course

Audit Quality Control - Avoiding Peer Review Deficiencies

(6)
4.5
New Course
2.5 Hours (On-Demand)
2.5 CPE  

This course is a premium course it can be accessed either by individual purchase or through a premium subscription

Purchase this course | $90

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. This module highlights the most important considerations for those at all levels of the engagement team with quality control responsibilities on audit engagements.

Major Topics:

  • Common peer review deficiencies that quality control reviewers should be alert to
  • Important considerations of second-level and other upper-level reviewers
  • Statement of Quality Control Standards requirements specific to financial statement audits, and other regulatory oversight considerations
  • Lessons learned from various regulatory oversight reviews
Learning Objectives
  • Discover and discuss common peer review and quality control deficiencies on financial statement audits.
  • Identify and describe important quality control standards most directly relevant to audits.
  • Explore and explain the importance of upper level workpaper reviews, including an objective engagement quality control review.
Last updated/reviewed: March 17, 2024

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Certification - Level 4 - Supervisor/Manager

  1. Audit Quality Control - Avoiding Peer Review Deficiencies
  2. Internal Control Deficiencies and Other Matters - Adding Value Through Required Auditor Communications
  3. Auditing Impairment of Long-Lived Assets, Including Goodwill - Identifying and Calculating Impairment Losses
  4. Maximizing Analytic Procedure Evidence - Adding Value Through Useful Financial Statement Analysis
  5. Accounting Estimates, Including Fair Value - Evaluating the Propriety of Areas with Uncertainty
  6. Special Audit Considerations - Comprehending Requirements of Group Audits, Compliance Audits, Using the Work of a Specialist or Others, and More!
  7. The Art of Discipline and Getting Things Done - Applying Better Time, Team, and Project Management Techniques
  8. Management Skills - Exhibiting Traits of a Balanced Leader-Manager
  9. Personality Styles - Adapting to Different Types of Personalities for Improved Relationships and Interactions
  10. Making Rain - Improving Success with Retaining Clients and Attracting Prospects
  11. General Ethics for Business Professionals
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services
Prerequisites
Course Complexity: Intermediate

Prerequisite: Experience on complex audit engagements.
Designed For: Accountants with advanced workpaper review or audit quality control responsibilities.

Education Provider Information
Company: Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact: For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Instructor for this course
  Course Overview CPE
Course Syllabus
INTRODUCTION AND OVERVIEW
  Learning Objectives for Audit Quality Control - Avoiding Peer Review Deficiencies0:52
  Introduction to AICPA and Other Peer Review Requirements15:58
  Common Quality Control Issuers per AICPA Peer Review Results22:02
  Center for Audit Quality and PCAOB Inspections-Common Areas of Concern21:30
  Engagement Partner Critical Responsibilities8:00
  Introduction to Quality Control Standards15:00
  Setting the Tone4:46
  Supervision and Review and Engagement Documentation8:16
  Engagement Quality Control Review2:38
  Monitoring1:46
CONTINUOUS PLAY
  Audit Quality Control - Avoiding Peer Review Deficiencies1:40:48
SUPPORTING MATERIAL
  Slides: Audit Quality Control - Avoiding Peer Review DeficienciesPDF
  Audit Quality Control - Avoiding Peer Review Deficiencies Glossary/ IndexPDF
REVIEW AND TEST
  REVIEW QUESTIONSquiz
 FINAL EXAMexam