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Financial Statement Audits and Ethical Considerations

Recognize ethical issues and be able to discuss them with your client and your firm.

Increased competition in financial statement audits made public accounting firms more concerned with keeping clients happy and retaining that relationship while maintaining profits. As a result, many accounting firms are doing more with fewer staff while company management need to meet bank covenants or bonus promises. In prosperous times it isn't really an issue but when the company faces a slow period greed can cross ethical boundaries.

Runtime: 89 minutes
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Agenda

Overview

  • Overview of Auditors Role and Why Are Their Ethics Being Questioned
  • Accounting Scandals
  • Enron, Kmart, Xerox, etc.
  • What Are Ethics
  • CPA's Have Responsibility That Includes Ethical Behavior, Even at the Sacrifice of Financial Gain
  • Outside Users of Financial Statements Must Have Confidence in CPA

Framework for a Code of Ethics

  • Ethics Regulations of the Modern Era
  • Foreign Corrupt Practices Act
  • COSO/Sarbanes - Oxley

Ethical Threats (With Real Life Examples of Each)

  • Self Interest
  • Inappropriate Influences
  • Self Review
  • Poor Evaluation of Judgement
  • Advocacy
  • Promote Client Where Objectivity Is Compromised
  • Familiarity
  • Close Relationship
  • Intimidation
  • Pressure From Client
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Credits

OnDemand Webinar

This course was last revised on October 22, 2019.

Call 1-866-352-9540 for further credit information.

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

Audio & Reference Manual

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

MP3 Download

This program does NOT qualify, nor meet the National Standard for NASBA accreditation.

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More Program Information

Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

Faculty

Michael J. Stevenson, CPA, CFE, CFF, ABV

Michael J. Stevenson, CPA, CFE, CFF, ABV

Clarus Partners

  • Head of business valuation and forensic accounting at Clarus Partners
  • Concentrates time performing litigation advisory services, forensic accounting and expert witness testimony for matters related to business valuations, damages, lost profits, contract disputes, marital dissolution, quality of earnings analysis, and related matters
  • Certified Public Accountant (CPA), Certified Fraud Examiner (CFE), Certified in Financial Forensics (CFF), and Accredited in Business Valuation (ABV) with over 30 years of experience and responsibilities in financial and corporate management primarily in the retail industry
  • M.Acc. degree; B.S. degree, The Ohio State University
  • Can be contacted at 614-545-9100 or [email protected]
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Why Lorman?

Over 32 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.

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Product ID: 405432
Published 2019
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