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OnDemand Course

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.

Learning Objectives

  • You will be able to recognize Framework for a Code of Ethics.
  • You will be able to differentiate between the various types of threats faced by the CPA, clients and industry.
  • You will be able to identify circumstances and the type of threat they display.
  • You will be able to differentiate between various types of unconscious bias.

Runtime: 89 minutes
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Why Lorman?

Over 33 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 33 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 February 14, 2020.

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

  • CPE/NASBA - QAS Self Study 2.2 including Regulatory Ethics 2.2
     
  • Lorman Education Services is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: https://www.nasbaregistry.org/cpas/complaints. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.2 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Regulatory Ethics for 2.2 hours. Prerequisite: basic knowledge of business financials. Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
     
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Why Lorman?

Over 33 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 33 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.

All of your training, right here at Lorman.

Pay once and get a full year of unlimited training in any format, any time!

  • Live Webinars
  • OnDemand Webinars
  • MP3 Downloads
  • Course Manuals
  • Audio Recordings*
  • Executive Reports
  • White Papers and Articles
  • Sponsored Live Webinars

Additional benefits include:

  • State Specific Credit Tracker
  • Members Only Newsletter
  • All-Access Pass Course Concierge

* For audio recordings you only pay shipping

Questions? Call 877-296-2169 to speak with a real person.

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Product ID: 407561
Published 2020
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