May 3, 2010

THE PURPOSE AND STRUCTURE OF
CONTINUING PROFESSIONAL EDUCATION

The profession of accountancy is characterized by an explosion of relevant knowledge, ongoing changes and expansion, and increasing complexity. Advancing technology, globalization of commerce, increasing specialization, proliferating regulations, and the complex nature of business transactions have created a dynamic environment that requires CPAs to continuously maintain and enhance their knowledge, skills, and abilities.

CPAs have a duty to maintain public confidence and current knowledge, skills, and abilities in all areas in which they provide services, and they must accept and fulfill their ethical responsibilities to the public and the profession. The purpose of continuing professional education (CPE) is to create a better accountant who in turn can better serve his or her clients by maintaining quality in professional services.

CPAs performing professional services must have a broad range of knowledge, skills, and abilities. Thus, the concept of professional competence should be interpreted broadly. Accordingly, acceptable continuing education encompasses programs contributing to the development and maintenance of both technical and non-technical professional skills.

Below is a table that outlines the various fields of study and whether they are considered technical or non-technical in nature. A more in-depth description of each of the areas is contained in the attached description of the CPE field of study areas.

TECHNICAL NON-TECHNICAL
Accounting Business Management and Organization
Accounting - Governmental Communications
Administrative Practice Employee Management
Auditing Firm Management
Auditing - Governmental Marketing
Business Law Personnel/Human Resources
Business Valuation Personal Development
Computer Courses Social Environment of Business
Computer Science  
Economics  
Estate Planning  
Ethics (behavioral & regulatory)  
Finance  
Fraud Examination  
Litigation  
Management Advisory Services  
Mathematics  
Production  
Specialized Knowledge and Applications  
Statistics  
Taxes  

CPE FIELD OF STUDY AREAS
Each underlined field of study may include, but is not limited to,
the bulleted subjects that follow

TECHNICAL SUBJECTS

ACCOUNTING

  • General Accounting
  • Accounting Research
  • Financial Statements and Reports
  • SEC Practice
  • Accounting Services for Small Business
  • Forensic Accounting

ACCOUNTING (GOVERNMENTAL)

  • Governmental Accounting and Reporting – Subjects Related to Governmental Accounting Standards Board (GASB) Pronouncements
  • Specialized Governmental Accounting and Reporting
  • Forensic Accounting

ADMINISTRATIVE PRACTICE

  • Management Advisory Services Practice Skills
  • MAS Engagement Management
  • Planning and Control Systems for Human Resources Development
  • Personal Financial Planning

AUDITING

  • General Auditing
  • Auditing Research
  • Auditing and Electronic Data Processing
  • Planning and Supervision
  • Substantive Audit Procedures
  • Independent Auditors’ Reports
  • Study and Evaluation of Internal Control
  • Forensic Accounting

AUDITING (GOVERMENTAL)

  • General Governmental Auditing - Subjects Related to Governmental Accounting Standards Board (GASB) Pronouncements
  • Specialized Subjects Related to Governmental Auditing
  • Forensic Accounting

BUSINESS LAW

  • Employment Law
  • Asset Protection
  • Business Law for Accountants
  • Collection Law
  • Critical Legal and Tax Issues for Accountants
  • Legal Environment of Business

BUSINESS VALUATION

  • Economic Conditions
  • Financial Analysis
  • Normalization of Financial Statements
  • Income Approaches
  • Asset-Based Approaches
  • Market Approaches
  • Discounts and Premiums
  • Estimates of Value

COMPUTER COURSES

  • Software programs
  • Computer applications

COMPUTER SCIENCE

  • Programming
  • Networking
  • Computer Systems
  • Multimedia Tools and Techniques
  • Database Management

ECONOMICS

  • Microeconomics
  • Macroeconomics
  • Money and Banking
  • Public Finance

ESTATE PLANNING

  • Wills and Trusts
  • Personal Finance
  • Estate Taxes
  • Probate
  • Elder Law

ETHICS

  • Ethics and Professional Conduct
  • Ethical Practice in Busines
  • Personal Ethics
  • Ethical Decision-Making
  • Corporate Ethics
  • Public Interest and Responsibilities
  • General and Professional Standards
  • Licenses and Renewals
  • SEC Oversight
  • Competence
  • Advertising and Solicitation
  • Independence
  • Integrity and Objectivity
  • Confidential Client Information
  • Contingent Fees and Commissions
  • Conflict of Interest
  • Discreditable Acts
  • Full Disclosure
  • Malpractice
  • Records Retention

FINANCE

  • Budgeting in Industry
  • Budgeting and Cost Analysis in State and Local Governments
  • Financial Management in Government
  • Asset Management in Industry
  • Contracting for Goods and Services in Industry

FRAUD EXAMINATION

  • Categories of Fraud
  • Investigation Techniques
  • Legal Considerations

LITIGATION

  • Litigation Support
  • Forensic Accounting
  • Cost of Capital
  • Valuation
  • Civil Litigation
  • Criminal Litigation
  • Securities Litigation
  • Bankruptcy
  • Liability

MANAGEMENT ADVISORY SERVICES

  • Academic Practice Management
  • Advanced Cash and Treasury Management
  • Cost Accounting
  • Activity-Based Costing
  • Applied Project Management
  • Risk Management
  • Performance Management

MATHEMATICS

  • Algebra
  • Geometry
  • Calculus

PRODUCTION

  • Operations Management
  • Inventory Management
  • Supply Operations

SPECIALIZED KNOWLEDGE AND APPLICATIONS

  • Advanced Energy Option on Futures
  • HIPAA Compliance
  • Subjects Related to Specialized Industries

STATISTICS

  • Business Statistics
  • Quantitative Analysis
  • Probability

TAXES

  • Tax Research
  • Tax Accounting
  • Individual Income Taxation
  • Partnership Taxation
  • Corporate Income Taxation
  • Corporate Tax Consideration in Industry
  • Tax-Exempt Organizations
  • Estate and Trust Taxation
  • Compensation Considerations for Taxation
  • Real Estate Taxation
  • International Taxation
  • State and Local Taxes
  • Tax Practice Management and Procedures
  • Computers in the Tax Practice
  • General Taxation
  • Special Tax Matters

NONTECHNICAL SUBJECTS

BUSINESS MANAGEMENT AND ORGANIZATION

  • Organization of a Public Accounting Practice
  • Administration of a Public Accounting Practice
  • MAS Practice Management
  • Management Information Systems in Industry
  • Management information Systems in State and Local Governments
  • Management Planning in Industry

COMMUNICATIONS

  • Interview Techniques
  • Business Writing
  • Business Presentations
  • Group Dynamics
  • Public Relations
  • Group Process Management
  • Counseling

EMPLOYEE MANAGEMENT

FIRM MANAGEMENT

MARKETING

  • Marketing Professional Services
  • Customer Communications
  • E-Business Practices

PERSONNEL/HUMAN RESOURCES

  • Human Resources Management in Public Accounting Practice
  • Human Resources Management in Industry
  • Human Resources Management in Government

PERSONAL DEVELOPMENT

  • Principle-Centered Leadership
  • Career Planning
  • Time Management

SOCIAL ENVIRONMENT OF BUSINESS

  • Planning and Control Systems
  • Manufacturing Marketing
  • Research and Development
  • Finance
  • Management Information Systems