Connecticut: Ethics for Connecticut (Course Id 2710)

• Who is this course for?
  This course is intended for Connecticut CPAs and any professionals needing Continuing Professional Education (CPE), particularly those fulfilling the state's ethics requirement.

• What is this course about or what problem does this course solve?
  This course addresses the ethical responsibilities of Connecticut CPAs by teaching ethical reasoning, professional conduct standards, and compliance with Connecticut state laws and AICPA guidelines.

• How can the knowledge from this course be used?
  The knowledge from this course helps CPAs apply ethical principles, recognize violations, and ensure their professional actions align with legal and regulatory standards.

• Why is this course important to a CPA or Accountant?
  It is crucial for maintaining licensure, upholding public trust, and ensuring compliance with mandatory ethical standards and state-specific regulations.

• When is this course relevant or timely?
  This course is relevant during each three-year license renewal period for Connecticut CPAs, meeting their four-hour ethics education requirement.

• How is a course like this consumed or used?
  The course is delivered as a self-paced text-based study, including reading material, review questions, and a final exam that must be passed with a minimum score of 70%.

Connecticut CPAs have a considerable responsibility to the public, their profession, the organizations they serve, and themselves. They must act with integrity, honesty, and fairness. Ethical behavior is essential for fulfilling this duty and maintaining public trust. Thus, adhering to ethical standards is both a professional obligation and a legal requirement. This course meets the four-hour ethics requirement for Connecticut CPAs within each three-year license renewal period.

The course begins with a presentation of individual ethical responsibility, including the concepts of ethics and morals, the process of ethical reasoning, and the importance of ethical codes. It demonstrates how to apply the two most commonly used ethical theories for resolving ethical dilemmas. The course is also designed to help you maintain knowledge of current ethical and other regulatory requirements. It covers the most recent version of the AICPA Code of Professional Conduct, along with the conceptual framework approach to coping with ethical dilemmas, and a review of key provisions of Connecticut Laws and Rules governing the practice of public accountancy. Numerous examples are included to help you have a good understanding of ethical standards and apply ethical judgment to interpret the rules.

NASBA QAS - Text - NASBA Registry - 2710

Course Learning Objectives

1. Recognize ethical reasoning used by accountants
2. Recognize the core principles within the AICPA Code
3. Identify activities that may impair a member’s independence
4. Recognize ethical standards and potential violations
5. Identify the Connecticut regulations for public accounting

Chapter 1:   Ethics and Professional Responsibility

Dilemmas and Reasoning

Roles of Ethical Codes

Chapter 1 Review Questions

Chapter 2:   AICPA Code of Professional Conduct

Overview of the AICPA Code

Structure of the Code

Recent Updates

Principles of Professional Conduct

Ethical Decision-Making Framework

Conceptual Framework Approach

Conceptual Framework Toolkit

Rules for Members in Public Practice

Integrity and Objectivity Rule

Conflicts of Interest

Gifts and Entertainment

Use of a Third-Party Service Provider

Responding to Noncompliance with Laws and Regulations

Chapter 2 Review Questions - Section 1

Independence

Application of Independence Rule

Conceptual Framework Approach

Fees

Financial Interests

Loans and Leases

Business Relationships

Family Relationships

Simultaneous Employment or Association with an Attest Client

Actual or Threatened Litigation

Nonattest Services

Breach of an Independence Interpretation

General Standards

Compliance with Standards

Accounting Principle

Acts Discreditable

Contingent Fees

Commissions and Referral Fees

Advertising and Other Forms of Solicitation

False, Misleading, or Deceptive Act

Use of AICPA-Awarded Designation

Use of the CPA Credential

Confidential Information

Form of Organization and Name Rule

General Rules

Partner Designation

Firm Name

Rules for Members in Business

Chapter 2 Review Questions - Section 2

Chapter 3:   Connecticut Laws and Regulations

Practice of Public Accountancy

Use of Designation

Commissions and Referral Fees

Contingent Fees

Continuing Competency

Quality Review

Reportable Matters

Rules of Professional Conduct

Professional Obligations

Prohibited Practices

Discipline and Enforcement

Disciplinary Authority

Grounds for Disciplinary Action

Chapter 3 Review Questions

Appendix A: Conflicts of Interest Situations

Appendix B: Threats to Independence

Appendix C: Conceptual Framework Worksheet

Appendix D: Management Responsibilities

Glossary