Montana: Professional Ethics for Montana CPAs (Course Id 1875)

Regulatory Ethics - Regulatory Ethics for Course Id 1875

This 2-hour course is designed to meet the 2-hour professional ethics CPE requirement for Montana CPAs.  It provides an overview of ethical thought along with the core values of the CPA profession.  Selected rules of the Administrative Rules of Montana Title 24, Chapter 201 and selected statutes found in the Montana Code Title 37, Chapter 50 related to the practice of public accounting are covered in detail.  The AICPA Code of Professional Conduct is also covered in detail. 

NASBA QAS - Text - NASBA Registry - 1875

Course Learning Objectives

• Define ethics from an overall and professional perspective
• Recognize the Montana regulations governing licensure of individuals and firms, peer review, continuing professional education and inactive and retired statuses
• Recognize the ethical standards contained in the AICPA Code of Professional Conduct

Chapter 1 - Professional Ethics for Montana CPAs

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

Review Question

Administrative Rules of Montana 24.201 and Montana Code Title 37, Chapter 50 - Selected Rules and Statutes  Licensure of Individuals and Firms

24.201.415    USE OF CPA/LPA DESIGNATION

37-50-302. Certified public accountants -- licensure -- qualifications and requirements.

37-50-314. License required -- proof of licensure.

24.201.531    PRACTICE PRIVILEGE

37-50-325. Practice privilege for nonresident certified public accountant -- rules.

37-50-330. Compliance with ownership requirements -- firm registration.

37-50-335. Registration of firms -- exemptions.

Peer Review

24.201.1103    PEER REVIEW ENROLLMENT

Continuing Education

24.201.2106    BASIC CONTINUING EDUCATION REQUIREMENT

24.201.2120    STANDARDS FOR FORMAL CONTINUING EDUCATION PROGRAMS, PROGRAMS WHICH QUALIFY, AND ACCEPTABLE SUBJECT MATTER AND PROGRAMS

24.201.2124    STANDARDS FOR CPE REPORTING

24.201.2148    VERIFICATION

24.201.2154    EXTENSION OR HARDSHIP EXCEPTION

Inactive and Retired Status

24.201.535    INACTIVE TO ACTIVE LICENSE – RESTORATION

24.201.537    RETIRED STATUS

Montana Board of Public Accountants Frequently Asked Questions (FAQ)

Review Questions

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 Question

Rule 1.300—General Standards Rule

Case Study – Audit Engagement with No Prior Experience

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

2.400.001 Acts Discreditable Rule

Part 3 – Other Members

3.400.001 - Acts discreditable rule

Glossary