CPE Course Avoiding Deficiencies in Peer Reviews: Focus on Engagement Quality

November 10, 2020

1:15pm — 4:45pm

Location

Member Price $139.50
Non-member Price $179.50

Curriculum Accounting & Audit

Field of Interest Auditing

Level Intermediate

Designed For

Accounting and auditing practitioners at all levels desiring to improve engagement quality

Objective

With the AICPA’s heightened focus on enhancing audit quality, increased oversight of the peer review process and the auditor’s overall responsibility to provide high quality services, the focus on compliance with professional standards has never been greater. Recent peer reviews have indicated that auditors are often failing to perform and/or document certain critical components of an audit such as the auditor’s assessment of risk and linking the results of the assessment to substantive procedures performed. In addition, auditors are not adequately documenting their consideration of fraud, expectations in analytical procedures and the appropriate level of work needed to understand an entity’s internal control. Now is time to revisit the way that auditors are performing and documenting the work performed to meet professional standards since nonconforming engagements can result in an auditor’s referral to the AICPA Ethics Committee. This course will focus on the most significant items resulting in deficiencies identified in the peer review process. We will also discuss the applicable audit standards, documentation requirements and best practices. The objective of the course is to provide the insights necessary to help an auditor improve not just the quality of their work but also the perception of the accounting profession as a whole.

  • Identify key elements of the AICPA’s Enhancing Audit Quality initiative
  • Recognize key trends in recent peer review deficiencies noted
  • Identify professional standards related to performing a risk assessment, understanding and testing internal controls and linking these procedures to further audit consideration
  • Implement best practices to help ensure overall engagement quality
  • Highlights

  • AICPA’s Enhancing Audit Quality initiative
  • Feedback from peer reviews, including areas driving deficiencies in audit
  • Elements of an effective risk assessment and how to link to audit procedures performed
  • Understanding internal controls and making the decision whether or not to test them
  • Best practices in documentation
  • Instructors

    Robert Bedwell, CPA

    Robert P. Bedwell, CPA is an Audit and Advisory professional with over 36 years of audit and accounting experience. Bob regularly assists clients with a full range of corporate audit and assurance services, including financial statement preparation, auditing, SEC reporting, mergers, acquisitions, divestitures, due diligence, financing regulatory compliance, accounting system oversight, internal controls, IFRS conversions, Sarbanes-Oxley compliance advisory, and the independent review of external data.Bob has been a discussion leader on numerous topics for Surgent Professional Education, the Florida Institute of Certified Public Accountants and the American Institute of Certified Public Accountants, as well as for the firms for which he has worked, and has received high evaluations for his knowledge of topics and presentation skills. Bob received his Bachelor of Science in Accounting and Finance from Upsala College in East Orange, New Jersey, and has also earned a Masters in Accounting from Florida Atlantic University. Licensed as a Certified Public Accountant in Florida, Bob is a member of the Florida Institute of Certified Public Accountants (FICPA) and the American Institute of Certified Public Accountants. He has previously served as chairman of the FICPA Accounting Principles and Auditing Standards Committee.close

    Prerequisites

    Experience in accounting and auditing

    Developer

    Surgent McCoy CPE, LLC

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