What does it take to have an effective quality control system that leads you to a clean, unmodified peer review report? Prepare for the review itself and learn what can be done on a daily basis to create a strong quality control environment for your firm. Identify the most common, significant deficiencies that peer reviews uncover and what you can do to prevent them from occurring in your firm. Consider the process for selecting the appropriate peer reviewer and determine the right review year-end for your firm. If you have specialized engagements, such as governmental units, not-for-profit organizations, construction contractors, or employee benefit plans, this course examines the additional issues that may come into play.
DESIGNED FOR
Practitioners subject to peer review who are involved in compiling, reviewing or auditing financial statements of small and mid-size businesses.
BENEFITS
Participants will Identify:
- Key planning steps in a system or engagement review
- Key points related to selecting your peer reviewer
- Some specific items your peer reviewer will be asking you to provide
- Specific elements of QC section 10, A Firm's System of Quality Control and common matters and findings related to the elements
- Elements of a letter of response or other firm responses
HIGHLIGHTS
- What to do between reviews to maintain a quality control environment and continually prepare for the next review
- Common engagement deficiencies to be aware of and how to prevent them
- Selection process - the peer reviewer and the review year-end
- Overview of the quality control standards
- What you need to assemble for your reviewer
- Peer review wrap-up expectations
- Solutions to common quality control issues
COURSE LEVEL
Intermediate
PREREQUISITES
Experience in providing audit, compilation and review services.
ADVANCE PREPARATION
None
ADDITIONAL NOTES
- *AICPA members deduct an additional $30 from applicable price.
Course materials are distributed electronically and we’ve passed the savings along to you - registrants save $20 on all 8-hour seminar pricing. To access the materials visit My Events. Download to your laptop or tablet prior to the seminar, handouts are added as received.