Michigan: Michigan Professional Ethics (Course Id 945)

Regulatory Ethics - Regulatory Ethics for Course Id 945

This 2-hour course is designed to meet the annual 2-hour Ethics CPE requirement for Michigan CPAs. It provides an overview of ethical thought along with the core values of the CPA profession. The AICPA Code of Professional Conduct is covered in detail. Case studies are utilized throughout the course to emphasize material . Every licensee must submit 3 hours of general ethics and 1 hour of Michigan State Specific Ethics within the 2 year cycle. This course is 2 hours of professional ethics and does NOT cover the 1 hour State Specific Ethics. Please see the Michigan CPA Society for that.

Designed for: Michigan CPAs who need to meet their annual 2 hour ethics CPE requirement. This does NOT meet the 1 hour Michigan State Specific Ethics requirement.  

NASBA QAS - Text - NASBA Registry - 945

Course Learning Objectives

• Define ethics from an overall and professional perspective
• Recognize the general rules governing accounting from the Michigan Administrative Code
• Describe the ethical standards contained in the AICPA Code of Professional Conduct

Chapter 1 - Michigan Professional Ethics

Ethics Background

Morals

What is Ethics?

The Relationship of Morals and Ethics

Professional Ethics

Legal versus Ethical

Why Should We Study Professional Ethics?

Accounting Ethics

Ethical Core Foundations for CPAs

Ethical Reasoning

Case Studies – Threats and Safeguards

Ethical Dilemmas

Review Question

Michigan Administrative Code

R 338.5102 Standards of professional practice adopted by reference

R 338.5104   Retention of documents

R 338.5210

R 338.5211    Renewal of license with insufficient qualifying hours allowed under certain circumstances.

R 338.5215     Acceptable continuing education; requirements; limitations.

R338.5230 Relicensure; continuing education

R 338.5255 Qualifying continuing education subjects.

R 338.5401 Responsibility for conduct of supervised persons.

R 338.5405 Independence rule; adoption by reference.

R 338.5435 Licensee competence required to undertake professional engagement.

R 338.5460   Contingent fees.

R 338.5465 Acts constituting discreditable conduct.

R 338.5475   Payment or acceptance of commissions; "commission" defined.

The AICPA Code of Professional Conduct

About the Code

Preface

Part 1 – Members in Public Practice

Rule 1.100 Integrity and Objectivity

Case Study – Married Tax Clients Divorcing

1.130 Preparing and Reporting Information

1.180 – Responding to Noncompliance with Laws and Regulations

Case Study – Year End Adjustments and Loan Covenants

1.200 - Independence

Review Questions

Rule 1.300—General Standards Rule

1.310 Compliance with Standards Rule

Case Study – Peer Review Discoveries

1.320 Accounting Principles Rule

1.400.001 Acts Discreditable Rule

1.510.001 — Contingent Fees Rule

1.520.001—Commissions and referral fees Rule

1.600.001 —Advertising and other forms of solicitation

1.700.001— Confidential client information rule

1.800.001—Form of organization and name rule

Review Questions

Part 2 – Members in Business

2.100.001 – Integrity and Objectivity Rule

2.130.030 Obligation of a Member to His or Her Employer’s External Accountant

2.170.010 – Pressure to Breach the Rules

2.180.010 Responding to Noncompliance with Laws and Regulations

2.300.001 — General standards rule

2.310.001—Compliance with standards rule

2.320.001—Accounting principles rule

Case Study - The Company with Excess Reserves

2.400.001 Acts Discreditable Rule

2.400.070 Confidential Information from employment or volunteer activities

Part 3 – Other Members

3.400.001 - Acts discreditable rule

3.400.070 Confidential Information from employment or volunteer activities

Glossary