By studying the accounting “stories” behind numerous famous financial statement frauds, failed audits and deceptive accounting practices (specifically revenue recognition), this course will take a forensic approach to recognizing the warning signs in areas such as revenue recognition, significant estimates, and choices among accounting methods.
New Jersey requires all active licensed accountants to take an ethics course during each triennial registration period. This course is written under New Jersey guidelines and has been approved by the Board of Accountancy as qualifying to meet the requirement. The program will address ethics rules applicable to CPAs in public practice, those in business, and others.
DESIGNED FOR
Practitioners in industry and in public practice.
BENEFITS
- Understand the AICPA Code of Professional Conduct, along with recent changes
- Identify ethical threats and safeguards associated with members practicing in public practice, in business, or applicable to other members
- Identify the AICPA Code of Professional Conduct rules that are applicable to all members, including those in public practice and business
- Explain and apply the AICPA Code of Professional Conduct rules applicable to integrity and objectivity, independence, general standards, acts discreditable, commissions and referral fees, advertising, confidential information, and form or organization and name
- Understand the importance of and differences between the AICPA Code of Professional Conduct and New Jersey state laws and regulations
- Identify creative accounting practices used to deceive financial statement users
- Identify those risk characteristics normally associated with fraudulent financial reporting
- Emphasize improper revenue recognition practices and techniques to identify them
HIGHLIGHTS
- The conceptual framework
- Confidentiality and conflicts of interest
- Issues impacting attest services, including independence
- Issues impacting non-attest practices and engagements
- Issues impacting CPAs in industry
- New Jersey state laws and regulations
- Live cases dealing with improper revenue recognition and other misleading practices
- Understanding when is revenue “real”
- Reserves, accruals, write downs, and asset impairments
- Significant estimates
- Fair value abuses
COURSE LEVEL
Intermediate
PREREQUISITES
Basic knowledge of professional ethics rules and regulations.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
Note: Due to the regulatory nature of the ethics requirement, you must attend the afternoon Professional Ethics session for the full 200 minutes. Late arrivals and early departures are not permitted.
Course materials are distributed electronically. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.