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 |
| Special Topics: Managing Ethics | 2 |
| Analytical Model for Ethical Decisions | 2 |
| Special Topics: Regulatory Ethics | 3 |
| Fiduciary Standard of Care | 3 |
| Managing Conflicts of Interest When Providing a Range of Services | 3 |
| Artificial Intelligence and Accounting | 6 |
| Review Questions | 9 |
Section II. AICPA Code of Professional Conduct10
| Overview of the AICPA Code of Professional Conduct | 10 |
| Applicability | 10 |
| Principles of Professional Conduct | 10 |
| Rules Are Not Enough | 10 |
| The AICPA Principles | 11 |
| Using the Principles in Practice | 12 |
| Independence, Integrity, and Objectivity: The Core Values of the Accounting Profession | 16 |
| Rules of the Code of Professional Conduct | 16 |
| Review Questions | 17 |
Section III. Florida Board of Accountancy Rules (61H1-21-61H1-26)18
| Note to Reader - Organization of the Florida Board of Accountancy Section: | 18 |
| Independence | 18 |
| Introduction to Independence | 18 |
| Florida 61H1-21.001 Independence. | 20 |
| Integrity and Objectivity | 43 |
| 61H1-21.002 Integrity and Objectivity. | 43 |
| Ethical Conflicts (AICPA 1.000.020) | 43 |
| Commissions, Referral Fees, and Contingent Fees | 47 |
| 61H1-21.003 Commissions or Referral Fees | 47 |
| 61H1-21.005 Contingent Fees | 47 |
| Client Request for Second Opinion | 48 |
| C61H1-21.006 Communication with Client of Another Certified Public Accountant. | 48 |
| Competence and Technical Standards | 49 |
| 61H1-22.001 Competence (General Standards). | 49 |
| Responsibilities to Clients | 52 |
| 61H1-23.001 Confidential Client Information. | 52 |
| Selected AICPA Ethical Rulings on Confidential Client Information | 52 |
| 61H1-23.002 Records Disposition Responsibility | 53 |
| Advertising and Solicitation | 57 |
| 61H1-24.001 Advertising. | 57 |
| 61H1-24.002 Solicitation (Repealed) | 58 |
| Responsibility for Other Persons | 58 |
| 61H1-25.001 Responsibility for Other Persons (Repealed) | 58 |
| Firm Name, Form of Practice, Firm Licensure | 58 |
| 61H1-26.001 Form of Practice and Name-Shared Office Space. | 58 |
| 61H1-26.002 Minimum Capitalization or Adequate Public Liability Insurance for Florida Firms with the Exception of a Sole Proprietorship. | 60 |
| 61H1-26.003 Licensure of Firm Names. | 62 |
| 61H1-26.004 Licensure of Changes by Firms. | 62 |
| 61H1-26.005 Address of Record. | 63 |
| Review Questions | 64 |
| Case Studies | 66 |
| 1. Stop Thief! The Case of the Almost Stolen Clients | 66 |
| 2. Oops! The Case of the Harmless Mistakes | 67 |
| 3. Do You Have What It Takes? The Case of the Inadequate Accountant | 69 |
Section IV. Glossary of Florida Terminology71
| 61H1-20 Terminology Used in the Florida Board of Accountancy Rules | 71 |
| 61H1-20.001 Definitions. | 71 |
| 61H1-20.002 "Attest to the Reliability or Fairness of Presentation," "Expression of Opinion." | 72 |
| 61H1-20.003 Client (Repealed). | 72 |
| 61H1-20.004 Enterprise. | 72 |
| 61H1-20.005 Financial Statements. | 72 |
| 61H1-20.0051 Assembled Financial Statements (Repealed). | 73 |
| 61H1-20.0052 Offer to Perform or Perform Services Involving Assembled Financial Statements (Repealed). | 73 |
| 61H1-20.0053 Standards for Assembled Financial Statements (Repealed). | 73 |
| 61H1-20.006 Firm or Firms of Certified Public Accountants (Repealed). | 73 |
| 61H1-20.007 Generally Accepted Accounting Principles (Repealed) | 73 |
| 61H1-20.008 Generally Accepted Auditing Standards (Repealed) | 73 |
| 61H1-20.009 Standards for Accounting and Review Services (Repealed) | 73 |
| 61H1-20.0092 Government Auditing Standards (Repealed) | 73 |
| 61H1-20.0093 Rules of the Auditor General. | 73 |
| 61H1-20.0095 Standards for Consulting Services (Repealed) | 75 |
| 61H1-20.0096 Services for Tax Practice (Repealed) | 75 |
| 61H1-20.0097 Standards for Personal Financial Planning (Repealed) | 75 |
| 61H1-20.0098 Standards for Valuation Services (Repealed) | 75 |
| 61H1-20.0099 Standards for Attestation Engagements (Repealed) | 75 |
| 61H1-20.010 Engagement. | 75 |
| 61H1-20.013 Employee. | 75 |
| 61H1-20.016 Non-CPA Shareholders, Partners, and Members. | 75 |
| Terminology Used in the Standards for Determining Independence | 76 |
Appendix I. Florida Board of Accountancy Rules 61H1-33, 34, 36, 3979
| 61H1-33 Reestablishment of Professional Knowledge and Competency | 79 |
