What does it take to have an effective quality control system that leads you to a clean, unmodified peer review report? Find out how to prepare for your next review and what can be done on a daily basis to create a strong quality control environment for your firm. Identify the most common significant deficiencies that peer reviews uncover and what you can do to prevent them from occurring in your firm. Consider the process for selecting the appropriate peer reviewer and determine the right review year-end for your firm. If you have specialized engagements, such as governmental units, not-for-profit organizations, construction contractors, or employee benefit plans, this course examines the additional issues that may come into play.
Course ID: 2
Upcoming Peer Review: Is Your Firm Ready?
- Recall how to create a firm environment that focuses on quality control.
- Recognize the basic steps for monitoring and inspections.
- Recall key considerations related to establishing a quality control system based on the Quality Control Standards.
- Recognize significant recurring engagement deficiencies and how to prevent them.
- Identify how to prepare for your next peer review - decisions to make and pulling together the right information.
- 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
DESIGNED FORPractitioners subject to peer review who are involved in performing accounting and auditing services for small and midsize businesses
FIELD OF STUDY