How to Avoid Common Peer Review Pitfalls (Currently Unavailable)

Author: Salvatore Collemi

CPE Credit:  2 hours for CPAs

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

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