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2010 ETHICS CPE COURSE OUTLINE

(A copy of the Board’s outline must be presented to each participant prior to the class.)

Available in PDF Format

Updates on current code of conduct and regulatory developments (30 - 45 minutes*):
- Virginia Board of Accountancy (VBOA)
  - Regulatory update
  - Practice without a current license
    - Checking BOA website for license expiration date
  - CPE requirements effective January 1, 2009
  - Ten Myths of Ethics**
  - Handouts of actual VBOA enforcement cases (relevant cases)**
- Understanding Peer Review Requirements
- Update on IFRS
- FASB Standards Codification effective July 1, 2009
- Circular 230
Core Content (60 - 75 minutes*)
(These topics should be covered by referring to relevant VBOA regulations and AICPA Code of Professional Conduct sections. Practical situations and potential solutions must be included and illustrated with short scenarios or simulations.)

Required:
- Integrity and Objectivity – VBOA regulation 18 VAC 5-21-120 C and Article III and Rule 102 of the AICPA Code of Professional Conduct
- Professional Competence – VBOA regulation 18 VAC 5-21-120 E and Rule 201 A of the AICPA Code of Professional Conduct
One of following three is required:
- Independence – VBOA regulation 18 VAC 5-21-120 D and Article IV and Rule 101 of the AICPA Code of Professional Conduct
- Confidential Client Information – VBOA Regulation 18 VAC 5-21-120 J and Rule 301, Client Confidential Information of the AICPA Code of Professional Conduct
- Sufficient Relevant Data – VBOA regulation 18 VAC 5-21-120 H and Rule 201, General Standards of the AICPA Code of Professional Conduct
Process for ethical decision making (5 minutes*)
(A handout should be provided.)

Note: CPE providers must provide a copy of this outline to each participant. It is recommended that CPE providers make cases and other materials available to participants in advance, e.g., by posting them on provider websites.

If the participant is not satisfied with the content of this course, the instructor, or does not believe that the course satisfies the requirements of this outline, the participant is encouraged to contact the VBOA at boa@boa.virginia.gov, or by calling (804) 367-0728.

* Time allocations are suggestions only. Times allocated to the Core Content subjects may vary depending on the appropriate emphasis for the target audience (e.g., CPAs in public practice versus CPAs in private industry or government).

** Available to CPE providers at the Virginia Board of Accountancy website: http://www.boa.virginia.gov. Also see the Virginia Board of Accountancy website for more information on the accountancy statute, regulations, and other important information.

Important: During 2010, the Virginia Board of Accountancy will continue the process of revising the regulations. CPE providers should include this information in their materials and urge participants to monitor the VBOA website for more information. The new regulations will be posted on the website when they become effective. Providers should also urge licensees to register with the Virginia Town Hall to receive VBOA regulatory updates
(http://www.townhall.state.va.us/index.cfm).