Georgia: Professional Ethics for Georgia CPAs (Course Id 2254)

Regulatory Ethics - Regulatory Ethics for Course Id 2254

This 4-hour course is designed to meet the 4-hour professional ethics CPE requirement for Georgia CPAs.  It provides an overview of ethical thought along with the core values of the CPA profession and the application of these values to ethical reasoning.  The contents of the Amended Rules of the Georgia State Board of Accountancy, Chapter 20-12 - Code of professional conduct are covered as are other selected topics in Department 20 of the Georgia Rules and Regulations as well as Georgia Code Title 43, Chapter 3.  The AICPA Code of Professional Conduct is also covered in detail.  Case studies are utilized throughout the course to emphasize material.

NASBA QAS - Text - NASBA Registry - 2254

Course Learning Objectives

• Recognize ethics from an overall and professional perspective
• Recognize the ethical standards contained in the Georgia State Board of Accountancy rules
• Recognize the ethical standards contained in the AICPA Code of Professional Conduct

Chapter 1 - Professional Ethics for Georgia CPAs

Course Learning Objectives

Ethics Background

Morals

What is Ethics?

The Relationship of Morals and Ethics

Illustrative Examples of Ethics

Professional Ethics

Legal versus Ethical

Why Should We Study Professional Ethics?

Accounting Ethics

Ethical Core Foundations for CPAs

Review Question

Ethical Reasoning

Case Studies – Threats and Safeguards

Ethical Dilemmas

Public Expectations of the CPA’s Responsibility

Enron and Arthur Andersen

Bernard Madoff Investment Securities LLC – Failures in Expressing an Opinion on Financial Statements

Motivations of Ethical Lapses

Review Question

Georgia Rules and Regulations, Chapter 20-12. Code of professional conduct.

Rule 20-12-.01 Introduction

Rule 20-12-.02 Independence

Rule 20-12-.03 Integrity and Objectivity

Case Study: Year End Adjustments and Loan Covenants –  Integrity and Objectivity

Rule 20-12-.04 Commissions

Rule 20-12-.05 Contingent Fees

Case Study:  A Little Extra Income – Contingent Fees

Rule 20-12-.06 Incompatible Occupations

Rule 20-12-.07 Competence

Rule 20-12-.08 Auditing Standards

Rule 20-12-.09 Accounting Principles

Rule 20-12-.10 Forecasts

Rule 20-12-.11 Confidential Client Information

Rule 20-12-.12 Records

Rule 20-12-.13 Discreditable Acts

Rule 20-12-.14 Acting Through Others

Rule 20-12-.15 Advertising and Solicitation

Case Study: Audit Experts Group - Name Requirements

Rule 20-12-.16 Forms of Practice

Rule 20-12-.17 Firm Names

Rule 20-12-.18 Communications

Rule 20-12-.19 Other Professional Standards

Chapter 20-11. Continuing professional education.

Rule 20-11-.01 Introduction

Rule 20-11-.02 Requirements

Rule 20-11-.03 Programs Which Qualify

Rule 20-11-.04 Controls and Reporting

Rule 20-11-.05 Calculation of Hours of Credit

Rule 20-11-.06 CPE Reciprocity

Georgia State Board of Accountancy FAQ’s

Chapter 20-15. Attest and compilation standards.

Rule 20-15-.01 Applicable Professional Standards

Chapter 20-10. Permits to practice issued to individuals.

Rule 20-10-.01 Licenses to Practice Issued to Individual

Rule 20-10-.02 Biennial Renewal

Rule 20-10-.03 Penalty Period (Late Renewal)

Rule 20-10-.04 Reinstatement

Georgia State Board of Accountancy FAQ’s

Chapter 20-8. Registration requirements for accounting firms.

Rule 20-8-.01 Firms Required to Be Licensed - Biennial Licensure

Rule 20-8-.02 Firms not Required to Be Licensed

Chapter 20-8. Peer review requirements for public accounting firms.

Rule 20-13-.01 Purpose

Rule 20-13-.02 Renewal Requirements

Rule 20-13-.03 Board Approved Peer Review

Rule 20-13-.04 Peer Review Oversight Committee

Rule 20-13-.05 Exceptions

2017 Georgia Code Title 43 - Professions and Businesses Chapter 3 – Accountants § 43-3-29. Ownership of accountants' working papers; confidentiality of communications to accountants; peer review not subject to discovery

Review Questions

The AICPA Code of Professional Conduct

About the Code

Preface

Part 1 – Members in Public Practice

Rule 1.100 Integrity and Objectivity

Case Study – Married Tax Clients Divorcing

1.130 Preparing and Reporting Information

1.180 – Responding to Noncompliance with Laws and Regulations

Case Study – Year End Adjustments and Loan Covenants

1.200 - Independence

Review Questions

Rule 1.300—General Standards Rule

Case Study – Audit Engagement with No Prior Experience

1.310 Compliance with Standards Rule

Case Study – Peer Review Discoveries

1.320 Accounting Principles Rule

1.400.001 Acts Discreditable Rule

1.510.001 — Contingent Fees Rule

1.520.001—Commissions and referral fees Rule

1.600.001 —Advertising and other forms of solicitation

1.700.001— Confidential client information rule

1.800.001—Form of organization and name rule

Review Questions

Part 2 – Members in Business

2.100.001 – Integrity and Objectivity Rule

2.130.030 Obligation of a Member to His or Her Employer’s External Accountant

2.170.010 – Pressure to Breach the Rules

2.180.010 Responding to Noncompliance With Laws and Regulations

Case Study – Fair Finance

2.300.001 — General standards rule

2.310.001—Compliance with standards rule

2.320.001—Accounting principles rule

Case Study - The Company with Excess Reserves

Case Study - The Company with Undisclosed/Unrecorded Contingencies

2.400.001 Acts Discreditable Rule

2.400.070 Confidential Information from employment or volunteer activities

Part 3 – Other Members

3.400.001 - Acts discreditable rule

3.400.070 Confidential Information from employment or volunteer activities

Review Question

Glossary