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 course 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.
Publication Date: September 2023
Topics Covered
- Guidance on how to create a firm environment that focuses on quality
- Discussion on the basic steps for self-monitoring and performing internal inspections
- Discussion on the 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
- 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
Learning Objectives
- Identify both practical and insightful perspectives on how a CPA firm will properly conduct an internal inspection in accordance with Professional Standards
- Identify the term that focuses on the credibility of the audited financial statements
- Identify the number of methods available for evaluating the firm's compliance with its QC policies and procedures and with Professional Standards at the engagement level
- Identify an example of a common audit deficiency specific to audit procedures and documentation
- Identify an example of a common SSARS review deficiency specific to the accountant's report
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 three 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.