Learn how to define conflicts of interest and how to manage the risk they pose to you and your clients.
Whether your clients are individuals, businesses, non-profits, or your own employer, conflicts of interest are nearly unavoidable in the accounting profession. But did you know that these conflicts expose you to the continual risk of ethical violations, professional errors and omissions? This presentation will teach you to identify, evaluate, and effectively disclose conflicts of interest with confidence. You will learn how the profession defines these conflicts and how to manage and neutralize the risk they pose to you and your clients.
Learning Objectives
- You will be able to identify what Conflicts of Interest are.
- You will be able to identify why Conflicts of interest matter.
- You will be able to identify which agencies regulate conflicts for accountants.
- YYou will be able to differentiate between various types of conflicts.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Agenda
What Are Conflicts of Interest, and Why Do They Matter?
- The Definition of a Conflict of Interest (Exists in Most Professions)
- AICPA, PCAOB, IRS, States, and State Societies Regulate Conflicts for Accountants
- The Rules, Though, Only Tell You What a Conflict Is, but Not What to Do About It
- The Related Principles of Integrity and Objectivity Provide Critical Guidance
How to Identify Conflicts of Interest
- When You Consider Whether to Take on a Client
- When Your Client Relationships Evolve and Change
- When a Client Asks You to Take on Work of a Different Nature Than You've Handled for Them in the Past, e.g., Consulting, Forensics, Buy-Sell
- When You Find More Than a Single Interest Involved
- When You Work With Competitors
- When You Have a Financial Stake
Evaluating Conflicts of Interest Using Specific Examples
- First Things First: Who Is Your Client?
- Corporate Finance
- Marital Dissolution
- Shareholder Disputes/Freezeouts/Buyouts
- Individual Tax Planning
- Serving on a Board
- Many More Examples
Disclosing and Resolving Conflicts of Interest
- Does It Feel Right? Integrity and Objectivity Gut Check Revisited
- Operational Considerations: Act Promptly; Consult Legal Counsel; Consider Whether to Notify Your Professional Liability Insurance Carrier of the Situation
- Conflict Waiver Letter Terms and Conditions
- Disengagement Options, Do's and Don'ts
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Credits
OnDemand Course
This course was last revised on November 17, 2022.
Call 1-866-352-9540 for further credit information.
- AIPB 2.0
- This program is acceptable for 2.0 CPEC(s) towards the CB designation through the American Institute of Professional Bookkeepers (AIPB).
- AR CLE 1.5
- This course has been approved for 1.5 hours of CLE by the Arkansas CLE Board.
- Arizona CLE 1.5
- The Arizona State Bar does not pre-approve or pre-certify MCLE programs. However, records of this program and attendance will be maintained by Lorman Education Services for auditing purposes. This activity may qualify for up to 1.5 hours toward your annual CLE requirement for the State Bar of Arizona.
- CA MCLE 1.5
- Lorman Education Services is a State Bar of California approved MCLE sponsor and this course qualifies for 1.5 CLE hours of participatory credit.
- CT CLE 1.5
- Neither the Connecticut Judicial Branch nor the Commission on Minimum Continuing Legal Education approve or accredit CLE providers or activities. This course has been approved for CLE credit in jurisdictions aside from CT and therefore it automatically meets the content and delivery requirements in Connecticut. Credit is based on a 60 minute credit hour and shall be awarded as follows: 1.5 CLE credit(s).
- GA CLE 1.5
- This program has been approved by the Georgia Commission on Continuing Lawyer Competency for 1.5 CLE hours.
- MO CLE 2.0
- This course qualifies for self-study CLE credit in Missouri.
- NH MCLE 1.7
- NH MCLE does not approve or accredit CLE activities for the NH Minimum CLE requirement. Lorman Education Services believes this Ondemand course meets the requirement of NH Supreme Court Rule 53 and may qualify for CLE credit(s). Program Length: 99 Minutes.
- RI CLE 2.0
- This program has been approved by the Rhode Island Mandatory Continuing Legal Education Commission for 2.0 hours of CLE credit.
- VT CLE 1.5
- This self-study program has been approved by the Mandatory Continuing Legal Education Board of Vermont for 1.5 hour(s) of CLE credit. Please note: Attorneys may only claim 12 credits per compliance period in this format. This course is considered "Non-Moderated Programming without Interactivity".
CPE/NASBA - QAS Self Study 2.8 including Regulatory Ethics 2.8
- Noggin Guru, Inc. dba Lorman Education Services and BankersHub is registered with the National Association of State Boards of Accountancy (NASBA) as a QAS Self Study sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its web site: www.nasbaregistry.org. For more information regarding administrative policies such as complaint and refund, please contact our offices at 866-352-9539. CPE Credit: Maximum Credit Hours: 2.8 each session (based on a 50 minute credit hour). You must attend at least 50 minutes to obtain credit. Field of Study: Regulatory Ethics for 2.8 hours. Prerequisite: . Level of Knowledge: Intermediate. Teaching Method: Seminar/Lecture. Advance Preparation: None. Delivery Method: QAS Self Study. Please refer to the information in this advertisement for outline, course content and objectives. Upon completion of this course, you will receive a certificate of attendance. Final approval of a course for CPE credit belongs with each state's regulatory board.
To earn each credit Lorman offers through the OnDemand learning platform, you need to watch 100% of the program. Also, for certain credits you will need to fulfill additional requirements which will be displayed on the "credits" tab when viewing the course.
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
Faculty
Jonathan S. Ziss, J.D.
Goldberg Segalla
- Partner, Goldberg Segalla LLP, a national litigation firm with over 400 attorneys
- Co-chair of the firm’s Management & Professional Liability Practice Group, with over 35 years of experience
- A frequent columnist, author, and lecturer on accountant professional liability risk management and avoidance
- Has appeared in CA, CT, DE, FL, MT, NJ, PA, and NY and has represented clients including professional service firms, non-profits, and for-profit businesses in many other states as well
- Successfully argued to the Supreme Court of Delaware, a leading forum for financial litigation, that in an audit malpractice dispute, management’s unclean hands should be a viable defense even if the auditor’s conduct fell below the standard of due care
- Has tried dozens of cases to verdict and has handled countless administrative investigations and proceedings, mediations, and arbitrations
- Chosen to serve as an expert witness in an accountant malpractice case, addressing the enforceability of engagement letters and the differentiation among attestation levels
- Honors graduate of Franklin & Marshall College (elected Phi Beta Kappa); graduate of Villanova University’s Charles Widger School of Law (staff member, The Villanova Law Review)
- Can be contacted at [email protected] or 267-519-6820 (office), or 215-480-2572 (mobile)
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Why Lorman?
Over 37 years and 1.4 million customers worth of experience providing continuing education. Our passion is providing you world-class training to help you succeed in business and as a professional.
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