Audit 402: Audit Quality Control - Avoid Peer Review Issues

Overview

Audit Quality Control - Avoiding Peer Review Deficiencies highlights the most important considerations for those at all levels of the engagement team with quality control responsibilities on audit engagements. Upper-level reviewers have significant responsibilities for ensuring high-quality audit engagements. Unfortunately, deficient audits have serious negative consequences for both the CPA firm and the profession as a whole. Note: This course is recommended as a part of a 16-hour audit skills curriculum for supervisory or managerial auditors, while it is also appropriate for anyone who has quality control responsibilities. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.

Prerequisites

Experience preparing and reviewing workpapers

Objectives

After attending this presentation, you will be able to...

• Identify common peer review and quality control deficiencies on financial statement audits
• Determine important quality control standards most directly relevant to audits
• Analyze the importance of upper level workpaper reviews, including an objective engagement quality control review

Highlights

The major topics covered in this course include:

• Common peer review deficiencies that quality control reviewers should be alert to
• Important considerations of second-level and other upper-level reviewers
• Lessons learned from various regulatory oversight reviews
• Statement of Quality Control Standards requirements specific to financial statement audits, and other regulatory oversight considerations