Maryland: Ethics for Maryland - v15 (Course Id 2731)

• Who is this course for?
  This course is intended for Maryland CPAs and others needing Continuing Professional Education (CPE) who must meet the four-hour ethics requirement for license renewal.

• What is this course about or what problem does this course solve?
  The course addresses the ethical responsibilities of Maryland CPAs, equipping them with knowledge of ethical principles, the AICPA Code of Professional Conduct, and Maryland-specific regulations to help fulfill professional and legal obligations.

• How can the knowledge from this course be used?
  Participants can apply ethical reasoning, recognize and resolve ethical dilemmas, maintain compliance with regulatory standards, and interpret the AICPA and Maryland ethical rules in real-world accounting scenarios.

• Why is this course important to a CPA or Accountant?
  This course is essential for maintaining public trust, upholding professional integrity, and ensuring compliance with both national and Maryland-specific ethical and legal standards.

• When is this course relevant or timely?
  This course is relevant for Maryland CPAs during each three-year license renewal cycle and whenever updates to ethical or regulatory requirements occur.

• How is a course like this consumed or used?
  The course is delivered as a self-paced, text-based QAS self-study program, with review questions and a final exam that must be passed to earn CPE credit.

Maryland 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, which provides a structured approach to address situations not explicitly covered by specific rules. It also reviews key provisions of Maryland laws and regulations 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 - 2731

Course Learning Objectives

1. Recognize ethical reasoning used by accountants
2. Identify the core principles within the AICPA Code
3. Recognize activities that may impair a CPA’s independence
4. Identify AICPA ethical standards and potential violations
5. Identify Maryland ethical standards for the practice of 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

AICPA Code and State Board Rules

Structure of the Code

Fundamental Principles

Conceptual Framework

Step 1: Identify Threats

Step 2: Evaluate the Significance of a Threat

Step 3: Identify and Apply Safeguards

Conceptual Framework Toolkit

Rules for Members in Public Practice

Integrity and Objectivity Rule

Conflicts of Interest

Gifts and Entertainment

Preparing and Reporting Information

Client Advocacy

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 for Independence

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

Disclosing Information from Previous Engagements

Disclosing Information to Clients

Disclosing Information to a Third-Party Service Provider

Form of Organization and Name Rule

Partner Designation

Firm Name

Rules for Members in Business

Chapter 2 Review Questions - Section 2

Chapter 3:   Maryland Laws and Regulations

Practice of Public Accountancy

Continuing Professional Education

Peer Review

Code of Professional Conduct

Professional Obligations

Prohibited Practices

Discipline and Enforcement

Chapter 3 Review Questions

Appendix A: Conceptual Framework Worksheet Illustration

Appendix B: Conflicts of Interest

Appendix C: Threats to Independence

Appendix D: Management Responsibilities

Glossary