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CPE Self-Study
Upcoming Peer Review: Is Your Firm Ready?
NASBA FIELD OF STUDY
Auditing
LEVEL
Intermediate
CPE CREDITS
Text: 5.0, Online: 4.5
Covers how to prepare for your next review and what can be done daily to create a strong quality control environment for your firm.

CPE On-Demand
AICPA’s online CPE courses will operate in a variety of configurations, but only the configuration described below is supported by our technicians.

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Product details

Create a strong quality control environment.

Who Will Benefit?

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

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

Learning Objectives

  • 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.

What does it take to have 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 self-study course allows you to consider the process for selecting the appropriate peer reviewer and determining the right review year-end for your firm. You will examine additional issues that may come into play if you have specialized engagements, such as:

  • Governmental units;
  • Not-for-profit organizations;
  • Construction contractors; and,
  • Employee benefit plans.

Learn best practices.

Also covered are recent changes to the peer review standards, interpretations, and related guidance intended to enhance the peer review process by incorporating best practices of effective peer reviewers.

This course summarizes these changes to help firms prepare for an upcoming peer review. Also reinforced is the need for adequate planning and preparation for a peer review, on the part of both firms and peer reviewers, to allow time for proper identification of systemic causes and appropriate remediation, when necessary.

Table of contents
Ratings and reviews
Author(s)

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.

Publisher

American Institute of CPAs

The American Institute of CPAs (AICPA) is the world’s largest member association representing the CPA profession, with more than 418,000 members in 143 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 specialized credentials for qualified professionals who concentrate on personal financial planning; forensic accounting; business valuation; and information management and technology assurance. With The Chartered Institute of Management Accountants (CIMA), it offers the Chartered Global Management Accountant (CGMA) designation, which sets the global benchmark for quality and recognition in management accounting.

The AICPA and CIMA also make up the Association of International Certified Professional Accountants (the Association), which represents public and management accounting globally, advocating on behalf the public interest and advancing the quality, competency and employability of CPAs, CGMAs and other accounting and finance professionals worldwide.

The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.

Price:
$149.00
Member Quantity:
Nonmember Quantity:
Quantity:
Estimated total:
$149.00
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CREDIT INFO
CPE credits
Text
: 5.0,
Online
: 4.5
NASBA Field of Study
Auditing
Level
Intermediate
Prerequisites
Experience in providing audit, review, and compilation services.
ADVANCE PREPARATION
None
Delivery Method
QAS Self-Study
Course acronym
SNPR
GROUP PRICING
Contact a representative for group pricing.
Telephone: 800.634.6780 (Option 1)
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