Accountant Responsibility and Regulatory Compliance

Catalog description

This course examines federal and state law defining the responsibilities and liabilities of the accounting profession in its various roles, with a particular emphasis on its role in financial reporting. The course addresses the federal securities laws and regulations governing accountants who audit publicly traded companies as well as enforcement of those provisions by the Securities and Exchange Commission (SEC) and The Public Company Accounting Oversight Board (PCAOB). The enforcement mechanisms and disciplinary powers of the SEC and PCAOB are explored, along with the SEC's role in developing accounting standards applicable to public companies and in defining auditor independence in the public company context. The course also analyzes regulation of the profession at the state level, the sources of accounting and auditing standards applicable to both publicly-traded and nonpublic entities and not-for-profit entities. Licensing, regulatory, and disciplinary issues at the state level, as well as self-regulation by membership organizations, will also be addressed.