Self-Study

Upcoming Peer Review: Is Your Firm Ready?

  • Thursday, August 15, 2019 – Thursday, April 30, 2020

  • 4
    CREDITS
    Auditing

What does it take to have a clean, unmodified peer review report? Find out how to prepare for your next review and what can be done daily to create a strong quality control environment for your firm. Offering practical guidance, this self-study course allows you to consider the process for selecting the appropriate peer reviewer and determining the right review year-end for your firm. You will examine additional issues that may come into play if you have specialized engagements, such as:

Governmental units;
Not-for-profit organizations;
Construction contractors; and,
Employee benefit plans.

Also covered are recent changes to the peer review standards, interpretations, and related guidance intended to enhance the peer review process by incorporating best practices of effective peer reviewers. This course summarizes these changes to help firms prepare for an upcoming peer review. Also reinforced is the need for adequate planning and preparation for a peer review, on the part of both firms and peer reviewers, to allow time for proper identification of systemic causes and appropriate remediation, when necessary.

Objectives

? Create a firm environment that focuses on quality control
? Understand the basic steps for monitoring and inspections
? Establish a quality control system based on the Quality Control Standards
? Recognize significant recurring engagement deficiencies and how to prevent them
? Prepare for your next peer review - decisions to make and pulling together the right information

Highlights

? What to do between reviews to maintain a quality control environment and continually prepare for the next review
? Common engagement deficiencies and how to prevent them
? Selection process-the peer reviewer and the review year-end
? Quality control standards overview
? What you need to assemble for your reviewer
? Peer review wrap-up expectations
? Solutions to common quality control issues

Additional Information

Designed For

Practitioners subject to peer review who are involved in compiling, reviewing, or auditing financial statements of small and midsize businesses

Vendor

American Institute of CPAs

Credits

4.00 Auditing

Course Number

19AIS040

Level of Knowledge

Intermediate

Add to Cart

View All Courses