Ethics 4 CPAs

Ethically Speaking – June 2010

admin — Tue, 13 Jul 2010 19:37:35 +0000

Ethically Speaking is a Periodic Publication of the AICPA Professional Ethics Division

Highlights:

- Confidential Client Information
- Codification Project
- Client affiliates
- Updates to ethical tax standards

http://www.aicpa.org/Publications/Newsletters/EthicallySpeaking/DownloadableDocuments/Ethical_Speaking_June.pdf

The Ethics Codification Project Has Begun

admin — Fri, 02 Jul 2010 03:59:51 +0000

The primary objective of the Codification Project is to improve the Code by making it topical and easier to use. AICPA members and other users of the Code should gain significant benefits as this should minimize the risk of misapplying the rules. Further, some ethics guidance resides outside the AICPA Code (for example, informal AICPA staff positions and basis for conclusions documents, which carry no authority but provide helpful guidance or background on the rules). Codification provides an opportunity to re-evaluate that guidance and determine whether to propose that some of it be made authoritative and incorporated into the Codification.

Another important goal of codification will be to retain the substance of the existing AICPA ethics standards. Similar to the FASB’s Codification effort, the relevant AICPA ethics literature will be put into a logically structured, topical format. Drafters will reword the literature using consistent wording conventions and styles. Codification will not involve making substantive changes to the ethics standards; however, the process will likely identify areas that may warrant additional consideration, and possibly, standard-setting. Read more at:

http://www.aicpa.org/InterestAreas/ProfessionalEthics/Community/DownloadableDocuments/2010AprilEthicsCodificationProject.docx

Now in Effect – New Ethics Rules for Family Members

admin — Fri, 02 Jul 2010 03:59:03 +0000

The Professional Ethics Executive Committee has adopted new independence rules for immediate family members.

http://www.aicpa.org/InterestAreas/ProfessionalEthics/Community/ExposureDrafts/DownloadableDocuments/2009September4ExposureDraftFinalAdoptedProposals.doc

Plain English Guide to Independence – July 2010

admin — Thu, 17 Jun 2010 20:40:00 +0000

The 2010 Plain English Guide to Independence provides examples of the application of the latest Independence rules to everyday practice. Its many uses include as a refresher, a primer or as an application for training.

http://www.aicpa.org/InterestAreas/ProfessionalEthics/Resources/Tools/DownloadableDocuments/plainenglish.doc

Ethically Speaking – December 2009

admin — Sat, 22 May 2010 00:31:08 +0000

Highlights:

- Update to Ethical Tax Standards
- Confidential Client Information
- Codification Project
http://www.aicpa.org/Publications/Newsletters/EthicallySpeaking/DownloadableDocuments/EthicallySpeaking_123009.pdf

Changes on Tap for Compilation and Review Standards

admin — Sat, 22 May 2010 00:29:05 +0000

Significant changes to the standards for compilation and review engagements will soon take effect. The AICPA’s Accounting and Review Services Committee (ARSC) issued Statement on Standards for Accounting and Review Services no. 19, Compilation and Review Engagements, in December. The standard’s effective date is for compilations and reviews of financial statements for periods ending on or after Dec. 15, 2010, with early implementation permitted for the new reporting option for compilation engagements when the accountant’s independence is impaired. This article discusses the major changes made by the standard.

http://www.journalofaccountancy.com/Issues/2010/May/20102466.htm

Guide for Complying With Rules 102-505

admin — Sat, 22 May 2010 00:27:27 +0000

This guide describes an approach that CPAs can use to evaluate those relationships or circumstances, and CPAs are encouraged to use it for that purpose. Although use of this guide is not required by the Code, it can assist CPAs in complying with the rules in those situations. Therefore, use of this guide will often be a prudent step in achieving compliance with the rules. Under no circumstances, however, may this guide be used to justify noncompliance with the rules, interpretations, and rulings in the Code.

http://www.aicpa.org/InterestAreas/ProfessionalEthics/Resources/Tools/DownloadableDocuments/Guide_for_Complying_with_Rules_102_Through_505_11_10_08_Edited.pdf

Ethics in Tax Practice

admin — Sat, 22 May 2010 00:25:16 +0000

Multiple professional standards and ethics rules can apply to a member’s tax practice. These professional standards and ethics rules are found in sources such as:

AICPA’s Statements on Standards for Tax Services
AICPA’s Code of Professional Conduct
For federal tax practice -
- U. S. Treasury Department Circular No. 230
- Internal Revenue Code section 6694, the tax return preparer pentaly provisions
Laws and regulations of the applicable taxing authority, for non-federal tax practice
Standards and rules of state licensing boards and professional associations
Various other laws and regulations.

This section provides: access to and guidance on many of these standards and rules, practice aids to assist in complying with them and comment letters advocating on behalf of AICPA members and the public regarding the content and enforcement of those standards and rules.

http://www.aicpa.org/INTERESTAREAS/TAX/RESOURCES/STANDARDSETHICS/Pages/default.aspx

Are You Ready for a CPE Audit?

admin — Sat, 22 May 2010 00:23:59 +0000

Preparing for any type of an audit can be time consuming and painful. Are you ready to
have your Continuing Professional Education (CPE) audited? Do you know what type of
information is needed for a CPE audit? How can you ensure that your CPE audit is
successful? Every Arizona CPA needs to be ready for a CPE audit and this article can
help.

http://www.azaccountancy.gov/documents/CPE%20AUDIT%20-%20Bus%20Article.pdf

Tools and Aids

admin — Sat, 22 May 2010 00:22:27 +0000

Find frequently asked questions, non-authoritative guidance and other resources related to Professional Ethics including:

The Plain English Guide to Independence

Ethics resources in one place including The Plain English Guide to Independence
http://www.aicpa.org/InterestAreas/ProfessionalEthics/Resources/Tools/Pages/default.aspx