2024 Are You Up to the Challenge? Test Your Skills as a Quality Control Reviewer

Tuesday, January 07, 2025

Webcast or Webinar, Online

2:00 PM - 6:00 PM (opens at 1:30 PM) EST

4Credits

Accounting and Auditing

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$129.00 Regular Price

Non-Members

$159.00 Regular Price

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Course Type: Webcast

Course Code: 24/AC082588

Level: Intermediate

Vendor: ACPEN

Field of Study: Auditing

Overview:

Have you ever wanted to reduce the number of financial statement review points you receive? Are you curious about a reviewer’s thought process? This hands-on session will answer these questions by helping you understand the role of an engagement quality control reviewer. Not only will you develop an appreciation for the role of an engagement quality control reviewer, but this interactive session will allow you to step into the reviewer’s shoes by performing a quality control review during the class session. You will leave with an understanding of best practices for minimizing your exposure to critique by reviewers.

Objectives:

Comprehend the AICPA’s guidance regarding engagement quality control reviews (EQCRs)
Recognize major considerations that might be involved in an engagement review
Cultivate working knowledge that allows you to begin to think like a reviewer
Understand recently issued guidance that will impact quality control for public accounting firms
Recognize and document engagement deficiencies

Major Topics:

AICPA professional standards
EQCR expectations
Firm-specific considerations
Best practices for reducing the frequency of review points
Best practices for mitigating the severity of review points
Examples of common EQCR deficiencies
The impending influence of SQMS No. 1, SQMS No. 2, SAS 146, and SSARS 26
An interactive, hands-on EQCR simulation

Major Topics:

AICPA professional standards
EQCR expectations
Firm-specific considerations
Best practices for reducing the frequency of review points
Best practices for mitigating the severity of review points
Examples of common EQCR deficiencies
The impending influence of SQMS No. 1, SQMS No. 2, SAS 146, and SSARS 26
An interactive, hands-on EQCR simulation

Designed For:

This course provides insight for anyone whose work is subject to supervisory or quality control review. It is also meaningful for professionals who review the work of others. The course emphasizes EQCR of financial statement engagements in the context of public accounting.

Prerequisites:

Basic working knowledge of financial statement preparation and professional engagement documentation