This outline and lecture presentation develops and applies the professional fiduciary duty heightened legal standard requirements to the practice of the average individual CPA and CPA firm. Covered is many of the potentially high-risk fiduciary roles that may arise in a typical CPA firm practice. The AICPA's recent ethics "re-codification" elevates a CPA's conflicts of interest and fiduciary duty rules by strongly suggesting that a written detailed risk analysis and potential safeguards offset should be made on every significant client engagement. Portions of the new AICPA's conflict of interest emphasis seems to heighten the chances that standard CPA engagements may be deemed to rise to the fiduciary duty higher danger category level. Such relationships usually receive increased judicial scrutiny.
Highlights
Fiduciary Duty Relationship Requirements, AICPA Position, Legal Standard Aggravator, Problematic Fiduciary Engagements, Elderly /Probate/Trust Engagements, Trustee Tax & Erisa, Competition with Client, Investment Advice in Financial Planning, Directorships Corporate and Charitable, For Profit Corporations, Not-For-Profit Entity, Suggested CPA Director Fiduciary Safeguards, Table of Reported Cases Presented.
