Audit Quality Control – Avoiding Peer Review Deficiencies

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.

Major Topics:

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