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Real-World Business Ethics

Author/Moderator: Robert W. Walter, JD
Publisher: AICPA
Availability: Online Access
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Ethical lapses are often caused by misunderstandings, inattention, or a lack of knowledge. In this CPE course, learn how you can be proactive and adopt policies and procedures that minimize risk. Learn the common pitfalls and how to avoid them. Examine case studies based on actual litigation and administrative proceedings that involve CPAs in public practice and in industry. You’ll learn about issues involved in real-life proceedings. Finally, you’ll develop a keen awareness of the issues and a heightened sensitivity for the types of ethical dilemmas you could face in the future.

Topics Discussed:

  • Analysis of ethical requirements and considerations
  • Fact patterns from situations faced by CPAs in public practice
  • Special ethical issues in select reporting and disclosure areas: off-balance sheet financing, related party transactions, revenue recognition, materiality, loan and lease loss reserves, restructuring charges, and independence
  • Key issues in civil and regulatory actions
  • Effect of changes in disciplinary procedures and oversight
  • SEC enforcement proceedings and their implications

Learning Objectives:
When you complete this course, you will be able to:

  • Identify common accounting, auditing, and regulatory issues related to revenue recognition.
  • Refine awareness of how management integrity issues play directly into audit scope and procedures used by forensic investigators.
  • Explain valuation risks associated with certain types of investment securities, and the complexities of establishing proper valuation procedures.
  • Describe procedures for investigating and reporting financial irregularities when faced with corporate crisis, such as insider trading.
  • Explain the relationship between responsibilities of the audit and the audit committee, including with regard to whistleblower programs.
  • Outline the ethical obligations of CPA tax professionals under the Standards for Tax Services.

Who Will Benefit?

  • CPAs in public practice who provide financial accounting and reporting services
  • CPAs in public practice who audit both private and publicly held companies

Prerequisite: Experience in business and financial reporting

Advanced Preparation: None

NASBA Field of Study: Behavioral Ethics
Level: Intermediate
Recommended CPE Credit: 18
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