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: March 17, 2024
(0) Reviews
(6 rating)Lesson Questions and Answers0 Questions
There are no questions.
Answers to Frequently Asked Questions (FAQs)
Jennifer Louis
CPA, President of Emergent Solutions Group LLC
INTRODUCTION AND OVERVIEW
- Learning Objectives for Audit Quality Control - Avoiding Peer Review Deficiencies 0:52
- Introduction to AICPA and Other Peer Review Requirements 15:58
- Common Quality Control Issuers per AICPA Peer Review Results 22:02
- Center for Audit Quality and PCAOB Inspections-Common Areas of Concern 21:30
- Engagement Partner Critical Responsibilities 8:00
- Introduction to Quality Control Standards 15:00
- Setting the Tone 4:46
- Supervision and Review and Engagement Documentation 8:16
- Engagement Quality Control Review 2:38
- Monitoring 1:46
CONTINUOUS PLAY
SUPPORTING MATERIAL
- Slides: Audit Quality Control - Avoiding Peer Review Deficiencies PDF
- Audit Quality Control - Avoiding Peer Review Deficiencies Glossary/ Index PDF
REVIEW AND TEST
- REVIEW QUESTIONS quiz
- FINAL EXAM exam
Ask the instructor a question about this lesson