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The AICPAs Code of Professional Conduct provides guidance for ethical business conduct, as well as other potentially relevant ethical requirements from the PCAOB and international bodies. An important pillar of any Code of Professional Conduct is the rules governing independence when performing attest services, particularly when both attest and non-attest services are provided. This focus will dig deeper into important foundational principles, primarily focusing on threats to independence and how to avoid or appropriately safeguard them.

Major Topics:

  • Overview of the Conceptual Framework approach to identify threats to principles of the Code of Professional Conduct
  • Familiarity, self-interest, self-review and other independence threats
  • General requirements and management responsibilities when performing both attest and non-attest services for the same client
  • Safeguards for common independence threats

 

Learning Objectives

  • Explore and explain the Conceptual Framework that should be applied to evaluate compliance with principles of any Code of Professional Conduct.
  • Identify and discuss threats and safeguards relating to performing both attest and non-attest services for clients.
  • Discover and explain other common independence threats and how to eliminate or mitigate them to an acceptable level.
Last updated/reviewed: May 15, 2021

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Level 2 - Experienced Staff

  1. Fraud Risk - Complying with Minimum Audit Requirements
  2. Best Practices for Identifying and Evaluating Audit Risk - Linking Risk to the Detailed Audit Plan
  3. Testing Internal Controls - Exploring Strategies for Verifying Operating Effectiveness
  4. Inquiry and Research - Improving Critical Audit Skills
  5. Auditing Investments - Understanding Risks and Procedures for the Most Common Investments
  6. Auditing Accounts Receivable - Focusing Procedures for Testing Existence and Valuation
  7. Auditing Liabilities, Including Long-Term Debt - Addressing the Risks of Completeness, Classification, and Disclosure
  8. Substantive Analytic Procedures - Strengthening Evidence to Satisfy Audit Objectives
  9. Sampling - Avoiding Common Mistakes on Financial Statement and Compliance Audits
  10. Desired Traits of a Star Performer - Visualizing How to Become an Exceptional Staff Auditor
  11. Professional Requirements for Assurance Providers, Including Independence - Understanding Critical Code of Professional Conduct Concepts
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services

Prerequisites

Course Complexity: Intermediate

No advanced preparation or prerequisites are required for this course.
Designed For: Anyone who provides audit and attest services requiring independence.

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
  0:44Learning Objectives for Professional Requirements for Assurance Providers, Including Independence
  8:07Overview
  15:58Introduction to Conceptual Framework and Threats
  14:35Familiarity and Self Interest Threats
  16:06Self Review Threat
  15:35Specifically Prohibited Activities
  3:50Safeguards
  8:44Other Matters Related to Independence
  14:27Case Study-Are You Independent?
CONTINUOUS PLAY
  1:38:06Professional Requirements for Assurance Providers, Including Independence
SUPPORTING MATERIAL
  PDFSlides: Professional Requirements for Assurance Providers, Including Independence
  PDFProfessional Requirements for Assurance Providers, Including Independence Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM