A CPA is challenged in today’s work world to not only serve his/her client or employer but also to protect the public interest by ensuring that there is transparency in financial reporting or there is fair administration of the tax laws. In balancing the two interests, a CPA may find him or herself in an ethical dilemma. This course covers not only basic ethical frameworks, but also specific rules governing CPA practice and responsibilities. It concludes with a section on how a CPA can put his or her ethics into action.

Learning objectives:

• To educate licensees in ethics of professional accounting as CPAs.
• To convey the intent of the AICPA Code of Professional Conduct and Colorado Rules & Regulations in the performance of professional accounting services/work, not to adhere to the mere technical compliance of such rules.
• To assist the CPA in applying ethical judgment in interpreting the rules and determining public interest. Public interest should be placed ahead of self-interest, even if it means a loss of job or client.
• To review and discuss the AICPA Code of Professional Conduct and the Colorado Rules and Regulations and their implications for persons in a variety of practices, including:
  • CPAs in client practice of public accountancy who perform attest and non-attest services.
  • CPAs employed in industry who provide internal accounting and auditing services.
  • CPAs employed in education or in government accounting or auditing.

This course discusses the Colorado Statutes and Rules that pertain to CPAs licensed to practice in the state of Colorado. Students will become familiar with the Colorado Revised Statutes, the Rules of the State Board of Accountancy, and the Policies adopted by the Board currently in effect and how the statutes, rules, and policies pertain to them. Specific rules reviewed include the following:

• Organization and duties of the Board
• State Board of Accountancy Website (overview)
• Certified Public Accountant Designation
• Proper use – Holding Out
• Types of Certificates
• Status and maintenance of Certificates
• Licensure – Examination and certification
• Continuing professional education
• Disclosures
• Names
• Mobility/Practice Privilege and reciprocity
• Peer Review
• Professional Conduct
• Unlawful Acts
• Accountant/Client Privilege
• Grounds for disciplinary Action
• Client Records
• Firms
• Firm Registration
• Firm Names
• Peer Review
• Disclosures