Under the automatic disciplinary provisions of the Institute’s bylaws, Ms. Feldman was admonished, effective November 8, 2017, and directed to complete the remedial actions listed below. This action is based on the disciplinary action taken by the Florida Board of Accountancy’s. Whereby, Ms. Feldman was directed to complete 30-hours of accounting and auditing CPE for violating Sections: 473.323(1)(g) and 473.323(1)(h), Florida Statutes (2013), by failing to disclose an existing material contingent liability and by underreporting current liabilities in accordance with general accounting standards on a Company’s 2012 audited financial statements.
- To comply immediately with professional standards applicable to the professional services she performs and to submit evidence of such compliance.
- To provide evidence of completion (e.g., attendance sheets, course completion certificates, etc.) of the accounting and auditing CPE (30 hours) imposed by the State of Florida Board of Accountancy (“Board”).
- To submit, six-months after completion of the Board-imposed accounting and auditing CPE, a list of the highest level (audit, review, compilation with note disclosures) of engagements that she performed in the six-month period following the date she completed the CPE courses. The following information should be included regarding the engagements listed: total hours spent on each engagement; her role and hours on each engagement; level of professional services rendered; type of report issued; type of organization; and whether it was an initial engagement.
The Technical Standards Subcommittee (“Subcommittee”) of the Professional Ethics Division will select one of these engagements for review. Ms. Feldman will be informed of this selection and will be asked to submit information to include a copy of her report, the financial statements, and working papers related to that engagement for review by the Subcommittee. The Subcommittee may extend the period to select an engagement to ensure a suitable selection is available. A peer review undergone by her firm would not exempt her from this requirement.
After an initial review of such report, financial statements, and working papers, the Subcommittee may decide she has substantially complied with professional standards and close this matter. Or, the Subcommittee may decide that an ethics investigation of the engagement she submitted is warranted. If, at the conclusion of the investigation, the Subcommittee finds that professional standards have in fact been violated, the Subcommittee may refer the matter to the AICPA Joint Trial Board for a hearing or take such other action as it deems appropriate.