| 61H1-33.001 Certified Public Accountants Required to Comply with this Chapter. | 79 |
| 61H1-33.002 Organization and Administration. | 79 |
| 61H1-33.003 Continuing Professional Education. | 80 |
| 61H1-33.0031 Continuing Professional Education/Ethics. | 84 |
| 61H1-33.0035 Continuing Professional Education/Governmental Auditing. | 85 |
| 61H1-34 Persons Other Than Certfied Public Accountants | 85 |
| 61H1-34.001 Preparation of Financial Statements by Persons Other than Active or Inactive CPAs. | 85 |
| 61H1-34.002 Notice to Public by Non-Licensed Persons. | 87 |
| 61H1-36 Discipline | 87 |
| 61H1-36.002 Return of Certificates or Licenses. | 87 |
| 61H1-36.003 Time for Payment of Civil Penalties. | 87 |
| 61H1-36.004 Disciplinary Guidelines; Range of Penalties; Aggravating and Mitigating Circumstances. | 87 |
| 61H1-36.005 Citations. | 89 |
| .61H1-36.0055 Minor Violation, Notice of Non-Compliance. | 90 |
| 61H1-36.006 Mediation. | 91 |
| 61H1-39 Peer Review | 92 |
| 61H1-39.001 Definitions. | 92 |
| 61H1-39.002 Peer Review Program Standards. | 92 |
| 61H1-39.003 Peer Review Administering Entities. | 93 |
| 61H1-39.004 Peer Review Oversight Committee Composition and Responsibilities. | 94 |
| 61H1-39.005 Compliance with Peer Review Requirements. | 95 |
Appendix II. Florida Statutes, Chapters 455 and 47396
| Chapter 455 - Business and Professional Regulation: General Provisions | 96 |
| 455.224 Authority to issue citations | 96 |
| 455.225 Disciplinary proceedings | 97 |
| 455.2255 Classification of disciplinary actions | 100 |
| 455.227 Grounds for discipline; penalties; enforcement | 101 |
| 455.2273 Disciplinary guidelines | 104 |
| 455.2274 Criminal proceedings against licensees; appearances by department representatives. | 105 |
| 455.2275 Penalty for giving false information. | 105 |
| 455.2277 Prosecution of criminal violations | 105 |
| 455.228 Unlicensed practice of a profession | 105 |
| 455.2281 Unlicensed activities; fees; disposition | 107 |
| 455.2285 Annual report: finances, administrative complaints, disciplinary actions, recommendations | 108 |
| 455.2286 Automated information system | 108 |
| 455.229 Public inspection of information required from applicants; exceptions; examination hearing | 109 |
| 455.232 Disclosure of confidential information | 109 |
| Chapter 473-Regulation of Professions and Occupations: Public Accountancy | 110 |
| Table of Contents (Statutes not included in course are noted) | 110 |
| 473.301 Purpose | 111 |
| 473.302 Definitions | 111 |
| 473.303 Board of Accountancy | 112 |
| 473.3035 Division of Certified Public Accounting | 113 |
| 473.304 Rules of board; powers and duties; legal services | 113 |
| 473.309 Practice requirements: partnerships, corporations, limited liability companies; business entities practicing public accounting | 113 |
| 473.311 Renewal of license | 115 |
| 473.312 Continuing education | 115 |
| 473.3125 Peer Review | 116 |
| 473.315 Independence, technical standards | 117 |
| 473.316 Communications between the accountant and client privileged | 117 |
| 473.318 Ownership of working papers | 119 |
| 473.319 Contingent fees | 119 |
| 473.3205 Commissions or referral fees | 120 |
| 473.321 Fictitious names | 120 |
| 473.322 Prohibitions; penalties | 120 |
| 473.323 Disciplinary proceedings | 121 |
Appendix III. AICPA Glossary124
Appendix IV. Answers and Explanations to Review Questions138
| Section I. Current Ethical Issues in the Accounting Profession | 138 |
| Section II. AICPA Code of Professional Conduct | 140 |
| Section III. Florida State Board of Accountancy Rules | 142 |
Index147
Endnotes148
Course Details
Author: Beacon Hill Financial Educators
Publication/Revision Date: 11/20/2025
Course Exam Questions (online): 20 (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:
- 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.
- Understand how the use of artificial intelligence raises ethical concerns in the accounting profession.
- Recognize the primary components that serve as the foundation of the AICPA ethical standards.
- Differentiate between the AICPA Principles of the Code of Professional Conduct.
- Recognize the general provisions of the Rules of the Board of Regents.
- Define the key terms used in the Florida Statutes and Florida Board of Accountancy Administrative Rules.
