After completing this course, you should be able to understand the basic ethical issues related to accounting and auditing engagements for each of the following areas:
PCAOB Independence requirements.
The Basics of Evaluating Independence.
What Exactly is Independence?
AICPA Quality Control System.
What if independence is breached?
Step-by Step Approach to Evaluating Independence.
Other Independence Issues
Modified rules for AUP engagements.
What if I was formerly employed by the client?
What if I leave my firm and join the client?
Joint closely-held business investments and lending arrangements.
Brokerage accounts with a client.
Bank accounts with a client.
Insurance policies issued by a client.
Gifts and entertainment from and to an attest client.
Business relationships that impair independence.
Hosting Services are Nonattest Services
Potential issues with fee arrangements.
The unpaid fees issue.
Lease with an attest client
Overview of the GAO guidance.
Conceptual Framework and ET Section 1.200.