How to Perform An Effective Internal Inspection of Your Attest Practice (Completed)

Date: Wednesday, September 30, 2020
Instructor: Salvatore Collemi
Begin Time:  12:00pm Pacific Time
1:00pm Mountain Time
2:00pm Central Time
3:00pm Eastern Time
CPE Credit:  2 hours for CPAs

What does it take to have a properly designed and effective quality control system that leads your CPA firm to receive a pass with no findings on your next AICPA peer review report or PCAOB Inspection? Find out how to prepare yourself for your next peer review or PCAOB inspection and see what you can do to create a strong quality control environment for your attest practice. Offering realistic and practical guidance, this CPE session will assist you on how to properly conduct an internal inspection of your attest practice in accordance with Professional Standards during the “off years” in between your next AICPA peer review and/or PCAOB inspection.

Who Should Attend
CPA firm practitioners who are subject to the AICPA and/or PCAOB oversight who perform compilation, review, and/or auditing of financial statements of small and midsize private and publicly-traded entities.

Topics Covered

  • Guidance on how to create a firm environment that focuses on quality
  • Basic steps for self-monitoring and performing internal inspections
  • Key considerations related to establishing an effective quality control system based on the AICPA Statements on Quality Control Standards
  • Address significant recurring quality control and engagement deficiencies and how to address and prevent them
  • Prepare your attest practice personnel for your next AICPA Peer Review, including decisions to make and how to gather and maintain the correction information

Learning Objectives

  • Identify both practical and insightful perspectives on how a CPA firm will properly conduct an internal inspection in accordance with Professional Standards
  • Recognize and apply best practices on how to create a firm environment that focuses on quality
  • Describe basic steps for self-monitoring and performing internal inspections
  • Differentiate the key considerations related to establishing an effective quality control system based on the AICPA Statements on Quality Control Standards
  • Identify significant recurring quality control and engagement deficiencies and how to address and prevent them
  • Recognize how to properly prepare your attest practice personnel for your next AICPA Peer Review, including decisions to make and how to gather and maintain the correction information

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None

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