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Ethics for Accountants Minnesota #592726

Course Overview

Credit

Amount

CPA

Course Author: Beacon Hill Financial Educators Field of Study (CPA): Regulatory Ethics

Course Description

Course publication/revision date: This course was updated on 11/21/2025.

This course satisfies the eight-hour ethics CPE requirement for CPAs licensed in Minnesota.

This course is designed to meet the eight-hour ethics CPE requirement for CPAs renewing their licenses in Minnesota. It covers current ethical issues and special topics in the accounting profession, an introduction to the AICPA Code of Professional Conduct (with examples and case studies), and the Minnesota Statutes and Board of Accountancy Rules.

This course is a self-study (PDF) course with an online exam and it meets the NASBA QAS standard.

You can take this course each renewal cycle as we update it annually.

Please consult the Minnesota State Board of Accountancy for specific requirements.

Table of Contents

Section I. Current Ethical Issues in the Accounting Profession1

Understanding Ethics	1
A Definition of Ethics	1
How do you act when no one is looking?	1
Professional Ethics	2
The Study of Business Ethics	2
The Study of Accounting Ethics	3
Special Topics: Managing Ethics	7
Analytical Model for Ethical Decisions	7
Fiduciary Standard of Care	8
Managing Conflicts of Interest When Providing a Range of Services	9
Special Topics: Regulatory Ethics	12
Objectives-Oriented Accounting	12
AICPA: Recent Ethics Inquiries	16
Review Questions	21

Section II. AICPA Code of Professional Conduct23

Preface: Applicability and Principles of Professional Conduct	23
Applicability	23
The AICPA Principles	23
Using the Principles in Practice	27
Part One of the AICPA Code: Members in Public Practice	32
Rules Are Not Enough	32
The Conceptual Framework Approach	34
Ethical Conflicts	36
Rules of the Code of Professional Conduct	37
Independence, Integrity, and Objectivity: The Core Values of the Accounting Profession	37
1.100 Integrity and Objectivity Rule	37
1.200 Independence Rule	42
1.300 General Standards	60
1.400 Acts Discreditable Rule	64
1.500 Fees and Other Types of Remuneration	68
1.600 Advertising and Other Forms of Solicitation Rule	71
1.700 Confidential Client Information Rule	72
1.800 Form of Organization and Name Rule	74
Case Studies	76
1. Stop Thief! The Case of the Almost Stolen Clients	77
2. Oops! The Case of the Harmless Mistakes	78
3. Do You Have What It Takes? The Case of the Inadequate Accountant	80
4. The Last Shot at the Buzzer...Too Late! The Case of the Losing Lady	82
Review Questions	85

Section III. Summary of Minnesota Statutes and Board of Accountancy Rules87

Terminology	87
Definitions of Terminology used in the Minnesota Statutes (326A.01)	87
Definitions of Terminology used in the Minnesota Board of Accountancy Rules (1105.0100).	89
Minnesota State Board of Accountancy.	91
State Board of Accountancy	91
Powers of the Board	92
Rules Adopted by the Board	92
Interacting with the Board	94
Individual Licensing and Renewal	95
Certificate Issuance and Renewal; Competency Standard	95
Exemption from Certificate Renewal Requirement while Exempt or Retired.	96
Mobility	97
Continuing Professional Education Requirements.	103
Requirements	103
Continuing Professional Education Programs	105
Continuing Professional Education Reporting and Records	108
Exception to Continuing Professional Education Requirement	109
Firms Permits	110
Permit to Practice as a CPA Firm	110
Application Requirements for Firm Permit	112
Notifying Board of Changes	114
Headquarters Location of Client	115
Internet Practice	116
Peer Review	116
Terminology.	116
Peer Review as a Condition for Renewal of Permit	116
Peer Review: Applicability	117
Peer Review Standards	119
Peer Review: Report to Board	121
Peer Review Material: Private Data	122
Code of Professional Conduct	122
Acts Discreditable	122
Confidential Communications	128
Working Papers; Clients' Records	128
Retention and Content of Audit and Other Attestation Services Documentation	129
Enforcement	131
Grounds for Enforcement Action	134
Misleading CPA Firm Names	136
Fictitious Firm Names	138
Safe Harbor Language	140
Registered Accounting Practitioner (RAP)	140
Registration Requirements (RAP)	140
Review Questions	143

Appendix I. AICPA Glossary146

Appendix II. Answers and Explanations to Review Questions161

Section I. Current Ethical Issues in the Accounting Profession	161
Section II. AICPA Code of Professional Conduct	164
Section III. Minnesota Board of Accountancy	169

Index176

Endnotes178

Course Details

Author: Beacon Hill Financial Educators

Publication/Revision Date: 11/21/2025

Course Exam Questions: 40 (multiple-choice)

Program Delivery Method: Self-Study (NASBA QAS Self-Study)

Available Formats of Course Text: Downloadable PDF, Printed/Mailed

Course Level, Prerequisites, and Advance Preparation Requirements

License	Course Level	Prerequisites	Advance Preparation Requirements
CPA	Overview	None	None

* This program is appropriate for professionals at all organizational levels.

Sponsor ID Numbers

National Registry of CPE Sponsors I.D.: 107615

State CPA Board Sponsor ID Numbers (where applicable)

Florida Division of Certified Public Accounting: 0004761

Hawaii Board of Public Accountancy: 14003

New York State Board for Public Accountancy: 002146

Ohio Accountancy Board: CPE .51 PSR

Pennsylvania State Board of Accountancy: PX178025

Texas State Board of Public Accountancy: 009349

Learning Objectives

As a result of studying the course material, you should be able to meet the objectives listed below:

After studying the course, you should be able to meet the objectives listed below. Section I. Current Ethical Issues in the Accounting Profession

Define ethics in the context of being ethical versus acting ethically.
Identify the types of accounting services in which the fiduciary standard applies.
Recognize the circumstances under which conflicts of interest can arise when a variety of accounting services are offered by a CPA or firm.
Differentiate between rules-based, principles-based, and objectives-oriented accounting.
Interpret recent ethical inquires received by the AICPA.

Section II. AICPA Code of Professional Conduct

Recognize the primary components that serve as the foundation of the AICPA ethical standards.
Distinguish between the AICPA Principles of Professional Conduct.
Distinguish between the AICPA Rules of the Code of Professional Conduct.

Section III. Minnesota Board of Accountancy

Define the key terminology used in the Statutes and Rules.
Recognize the primary requirements and procedures for renewal of Minnesota individual licenses and firm permits.
Define the enforcement procedures of the Board with respect to violations of the rules by licensees and firms.
Define the continuing professional education requirements for licensees.
Recognize the requirements for peer review.
Define the rules with respect to professional conduct.

Online Book, Online Exam

Hardcopy Book, Online Exam

$83.00