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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 EDT

Registration: 12:30 PM EDT

webcast

Vendor Platform

4 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. Add to that the requirement to implement the revised risk assessment standards (SAS 145) and it's easy to see why it's more important than ever to ensure that auditors have a good understanding of the requirements and comply with documentation standards. 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. The AICPA issued its Quality Management Standards in 2022. Firms are required to implement the standards by December 15, 2025. And the firm's evaluation of the System of Quality Management is required within one year after that. This is not just a matter of tweaking the firm's existing QM document, the standard requires a risk assessment process to identify risk. The objective of the course is to provide the insights necessary to help auditors and accountants improve not just the quality of their work but also the perception of the accounting profession as a whole. We 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. We will address the new QM standards.

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 changes in Quality Management standards
  • 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 in documentation

HIGHLIGHTS

  • AICPA’s Enhancing Audit Quality initiative
  • Recent revisions to Quality Management standards
  • 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
  • Implement best practices to help ensure overall engagement quality

TAKE THEIR WORD FOR IT…

Past attendees say:
  • Carl's commentary and presentation skills helped make the topic much more interesting and aided in understanding the issues

COURSE LEVEL

Intermediate

PREREQUISITES

Experience in accounting and auditing

ADVANCE PREPARATION

None

INSTRUCTOR

Hunter Cook

Hunter Cook, CPA
(4.8)

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.