South Carolina: South Carolina Regulatory Ethics (Course Id 2226)

• Who is this course for?
  This course is designed for CPAs and accounting professionals who need to fulfill the South Carolina annual requirement of at least two hours of regulatory or behavioral ethics as part of their Continuing Professional Education (CPE).

• What is this course about or what problem does this course solve?
  The course addresses the need for CPAs to understand and comply with South Carolina's ethical and regulatory requirements by covering relevant statutes, rules, and frequently asked questions through a Q&A and case study format.

• How can the knowledge from this course be used?
  Participants can use the knowledge gained to ensure ethical compliance, maintain licensure, and understand their responsibilities and limitations as CPAs in South Carolina.

• Why is this course important to a CPA, Accountant, or IRS Enrolled Agent?
  It is critical for maintaining an active CPA license in South Carolina, avoiding disciplinary actions, and upholding professional standards in the accounting profession.

• When is this course relevant or timely?
  This course is relevant annually, as South Carolina requires CPAs to complete at least two hours of ethics education each year, with the latest version released in 2025.

• How is a course like this consumed or used?
  The course is delivered as a QAS self-study text format that participants complete at their own pace, followed by a final exam requiring a 70% passing score to earn CPE credit.

This 2-hour course is designed to meet the South Carolina requirement of at least two hours of behavioral or regulatory ethics annually.  The applicable laws and rules promulgated under South Carolina Statutes, Title 40, Chapter 2, Accountants and Code of Regulations, Chapter 1, Board of Accountancy are cited in a question and answer format.  Frequently asked questions and case studies are utilized throughout the South Carolina ethics course to emphasize material. 

NASBA QAS - Text - NASBA Registry - 2226

Course Learning Objectives

• Describe the laws contained in Title 40, Chapter 2 of the South Carolina Statutes
• Describe the regulations contained in South Carolina Code of Regulations, Chapter 1, Board of Accountancy

Chapter 1 - South Carolina Regulatory Ethics

Course Learning Objectives

Course Overview

Licensure and Registration of CPAs in South Carolina

Who can use the CPA credential?

Emeritus Status

What can cause a CPA license to be suspended or revoked?

Who can perform attest services?

If I’m a CPA in another state, can I work in South Carolina?

What are the CPE requirements to renew my license?

What are the requirements for a CPA firm located in South Carolina?

What are the requirements for a CPA firm located outside of South Carolina?

When am I required to enroll in peer review?

Review Questions

Ethical and Regulatory Requirements of CPAs in South Carolina

What are the professional standards applicable to CPAs in South Carolina?

AICPA Code of Professional Conduct - 1.400.001 Acts Discreditable Rule

Failure to file a tax return or to pay a tax liability

Case Study: Busy Season was too Busy – Failure to File Tax return

Negligence in the preparation of financial statements or records

Failure to follow government auditing standards and GAAS

Disclosure of confidential information

False, misleading or deceptive acts in promoting or marketing professional services

Improper retention of client records when requested by the client

What is my responsibility for working papers, client provided records and other client records?

Case Study: Client Switching CPA Firms – Record Retention

When can I divulge client confidential information?

What are acceptable firm names?

Case Study: Audit Experts Group - Name Requirements

Review Questions

Glossary