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Independence

Author/Moderator: Catherine R. Allen, CPA
Publisher: AICPA
Availability: Online Access
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This revised interactive multimedia online course teaches you and your staff the AICPA, SEC, PCAOB and GAO independence rules in an inventive and creative way. Through interactive case studies, exercises and illustrative graphics, you will learn the most up-to-date AICPA, SEC, PCAOB and GAO rules, including those adopted under the Sarbanes-Oxley Act. The revised AICPA code and conceptual frameworks are explained so that you will be ready to use them once they become effective.

Topics Discussed:

  • Detailed explanations of  the revised AICPA code and conceptual frameworks
  • Section on affiliates of audit clients
  • Complete coverage of the  Yellow Book, including the new conceptual framework

Learning Objectives:
When you complete this course, you will be able to:

  • Explain the governance of the accounting profession.
  • Describe the structure and content of the AICPA Ethics Codification including the underlying principles.
  • Describe the conceptual framework approach embedded in the Codification.
  • Assess the importance of independence, when independence is required, and why you must be independent both in fact and in appearance.
  • Explain the purpose and basic structure of the AICPA Conceptual Framework for AICPA Independence Standards and how to apply it.
  • Identify the financial, family, and employment relationships that impair independence.
  • Analyze the non-attest services and business relationships that impair independence.
  • Evaluate fee issues and their effect on independence and objectivity.
  • Assess other matters that may affect independence, such as indemnification clauses and litigation.
  • Apply the additional independence provisions applicable to attest clients subject to SEC, PCAOB, GAO, DOL, and banking and insurance industry requirements.

Who Will Benefit?
CPAs looking to better understand the independence rules.

Prerequisite:  None

NASBA Field of Study: Regulatory Ethics
Level: Basic
Recommended CPE Credit: 5
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