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Professional Ethics for Accountants 2024

Course - Professional Ethics for Accountants 2024

Major Topics

Learning Objectives

  1. Explain the importance of ethical codes of conduct for organizations.
  2. Identify the key elements of a conflict of interest provision.
  3. Distinguish between ethical behavior and legal compliance.
  4. Identify the requirements of Sarbanes-Oxley Act (SOX) Section 406, Code of Ethics for Senior Financial Officers.
  5. Identify the purpose of the Foreign Corrupt Practices Act (FCPA) and the practices it prohibits
  6. Identify the three components of the Fraud Triangle model.
  7. Identify the appropriate course of action for management accountants to take when confronted with an ethical dilemma.
  8. Recognize how ethical issues such as manipulation of results, analysis, and budgets can develop.
  9. Explore the four standards of the Institute of Management Accountants (IMA) “Statement of Ethical Professional Practice”, competence, confidentiality, integrity, and credibility.

Course Description

This course provides an overview of ethical challenges and dilemmas that accountants in industry frequently face and provides strategies for dealing with those dilemmas.

The course draws on several real-world frauds to illustrate the “slippery slope” that often leads to fraudulent behavior. The course also covers the three elements of the “The Fraud Triangle”, providing insight into the conditions that can result in fraud.

This course covers the Professional Ethics material outlined in the content specification outline for the Certified Management Accountant (CMA) Part 2 examination.

Topics include: ethical considerations for accounting professionals, ethical dilemmas, examples of fraud, strategies for dealing with ethical dilemmas, the Fraud Triangle, differences between legal and ethical behavior, ethical aspects of the Foreign, Corrupt Practices Act (FCPA) and the Sarbanes-Oxley Act (SOX), ethical considerations for accounting organizations.

Compliance Information

Advanced Preparation

None

Field of Study

Behavioral Ethics

Credits

2 Credits

Published Date

April 24, 2024

Course Authors

Tom Coghlan

Speaker, CPE University

Tom Coghlan has worked at the intersection of accounting, information technology, and decision making for over 30 years. His diverse set of experiences and roles includes:

Founder of CPE University, LLC, a provider of CMA review courses and CPE programs. He is one of the top CMA exam review instructors in North America, and has helped hundreds of people prepare to take the CMA examination.

Co-founder of Appitur® Co., the developer of a mobile platform that provides exam prep companies a branded mobile app to help their students and increase revenue.

Business Fellow and Instructor at Villanova University, where he taught graduate and undergraduate courses in Accounting and Analytics.

Partner and Vice President of Client Services for FirstQuarter, Inc., where he led projects that helped clients including Cordis (division of Johnson & Johnson), Del Monte Foods, Alcon, Analog Devices, and Stantec maximize their technology investments.

CFO and Director of Information Technology for a multi-national business unit of Imperial Chemical Industries. Tom earned a BS degree in Business Administration from Drexel University, and an MBA from LaSalle University. Tom is a Certified Managerial Accountant (CMA), and passed the Certified Public Accounting (CPA) exam in Pennsylvania.

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Overview

This course provides an overview of ethical challenges and dilemmas that accountants in industry frequently face and provides strategies for dealing with those dilemmas.

The course draws on several real-world frauds to illustrate the “slippery slope” that often leads to fraudulent behavior. The course also covers the three elements of the “The Fraud Triangle”, providing insight into the conditions that can result in fraud.

This course covers the Professional Ethics material outlined in the content specification outline for the Certified Management Accountant (CMA) Part 2 examination.

Topics include: ethical considerations for accounting professionals, ethical dilemmas, examples of fraud, strategies for dealing with ethical dilemmas, the Fraud Triangle, differences between legal and ethical behavior, ethical aspects of the Foreign, Corrupt Practices Act (FCPA) and the Sarbanes-Oxley Act (SOX), ethical considerations for accounting organizations.

Course Details

  1. Explain the importance of ethical codes of conduct for organizations.
  2. Identify the key elements of a conflict of interest provision.
  3. Distinguish between ethical behavior and legal compliance.
  4. Identify the requirements of Sarbanes-Oxley Act (SOX) Section 406, Code of Ethics for Senior Financial Officers.
  5. Identify the purpose of the Foreign Corrupt Practices Act (FCPA) and the practices it prohibits
  6. Identify the three components of the Fraud Triangle model.
  7. Identify the appropriate course of action for management accountants to take when confronted with an ethical dilemma.
  8. Recognize how ethical issues such as manipulation of results, analysis, and budgets can develop.
  9. Explore the four standards of the Institute of Management Accountants (IMA) “Statement of Ethical Professional Practice”, competence, confidentiality, integrity, and credibility.

Intended Audience

Advanced Preparation — None

Field of Study — Behavioral Ethics

Credits — 2 Credits

IRS Program Number

Published Date – April 24, 2024

Revision Date

Course Authors

Tom Coghlan

Speaker, CPE University

Tom Coghlan has worked at the intersection of accounting, information technology, and decision making for over 30 years. His diverse set of experiences and roles includes:

Founder of CPE University, LLC, a provider of CMA review courses and CPE programs. He is one of the top CMA exam review instructors in North America, and has helped hundreds of people prepare to take the CMA examination.

Co-founder of Appitur® Co., the developer of a mobile platform that provides exam prep companies a branded mobile app to help their students and increase revenue.

Business Fellow and Instructor at Villanova University, where he taught graduate and undergraduate courses in Accounting and Analytics.

Partner and Vice President of Client Services for FirstQuarter, Inc., where he led projects that helped clients including Cordis (division of Johnson & Johnson), Del Monte Foods, Alcon, Analog Devices, and Stantec maximize their technology investments.

CFO and Director of Information Technology for a multi-national business unit of Imperial Chemical Industries. Tom earned a BS degree in Business Administration from Drexel University, and an MBA from LaSalle University. Tom is a Certified Managerial Accountant (CMA), and passed the Certified Public Accounting (CPA) exam in Pennsylvania.

About Instructor Read Less