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.
This course features a live instructor and has been specifically designed for the NJCPA.
Accounting and auditing practitioners at all levels desiring to improve engagement quality
- 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 to help ensure overall engagement quality
- 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
- Best practices in documentation
Experience in accounting and auditing