CR&R and Ethics

Audits and Submissions of Records

Requirements of Other Organizations/States

Glossary