Audit Quality Control - Avoiding Peer Review Deficiencies 2.5 CPE

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

Prerequisites

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

Learning Objective

• 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: Aug 02, 2026