Avoiding Deficiencies in Peer Reviews: Focus on Engagement Quality - VIRTUAL
Webcast Only
4.00 Credits
Member Price $175.00
Non-Member Price $200.00
Overview
With the AIPCA’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 review 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 and entity’s internal control. Now is time to revisit the way that auditors are performing and documenting the work performed to meet professional standards since nonconforming engagements can result in an auditor’s referral to the AICPA Ethics Committee. There have not been significant changes to quality control standards since 2006. In June 2022, two new statements on quality management were issued. Another statement was issued recently to incorporate the changes to the Group Audit Standard (SAS 149). A related audit standard on engagement quality, SAS 146, and an accounting and review service standard, SSARS 26, were also issued. These changes are substantive. They are effective for years beginning after December 15, 2025. This course will discuss the new standards. This course will also 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
Prerequisites
Experience in accounting and auditing
Designed For
Accounting and auditing practitioners at all levels desiring to improve engagement quality.
Objectives
After attending this presentation you will be able to . . .
- Identify key elements of the AICPA's Enhancing Audit Quality initiative
- Recognize changes to Quality Management standards
- 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
Leader(s):
Leader Bios
Jack Georger Jr, AICPA
John “Jack” Georger, CPA, CIA Las Vegas, NV Jack Georger has served a broad base of clients, including port authorities, higher education institutions, community service organizations, foundations, counties, school districts, cities, and employee retirement systems. In addition, the commercial clients he has served include construction, real estate, aerospace, research and development, agricultural, and professional service firms. Jack has also consulted on numerous budgets and rate and cost studies for municipal authorities, as well as the design and implementation of internal control systems for various entities. During his career, Jack has had the opportunity to audit publicly traded companies, both accelerated filers under PCAOB Auditing Standards and non-accelerated filers; major U.S. cities and counties; colleges and universities; and some of the largest not-for-profit organizations in the United States. Jack is licensed to practice as a certified public accountant (CPA) in the states of California, New York, Virginia, Maryland, South Carolina (inactive), Nevada, Connecticut (inactive), Wyoming (inactive), and Georgia (inactive), and in the District of Columbia(inactice); he is also a Certified Internal Auditor (CIA). He is a member of the Institute of Internal Auditors, California Society of Certified Public Accountants (CSCPA), New York State Society of Certified Public Accountants (NYSSCPA), Nevada Society of Certified Public Accountants, and Government Finance Officers Association (GFOA). Jack currently serves on the Financial Accounting Standards Committee, Not-For-Profit Committee, Sustainability Committee, and Government Accounting and Auditing Committee of the NYSSCPA. Jack has been a member of the GFOA Special Review Committee for the Certificate of Achievement for Financial Reporting since 1990. Jack graduated from George Mason University with a degree in Business Administration, and he first became a CPA in the state of Connecticut in 1981. He was in private practice in New York, where his firm provided auditing, accounting, and tax services to various local governments, not-for-profit organizations, small businesses, and individuals for over twenty years. Since selling his practice in 2001, Jack has been an Audit Senior Manager with KPMG, LLP and Pricewaterhouse Coopers, LLP; a partner in a regional firm in Los Angeles; Audit Director with McGladrey and Pullen, LLP; and, currently, a partner with the Pun Group, LLP
Non-Member Price $200.00
Member Price $175.00