Event Description

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.

Designed For

Accountants with quality management responsibilities

Objectives

• Recall common peer review and quality control deficiencies on financial statement audits
• Recognize important quality management standards most directly relevant to audits
• Explain the importance of upper level workpaper reviews, including an objective engagement quality control review

Major Subjects

• Common peer review deficiencies that quality control reviewers should be alert to
• Important considerations of second-level and other upper-level reviewers
• Quality Management Standards requirements specific to financial statement audits, and other regulatory oversight considerations 
• Lessons learned from various regulatory oversight reviews