Overview
Have you ever wanted to reduce the number of financial statement review points you receive? Are you curious about a reviewer’s thought process? This hands-on session will answer these questions by helping you understand the role of an engagement quality control reviewer. Not only will you develop an appreciation for the role of an engagement quality control reviewer, but this interactive session will allow you to step into the reviewer’s shoes by performing a quality control review during the class session. You will leave with an understanding of best practices for minimizing your exposure to critique by reviewers.
Prerequisites
Basic working knowledge of financial statement preparation and professional engagement documentation
Objectives
- Comprehend the AICPA’s guidance regarding engagement quality control reviews (EQCRs)
- Recognize major considerations that might be involved in an engagement review
- Cultivate working knowledge that allows you to begin to think like a reviewer
- Understand recently issued guidance that will impact quality control for public accounting firms
- Recognize and document engagement deficiencies
Highlights
- AICPA professional standards
- EQCR expectations
- Firm-specific considerations
- Best practices for reducing the frequency of review points
- Best practices for mitigating the severity of review points
- Examples of common EQCR deficiencies
- The impending influence of SQMS No. 1, SQMS No. 2, SAS 146, and SSARS 26
- An interactive, hands-on EQCR simulation
