This course provides an overview of the independence related rules and interpretations included within the American Institute of Certified Public Accountants (AICPA) Code of Professional Conduct. This Code prescribes a set of principles, rules, and interpretations that guide CPAs in performing their professional responsibilities. While this code is applicable to both members in business and members in practice, this course focuses on the independence aspects for those members in public practice. A copy of the most recent AICPA Code of Professional Conduct is available on the AICPA website.
Learning Objectives
Upon completion of this course, you will be able to:
• Identify the different sections of the AICPA Code of Professional Conduct
• Recognize the key steps included within the conceptual framework approach
• Differentiate among threats for members in public practice and recognize examples of threats to independence
• Recognize activities that would and would not impair independence
Major Topics
Identify Threats
Evaluating the Significance of Threats
Identify and Apply Safeguards
Evaluating the Effectiveness of Safeguards
Documenting Threats and Safeguards
Adverse Interest Threat
Advocacy Threat
Familiarity Threat
Management Participation Threat
Self-Review Threat
Undue Influence Threat
