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Independence generally implies a CPA’s ability to act with integrity and exercise objectivity and professional skepticism. The American Institute of Certified Public Accountants (AICPA) and other rule-making bodies have developed rules that establish and interpret independence requirements for the accounting profession.

This course discusses the independence requirements of the principal rule-making bodies that public accountants may have to comply with, using plain English instead of technical jargon to help you understand exactly what the requirements are.   

Course Series

This course is included in the following series:

6 CoursesAn Auditor's Perspective on...

  1. Preparing Financial Statements – An Auditor’s Perspective on What Matters Most
  2. Independence Rules for CPA’s – An Auditor’s Perspective on Significant AICPA, Public Company, Governmental, and International Differences
  3. Designing and Performing Sampling Plans – An Auditor’s Perspective on Monitoring Internal Controls, Compliance, and the Reasonableness of Account Balances
  4. FASB ASC Section 205-40: Going Concern Uncertainty – An Auditor’s Perspective
  5. FASB ASC Topic 470: Debt – An Auditor’s Perspective on Common Balance Sheet Classification Issues
  6. FASB ASC Topic 820 Fair Value – An Auditor’s Perspective on Determining Fair Value of Non-Readily Marketable Investments

Learning Objectives

  • Discover the importance of the requirement for CPA’s to preserve independence in order to perform audit and attest services
  • "Identify the most common significant independence threats, and recognize how rules differ among various standard setting and regulatory bodies
  • Explore how reporting entities and external accountants must work together to safeguard against threats to independence in both fact and in appearance 
Last updated/reviewed: November 10, 2017

2 Reviews (14 ratings)Reviews

4
Anonymous Author
The course covers the critical points of auditor independence.
5
Member's Profile
Very thorough and clear.

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course. 

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION and OVERVIEW
  1:41Introduction to Independence Rules for CPA's
  9:14Relevant Standard Setting and Regulatory Bodies
  7:15AICPA Conceptual Framework
Threats
  12:25Familiarity Threat
  6:46Financial Self-Interest Threat
  8:26Self-Review and Management Participation Threats
  3:51Specific Services which can not be Safeguarded for Independence Threats
  5:00Other Threats to Independence
AICPA
  3:45AICPA VS. SEC Independence Rules
  4:00AICPA VS. Government Audit Independence Rules
Continuous Play
  1:02:24Independence Rules for CPA’s
SUPPORTING MATERIALS
  PDFSlides: Independence Rules for CPA’s
  PDFIndependence Rules for CPA’s Glossary/Index
REVIEW and TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM