Table of Contents

Chapter 1 - South Carolina Regulatory Ethics - Section 1. 8

Course Overview.. 8

Licensure and Registration of CPAs in South Carolina. 8

Who can use the CPA credential?. 8

Emeritus Status. 9

What can cause a CPA license to be suspended or revoked?. 10

Who can perform attest services?. 11

If I’m a CPA in another state, can I work in South Carolina?. 13

What are the CPE requirements to renew my license?. 17

What are the requirements for a CPA firm located in South Carolina?. 22

What are the requirements for a CPA firm located outside of South Carolina?. 24

When am I required to enroll in peer review?. 26

Chapter 1 - Section 1 Review Questions. 29

Chapter 1 - South Carolina Regulatory Ethics - Section 2. 30

Ethical and Regulatory Requirements of CPAs in South Carolina. 30

What are the professional standards applicable to CPAs in South Carolina?. 30

AICPA Code of Professional Conduct - 1.400.001 Acts Discreditable Rule. 31

Failure to file a tax return or to pay a tax liability. 31

Case Study: Busy Season was too Busy – Failure to File Tax return. 31

Negligence in the preparation of financial statements or records. 32

Failure to follow government auditing standards and GAAS. 32

Disclosure of confidential information. 32

False, misleading or deceptive acts in promoting or marketing professional services. 34

Improper retention of client records when requested by the client 35

What is my responsibility for working papers, client provided records and other client records?. 35

Case Study: Client Switching CPA Firms – Record Retention. 37

When can I divulge client confidential information?. 37

What are acceptable firm names?. 38

Case Study: Audit Experts Group - Name Requirements. 39

Chapter 1 - Section 2 Review Questions. 40

Answers to Review Questions. 41

Chapter 1 - Section 1 Review Questions. 41

Chapter 1 - Section 2 Review Questions. 44

Final Examination. 50

CPASelfstudy.com Course Evaluation. 53