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2008 Ethics CPE Course Outline

A Fresh Look
Available in PDF Format
Discreditable Acts
Disciplinary Actions
No Violation Enforcement Cases

Updates on current ethics and regulatory developments (30 - 45 minutes*):
- Virginia Board of Accountancy (BOA)
  - A "Fresh Look at Licensing Requirements" article from Virginia Society of CPAs Disclosures magazine, September/October issue**
  - Practice without a current license
    - Checking BOA website for license expiration date
  - Importance of resolving issues with clients and others
    - Complaint remains on CPA's record permanently
  - New Firm registration requirements and related peer review
  - Virginia Practice privilege for out-of-state CPAs and discussion of practice mobility in Virginia's neighboring states.
  - VBOA disciplinary process*
  - Handouts of actual VBOA enforcement cases(new cases for 2008)**
- AICPA Professional Ethics Executive Committee (PEEC)
  (CPE providers should ensure that topics presented cover all recent significant PEEC activity.)
Core Content (60 - 75 minutes*)
(These topics should be covered by referring to relevant BOA regulations and AICPA Code of Professional Conduct sections. Practical situations and potential solutions must be included and illustrated with short scenarios or simulations.)
Required
- Sufficient Relevant Data-VBOA regulations 18 VAC 5-21-120H and Rule 201, General Satandards of the AICPA Code of Professional Conduct
- Acts Discreditable - BOA regulation 18 VAC 5-21-120M § 54. 1-4413 of the Code of Virginia and Rule 501,Acts Discreditable, of the AICPA Code of Professional Conduct
- Confidential Client Information - VBOA Regulation 18-VAC 5-21-120J and Rule 301, Client Confidential Information, of the AICPA Code of Professional Conduct
  
  One of the Following Three is Required
- Due Professional Care - VBOA Regulation 18 VAC 5-21-120 F and Section 50(Subsection 56) and Rule 201 of the AICPA Code of Professional Conduct
- Contingent Fees, and Commissions and Referral Fees - VBOA Regulation 18 VAC 5-21-120 K and L and Rules 302 and 503 of the AICPA Code of Professional Conduct
- Advertising and Other forms of Solicitation - VBOA Regulation 18 VAC 5-21-120N and Rule 502 of the AICPA Code of Professional Conduct
Process for ethical decision making (5 minutes*)
(A handout should be provided.)

* Time allocations are suggestions only. Times allocated to the Core Content subjects may vary depending on the appropriate emphasis for the target audience (e.g., CPAs in public practice versus CPAs in private industry or government).

** Available to CPE providers by contacting the Virginia Board of Accountancy Office at 804-367-8505.

Important:During 2008, the Virginia Board of Accountancy will be in the process of developing new regulations based on the new accountancy statute that became effective July 1 2007.The references to VBOA regulations in this outline are to existing regulations in effect until the new regulations are issued.CPE providers should include this information in their materials and urge participants to monitor the VBOA website for more information.The new regulations will be posted on the website when they become effective.