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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

 

Learning Objectives

  • Discover and discuss common peer review and quality control deficiencies on financial statement audits.
  • Identify and describe important quality control standards most directly relevant to audits.
  • Explore and explain the importance of upper level workpaper reviews, including an objective engagement quality control review.
Last updated/reviewed: June 11, 2021

Included In Certifications

This course is included in the following Certification Programs:

13 CoursesAudit Training Level 4 - Supervisor/Manager

  1. Audit Quality Control - Avoiding Peer Review Deficiencies
  2. Internal Control Deficiencies and Other Matters - Adding Value Through Required Auditor Communications
  3. Auditing Impairment of Long-Lived Assets, Including Goodwill - Identifying and Calculating Impairment Losses
  4. Maximizing Analytic Procedure Evidence - Adding Value Through Useful Financial Statement Analysis
  5. Accounting Estimates, Including Fair Value - Evaluating the Propriety of Areas with Uncertainty
  6. Special Audit Considerations - Comprehending Requirements of Group Audits, Compliance Audits, Using the Work of a Specialist or Others, and More!
  7. The Art of Discipline and Getting Things Done - Applying Better Time, Team, and Project Management Techniques
  8. Management Skills - Exhibiting Traits of a Balanced Leader-Manager
  9. Personality Styles - Adapting to Different Types of Personalities for Improved Relationships and Interactions
  10. Making Rain - Improving Success with Retaining Clients and Attracting Prospects
  11. General Ethics for Business Professionals
  12. Accounting Update - Hot Topics for Preparing Current Period Financial Statements
  13. Auditing & Attest Update - Hot Topics for Current Period Audits and Other Attest Services

Prerequisites

Course Complexity: Intermediate

Prerequisite: Experience on complex audit engagements.
Designed For: Accountants with advanced workpaper review or audit quality control responsibilities.

Education Provider Information

Company:
Illumeo, Inc., 75 East Santa Clara St., Suite 1215, San Jose, CA 95113
Contact:
For more information regarding this course, including complaint and cancellation policies, please contact our offices at (408) 400- 3993 or send an e-mail to .
Course Syllabus
INTRODUCTION AND OVERVIEW
  0:37Learning Objectives for Audit Quality Control - Avoiding Peer Review Deficiencies
  14:49Introduction to AICPA and Other Peer Review Requirements
  12:10Common Quality Control Issuers per AICPA Peer Review Results
  9:44Common Quality Control Issuers per AICPA Peer Review Results Cont'd
  11:00Center for Audit Quality and PCAOB Inspections-Common Areas of Concern
  11:38Center for Audit Quality and PCAOB Inspections-Common Areas of Concern Cont'd
  9:29Engagement Partner Critical Responsibilities
  5:22Introduction to Quality Control Standards
  5:59Setting the Tone
  8:55Engagement Documentation and Quality Control Review
  10:20Monitoring and Quality Management Standards
CONTINUOUS PLAY
  1:39:57Audit Quality Control - Avoiding Peer Review Deficiencies
SUPPORTING MATERIAL
  PDFSlides: Audit Quality Control - Avoiding Peer Review Deficiencies
  PDFAudit Quality Control - Avoiding Peer Review Deficiencies Glossary/ Index
REVIEW AND TEST
  quizREVIEW QUESTIONS
 examFINAL EXAM