Ethics for CPAs: Meeting Expectations in Challenging Times / Edition 1

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Accountants are under attack. Recent investigations of Enron, Global Crossing, WorldCom, and Adelphia, just to name a few, along with the remarkable collapse of Arthur Andersen, have focused the nation’s attention on the accounting profession and the need for reforms. All parties agree that accounting firms must change their priorities and attitudes to put more emphasis on ethics, quality of audits, and on investor and public interests. But recent significant revisions to guidance from the AICPA, SEC, GAO, and IFAC make it difficult to keep up with the latest requirements. Without a clear and up-to-date knowledge of these changes, CPAs enter a minefield that could lead to a variety of sanctions. Ethics for CPAs helps accounting professionals navigate this minefield, providing a reader-friendly, timely resource on the latest ethical pronouncements and considerations.

This comprehensive guide integrates the various requirements of the AICPA’s Code of Professional Conduct, the SEC, the Department of Labor, the GAO’s Yellow Book, and state societies and state boards. The book also contains information on ethical standards for consulting and tax services, and provides a concise analysis of international ethics requirements. Drawing upon years of experience consulting on ethical issues, the authors deliver invaluable guidance on how a CPA should respond to an ethics investigation, proceeding step-by-step through the entire process. Ethics for CPAs also:

  • Presents information in an easy-to-use information-mapping format that enables CPAs to find the information they need, fast
  • Identifies and discusses specific ethical issues raised by the Enron investigation
  • Contains practical examples and user-friendly practice aids
  • Includes self-study CPE, pursuant to the requirement by many states that CPAs complete a minimum number of hours on ethics-related topics for each licensing period

Each chapter contains a section that provides guidance on the authoritative sources for the topics discussed and also provides information on where CPAs can go to get more information on ethics issues. Guidance on future pronouncements will be posted on within thirty days of issuance. Ethics for CPAs supplies accounting professionals with a much-needed authoritative resource for meeting expectations in challenging times.

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Product Details

  • ISBN-13: 9780471271765
  • Publisher: Wiley
  • Publication date: 2/10/2003
  • Edition number: 1
  • Pages: 400
  • Sales rank: 1,322,594
  • Product dimensions: 10.00 (w) x 7.00 (h) x 0.94 (d)

Meet the Author

DAN M. GUY, CPA, PhD, is the former Vice President of Auditing Standards for the AICPA. He currently has a litigation consulting practice in Santa Fe, New Mexico.

D. R. CARMICHAEL, CPA, CFE, PhD, is the Director of Baruch College’s Center for Financial Integrity and the Wollman Distinguished Professor of Accountancy at Baruch College. He acts as a consultant on accounting, auditing, and control matters, and has also investigated numerous cases involving allegations of fraudulent financial reporting, providing expert-witness testimony on those matters.

LINDA A. LACH, CPA, is the Associate Director for Baruch College’s Center for Financial Integrity and is the former director of professional development for the AICPA.

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Table of Contents


Chapter 1. Introduction.

Chapter 2. Organizations Involved in the Development, Regulation, and Enforcement of Ethics Requirements.

Chapter 3. Ethics Enforcement–What a Member Needs to Know.


Chapter 4. The Fall of Enron and the Ethics Aftermath.

Chapter 5. Importance of Independence.

Chapter 6. Basic Concepts of Rule 101, Independence, and Rule 102, Integrity and Objectivity.

Chapter 7. Requirements for Integrity and Objectivity (Including Freedom from Conflicts of Interest).


Chapter 8. Engagements That Require Independence.

Chapter 9. Definition of Covered Member/Person, Immediate Family Members, and CPA Firms for Purposes of Independence Requirements.

Chapter 10. Direct and Indirect Financial Interests in Clients.

Chapter 11. Financial Interests in Nonclients That Have Investor or Investee Relationships with Clients.

Chapter 12. Former Practitioners.

Chapter 13. Unpaid Fees.

Chapter 14. Performance of Other Services for Clients.

Chapter 15. Business Relationships; Cooperative Arrangements; Joint Closely Held Investments; Lease Arrangements; and Investments by Clients in Auditors.

Chapter 16. Loans to and from Clients.

Chapter 17. Employment by and Connections with Clients.

Chapter 18. Employment of a Spouse, Dependent, or Close Relative by a Client.

Chapter 19. Gifts and Privileges.

Chapter 20. Actual or Threatened Litigation.

Chapter 21. Indemnification Agreements.

Chapter 22. Outsourcing of the Internal Audit Function and Other Extended Audit Services.

Chapter 23. Independence Requirements for Governmental Audits and Nonprofit Organizations Subject to Yellow Book Requirements.

Chapter 24. Independence Requirements for Audits of Employee Benefit Plans.

Chapter 25. Independence Requirements for Agreed-Upon Procedures Engagements.

Chapter 26. Alternative Practice Structures.

Chapter 27. Quality Control Systems for Independence.


Chapter 28. Rules 201, 202, and 203–General Standards, Compliance with Standards and Accounting Principles.

Chapter 29. Rule 301—Confidential Client Information.

Chapter 30. Rule 302—Contingent Fees.

Chapter 31. Rule 501—Acts Discreditable.

Chapter 32. Rule 502—Advertising and Other Forms of Solicitation.

Chapter 33. Rule 503—Commissions and Referral Fees.

Chapter 34. Rule 505—Form of Organization and Name.


Chapter 35. Statements on Standards for Tax Services and Interpretations.

Chapter 36. Statements on Standards for Consulting Services.

Chapter 37. An Interpretative Outline of IFAC's Code of Ethics for Professional Accountants.

Chapter 38. Where to Go for More Information.

Appendix A. Glossary.

Appendix B. How to Contact the State Boards and State Societies.

2003 Self-Study CPE Program.


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