What does it take to have a properly designed and operating effectively quality control system that leads your CPA firm to receive a pass with no findings on your next peer review report? Find out how you can create a strong quality control environment for your assurance practice. Offering practical guidance, this session will assist you in the process for selecting the appropriate peer reviewer and to determine the right year-end for your practice.
Recent changes to enhance the peer review process by incorporating best practices of effective peer reviewers into the Peer Review standards, interpretations, and related guidance are also covered in this course. These changes are intended to reinforce the need for adequate planning and preparation for a peer review by both firms and peer reviewers to allow sufficient time for proper identification of systemic causes and appropriate remediation, when necessary.
Publication Date: June 2021
Designed For
CPA firms and practitioners who are subject to the AICPA Peer Review who perform audits, reviews, compilations and other attestation services for small and mid-size private entities.
Topics Covered
- Common Peer Review Findings
- Overall Discussion & Comments About Documentation
- Matters for Further Consideration (MFCs)
- Compliance with QC Standards
- MFCs on the Code of Professional Conduct
- Section 1.295 ” Non”attest Services
- MFCs — Documentation of Audit Sampling
- Documenting Audit Sampling Approach
- MFCs — Risk Assessment Procedures
- MFCs — Audit Documentation
- MFCs — Performance of Mandated Audit Procedures
- MFCs — Required Communications and Reporting
- MFCs — SSARS Review Engagement Letter
- MFCs — SSARS Review Failure to Obtain Appropriate Management Representation Letters
- MFCs — SSARS Review Reports
- MFCs — SSARS Review Supplementary Information
- MFCs — SSARS Review Cited Deficiencies in Documentation of Analytical Procedures
- MFCs — SSARS Compilation Engagement Letters
- MFCs — SSARS Compilation Reports
- MFCs — U.S. GAAP ” Failure to Include Adequate Disclosures Regarding Related Party Transactions
- MFCs — U.S. GAAP Cash Flow Statements Presentation Deficiencies
- MFCs — U.S. GAAP Classification of Long”Term Debt
- MFCs — Failure to Adequately Disclose U.S. GAAP Departures
- Resources & Tools
Learning Objectives
- Recognize practical and insightful perspectives on how a CPA firm will prepare for its upcoming AICPA Peer Review
- Identify an MFC related to the Code of Professional Conduct
- Recognize what should be documented when documenting the audit sampling approach
- Differentiate which AU-C should be referred to for requirements related to audit documentation
- Recognize various MFCs and how they apply
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Auditing (2 hours)
Program Prerequisites
Experience in either leading a CPA firm’s accounting & auditing practice or practitioners who have previously conducted monitoring procedures.
Advance Preparation
None
Instructor
Salvatore Collemi
Salvatore A. Collemi, CPA is the Managing Member and Founder of Collemi Consulting and Advisory Services, LLC where he relies on over two decades of global business experience to guide U.S. and International public accounting firms, litigation attorneys, valuation experts, the C-suite and related institutions that support the profession in order to promote and enhance audit quality.
His practice provides outsourced high-level strategic and technical accounting & auditing guidance. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, etc. Salvatore is also a keynote speaker at company retreats and conferences. His past work experience at the U.S. Securities and Exchange Commission and the AICPA, combined with his previous roles as external auditor and technical partner to both national and international public accounting firms, gives him a keen understanding into the mindset of both regulators and standard-setters that he shares with his clients.
As a recognized subject matter expert on International Financial Reporting Standards (IFRS), Salvatore was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014. Salvatore also served as AICPA liaison to the International Federation of Accountants (IFAC) Transnational Auditors Committee and Global Peer Review Subcommittee to assist in the development of their international quality assurance review program.
For more information about Salvatore, visit Collemi Consulting & Advisory Services, LLC and LinkedIn.