Audit Quality Update (A4S2)

Overview

Engagement quality is the ultimate benchmark that auditors should be judged against. As a senior associate, you have primary responsibility for ensuring that all engagement work is performed on time, within budget, and in accordance with professional standards. Unfortunately, recent peer review results have shown us that our engagement quality is not always what it should be. In this session, we will review the current status of the AICPA’s Enhancing Audit Quality initiative by reviewing recent results from peer reviews and points of focus for upcoming peer reviews. The session will review common sources of identified peer review deficiencies, relevant guidance related to these deficiencies and suggestions for how to improve engagement quality. (Please Note: This module is part of Surgent's Audit Skills Training: Level 4.)

Major Topics:

• 2017-2020 peer review results
• Common sources of peer review deficiencies
• AICPA Peer Review Program areas of focus for peer reviews

Learning Objectives:

• Identify key elements of the AICPA’s Enhancing Audit Quality initiatives
• Recognize key trends noted in recent peer reviews
• Recognize the importance of audit documentation in the system of quality control
• Recall common peer review feedback identified on common attestation engagements