Notice to Readers Professional Ethics: AICPA’s Comprehensive Course is intended solely for use in continuing professional education and not as a reference. It does not represent an official position of the American Institute of Certified Public Accountants, and it is distributed with the understanding that the author and publisher are not rendering legal, accounting, or other professional services in the publication. This course is intended to be an overview of the topics discussed within, and the author has made every attempt to verify the completeness and accuracy of the information herein. However, neither the author nor publisher can guarantee the applicability of the information found herein. If legal advice or other expert assistance is required, the services of a competent professional should be sought. Copyright © 2014–2015 by American Institute of Certified Public Accountants, Inc. New York, NY 10036-8775 All rights reserved. For information about the procedure for requesting permission to make copies of any part of this work, please email copyright@aicpa.org with your request. Otherwise, written requests should be mailed to the Permissions Department, AICPA, 220 Leigh Farm Road, Durham, NC 27707-8110. Course Code: 732318001 PECOMP GS-0414-0A Revised: April 2014 Use of Materials This course manual accompanies all formats in which the course is offered, including self-study text, self-study online, group study, in-firm, and other formats, as applicable. Specific instructions for users of the various formats are included in this section. Continuing Professional Education (CPE) is required for CPAs to maintain their professional competence and provide quality professional services. CPAs are responsible for complying with all applicable CPE requirements, rules, and regulations of state licensing bodies, other governmental entities, membership associations, and other professional organizations or bodies. Professional standards for CPE programs are issued jointly by the American Institute of Certified Public Accountants (AICPA) and the National Association of State Boards of Accountancy (NASBA) to provide a framework for the development, presentation, measurement, and reporting of CPE programs. These standards are entitled Joint AICPA/NASBA Statement on Standards for Continuing Professional Education Programs (CPE standards), and are available as part of the AICPA’s Professional Standards three-volume set, either in paperback or as on online subscription through the AICPA’s Online Professional Library. Review Questions for Self Study Participants The CPE standards require that self study programs include review questions (also known as feedback questions) that provide feedback to both correct and incorrect responses. Note that these questions are provided only as learning aids and do not constitute a final examination. Requirements for Claiming and Receiving CPE Credit CPE standards place responsibility on both the individual participant and the program sponsor to maintain a record of attendance at a CPE program. CPAs who participate in only part of a CPE program should only claim CPE credit for the portion that they attended or completed. CPE participants must document their claims of CPE credit. Examples of acceptable evidence of completion include: • for group and independent study programs, a certificate or other verification supplied by the CPE program sponsor. • for self-study programs, a certificate supplied by the CPE program sponsor after satisfactory completion of an examination. Participants in group study and other live presentations will receive a completion certificate from the program sponsor. CPE program sponsors are required to keep documentation on programs for five years, including records of participation. All self-study participants must complete the exam within one year of date of course purchase in order to receive a certificate indicating satisfactory completion of the CPE program. Ø When purchased as a self-study course in text format, the exam is located in the Examination section at the end of the course manual.