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Tuesday, November 9, 2021 Live Webcast

Avoiding Deficiencies in Peer Reviews: Focus on Engagement Quality (E2111282)

1:00 PM - 4:30 PM EST

Registration: 12:30 PM EST

webcast

Vendor Platform

4.0 CPE Credits in AA

OVERVIEW

With the AICPA’s heightened focus on enhancing audit quality, increased oversight of the peer review process and the auditor’s overall responsibility to provide high quality services, the focus on compliance with professional standards has never been greater. Recent peer reviews have indicated that auditors are often failing to perform and/or document certain critical components of an audit such as the auditor’s assessment of risk and linking the results of the assessment to substantive procedures performed. In addition, auditors are not adequately documenting their consideration of fraud, expectations in analytical procedures and the appropriate level of work needed to understand an entity’s internal control. Now is time to revisit the way that auditors are performing and documenting the work performed to meet professional standards since nonconforming engagements can result in an auditor’s referral to the AICPA Ethics Committee. This course will focus on the most significant items resulting in deficiencies identified in the peer review process. We will also discuss the applicable audit standards, documentation requirements and best practices. The objective of the course is to provide the insights necessary to help an auditor improve not just the quality of their work but also the perception of the accounting profession as a whole.

This course features a live instructor and has been specifically designed for the NJCPA.

DESIGNED FOR

Accounting and auditing practitioners at all levels desiring to improve engagement quality.

BENEFITS

  • Identify key elements of the AICPA’s Enhancing Audit Quality initiative
  • Recognize key trends in recent peer review deficiencies noted
  • Identify professional standards related to performing a risk assessment, understanding and testing internal controls and linking these procedures to further audit consideration
  • Implement best practices to help ensure overall engagement quality

HIGHLIGHTS

  • AICPA’s Enhancing Audit Quality initiative
  • Feedback from peer reviews, including areas driving deficiencies in audit
  • Elements of an effective risk assessment and how to link to audit procedures performed
  • Understanding internal controls and making the decision whether or not to test them
  • Best practices in documentation

COURSE LEVEL

Intermediate

PREREQUISITES

Experience in accounting and auditing.

ADVANCE PREPARATION

None

INSTRUCTOR

Hunter Cook

Hunter Cook, CPA

Hunter is a retired Dixon Hughes Goodman LLP partner. For his last three years at DHG, he was part of the firm's Professional Standards Group and a member of the AICPA's Auditing Standards Board. Prior to joining DHG, Hunter taught accounting and auditing at Wake Forest University for one year. Following his graduation from Newberry College with a Bachelor of Science in accounting, he worked as an auditor with Ernst & Young in various capacities, including partner. Hunter is a past chair of NCACPA and past President of the NC State Board of CPA Examiners. He is currently a member of the NASBA Ethics Committee and the AACSB Accounting Accreditation Policy Committee. Hunter leads CPE programs covering professional ethics in North Carolina and courses covering technical material across the country. He is also a contributing author to PPC’s Guide to Preparing Financial Statements. Hunter is a CPA in North Carolina and South Carolina.

PRICING

$189.00 - Member

$264.00 - Nonmember

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Note: Online pre-registration will close on November 9 at 12:30 PM.

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COURSE DEVELOPER

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