Surgent's Audit Quality and Peer Review Update

Overview

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. In addition, auditors are not adequately documenting their consideration of fraud, expectations in analytical procedures and the appropriate level of work needed to understand an entity’s internal control. Now is time to revisit the way that auditors are performing and documenting the work performed to meet professional standards. This course will focus on the most significant items resulting in deficiencies identified in the peer review process. We will also discuss the applicable audit standards, documentation requirements and best practices. The objective of the course is to provide the insights necessary to help an auditor improve not just the quality of their work but also the perception of the accounting profession as a whole.

Highlights

• AICPA’s Enhancing Audit Quality initiative
• 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

Prerequisites

Experience in accounting and auditing

Designed For

Accounting and auditing practitioners at all levels desiring to improve engagement quality

Objectives

• Identify key elements of the AICPA’s Enhancing Audit Quality initiative
• 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

Preparation

None

Notice

This on-demand webcast can be taken at any time of your choosing and is valid for one year from the date of purchase. No live instructor is present, and an exam is required to earn credit. You must score 70% or higher to earn the certificate.

How do I access my Self-Study Package?

Visit https://www.surgentcpe.com/login and enter your username (your LCPA email address) and password. If you do not remember your password, press the "Forgot?" button to receive a password reset email. Once logged in, the page will refresh to display your account menu on the left side.