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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 less staff while company management needs 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.

64 minutes
Course Exam
Certificate of Completion
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Why Lorman?

Over 35 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 Auditor's Role and Why Their Ethics Are Being Questioned
  • Accounting Scandals
  • Enron, Kmart, Xerox, etc.
  • What Are Ethics?
  • CPAs Have a 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 35 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 Course

This course was last revised on April 19, 2022.

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

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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Why Lorman?

Over 35 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

Blue & Co., LLC

  • Head of Business Valuation and Forensic Accounting at Blue & Co., LLC
  • 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, Certified Fraud Examiner, Certified in Financial Forensics, and Accredited in Business Valuation, with over 30 years of experience and responsibilities in financial and corporate management, primarily in the retail industry
  • Has experience in many industries including, but not limited to, retail, food service, distribution, financial services, construction, health care, manufacturing, franchises, insurance, transportation, and e-commerce
  • Licenses, memberships, and leadership positions in the American Institute of Certified Public Accountants, Ohio Society of Certified Public Accountants, and Association of Certified Fraud Examiners, and National Kidney Foundation Board of Directors – Regional President, National Board Member
  • Master’s degree in accounting, The Ohio State University; B.S.B.A. degree with a concentration in finance, The Ohio State University
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Why Lorman?

Over 35 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: 409631
Published 2022
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