How to Avoid Common Peer Review Pitfalls

Author: Salvatore Collemi

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 course 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: December 2023

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

• Best practices on how to create an environment that focuses on quality
• Basic steps for monitoring and performing internal inspections
• Key considerations related to establishing a quality control system based on the AICPA Statements on Quality Control Standards
• Significant recurring engagement deficiencies and how to prevent them
• How to properly prepare for your next AICPA Peer Review, including decisions to make and how to gather and maintain the correct information

Learning Objectives

• Identify how a CPA firm will prepare for its upcoming AICPA Peer Review
• Identify the type of analytical procedures that are designed to enhance the auditor's understanding of the client's business and the significant transactions and events that have occurred since the prior year end
• Identify the ASC Topic that provides guidance with respect to the classification of debt
• Identify the type of assurance level that is sought through a review engagement
• Identify an MFC related to the Code of Professional Conduct

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