Ethics_and_Accounting_in_Illinois

Ethics and Accounting in Illinois How a person conducts themselves in business is just an important as the business that they are conducting. People that they are working with want to know that they are dealing with an honest and trustworthy person that will not intentionally cause them harm. Several organizations are designed to specifically to oversee the professionals of their industry. When it comes to the field of accounting in the state of Illinois the Illinois Board of Examiners is charged with upholding the Illinois Public Accounting Act. In order to be eligible to take the examination to become a Certified Public Accountant or CPAA in the state of Illinois a candidate must have the appropriate education. This would include an undergraduate degree with an emphasis in accounting or an equivalent education as long as it has received the approval of the Board. Once a candidate has passed the CPA examination and received a certificate, they do not have the ability to practice public accounting. That ability does not occur until the Board issues the candidate a license. Successfully passing the CPA examination does not guarantee that a license will be issued. The Board has reserved the right to deny a license anyone that has failed to pay taxes or has failed to file a tax return as per the Illinois Department of Revenue’s records (Illinois Borad of Examiners, 2011). Passing the necessary examination and paying the appropriate fees is only the beginning of being a CPA. A CPA also has to abide by a conduct of conduct. Failure to do can include the suspension or loss of the license and fines as high as $5,000 for each offense (Illinois Borad of Examiners, 2011). Despite such strict regulations, there are those that would still think that they are able to conduct themselves in an unethical manner and risk facing the consequences. One such person would was harry G. Doyle Jr. of Waukegan, Illinois. The American Institute of Certified Public Accounting or AICPA received notice that Mr. Doyle was conducting himself in an unethical manner when he was responsible for auditing the financial statements of a government entity in 2007. Mr. Doyle was subsequently charged with violating the AICPA and the ICPAS Code of Professional Conduct for failing to reissue his report even after it was brought to his attention that his report contained material errors. Mr. Doyle was also charged with failing to plan and supervise the audit and the actions of a non-CPA firm who issued the audit report that failed to comply with generally accepted accounting principles (AICPA, 2010). Mr. Doyle entered into a settlement agreement and was instructed to immediately follow the professional standards for his profession. Mr. Doyle’s license was suspended for a period of six months and his name, the offense and the terms of the settlement were to be published and be a part of public record. Mr. Doyle also had to complete a professional education course within 12 months of the settlement agreement (AICPA, 2010) . Even though Mr. Doyle did not have a monetary fine included as part of the agreement and the suspension of his license was for only a six month period, having the disciplinary actions taken against him will follow Mr. Doyle for years to come. While Mr. Doyle continues to complete reeducation courses and has the AICPA monitor his activity, the likelihood of him making the same error in judgment is greatly reduced. References AICPA, Initials. (2010). 2010 disciplinary actions. Retrieved from http://www.aicpa.org/ForThePublic/DisciplinaryActions/Pages/2010DisciplinaryActions.aspx'action=print Illinois Board of Examiners, Initials. (2011). Regulations of accountants. Retrieved from http://www.illinois-cpa-exam.com/certification/ethics-requirements