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CPE Self-Study

Upcoming Peer Review: Is Your Firm Ready?

Publisher: AICPA
  • $129.00-$169.00
    Upcoming Peer Review: Is Your Firm Ready? In Stock Product #: 731969
    AICPA Member: $129.00
    Non-Member: $169.00
  • $99.00-$129.00
    Upcoming Peer Review: Is Your Firm Ready? Online Access Product #: 163433
    AICPA Member: $99.00
    Non-Member: $129.00
  • Contact Sales
    Contact a representative for group pricing or on-site training opportunities. 800.634.6780 (Option 1) | Contact Us Product #: GT-SNPR

What does it take to have an effective quality control system that leads you to a clean, unmodified peer review report? Find out how to prepare for your next review and what can be done daily to create a strong quality control environment for your firm. Offering practical guidance, this CPE course will allow you to consider the process for selecting the appropriate peer reviewer and to determine the right review year-end for your firm. If you have specialized engagements, such as governmental units, not-for-profit organizations, construction contractors, or employee benefit plans, this course examines the additional issues that may come into play.

Recent changes to enhance the peer review process by incorporating best practices of effective peer reviewers into the Peer Review standards, interpretations, and related guidance are also covered in this course. This course summarizes these changes and help firms prepare for an upcoming peer review. These changes are also intended to reinforce the need for adequate planning and preparation for a peer review by both firms and peer reviewers to allow sufficient time for proper identification of systemic causes and appropriate remediation, when necessary. This course will also spotlight the results of the most recent Department of Labor (DOL) audit quality study and provide recommendations for firms performing employee benefit plan audits.

Learning Objectives

This course will prepare you to do the following:

  • Recall how to create a firm environment that focuses on quality control.
  • Recognize the basic steps for monitoring and inspections.
  • Recall key considerations related to establishing a quality control system based on the Statements on Quality Control Standards.
  • Recognize significant recurring engagement deficiencies and how to prevent them.
  • Identify how to prepare for your next peer review, including decisions to make and how to pull together the right information.

Key Topics

  • What to do between reviews to maintain a quality control environment and continually prepare for the next review
  • Common engagement deficiencies and how to prevent them
  • Selection process—the peer reviewer and the review year-end
  • Quality control standards overview
  • What you need to assemble for your reviewer
  • Peer review wrap-up expectations
  • Solutions to common quality control issues

Who Will Benefit?

  • Practitioners subject to peer review who are involved in compiling, reviewing, or auditing financial statements of small and midsize businesses

System Requirements

About the Authors

Jim Woy, CPA

Jim Woy provides audit, accounting, and financial reporting services; performs peer reviews; and presents numerous continuing education courses in the audit and accounting field. Jim also oversees tax services for corporations, partnerships, individuals, and not-for-profit organizations. His service concentrations are not-for-profit, construction, and health care. Jim is a member of the AICPA and was awarded the 2013–2014 Outstanding Instructor award from the AICPA. He is also a member of the Montana Society of CPAs and the Butte Chapter of the Montana Society of CPAs. In addition, Jim is an adjunct instructor of auditing at Montana Tech. He graduated from the University of Montana with a bachelor of science in accounting and is an enthusiastic runner in his spare time.

About the Publisher

AICPA

About the AICPA The American Institute of CPAs is the world’s largest member association representing the accounting profession, with more than 412,000 members in 144 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for the profession and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, and offers specialty credentials for CPAs who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. Through a joint venture with the Chartered Institute of Management Accountants, it has established the Chartered Global Management Accountant designation, which sets a new standard for global recognition of management accounting.

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