Cover the basic requirements of a peer review performed in accordance with AICPA's Peer Review Standards for firms that perform preparation, compilation, and review engagements. Topics include the documents reviewed by peer reviewers, the evaluation of the engagements, types of matters and peer review reports, the administrative process, peer review committee involvement, and requirements of the state boards of accountancy. This event may be a rebroadcast of a live event and the instructor will be available to answer your questions during the event.
After completing this course, you will be able to...
- Recognize basic tenets of engagement reviews performed in accordance with the AICPA Peer Review Standards.
- Recall tips to make sure that your firm has a successful peer review.
The major topics covered in this class include:
- Basic requirements of an engagement review.
- Qualifications for serving as a peer reviewer.
- Involvement of peer review administrators and technical staff, peer review committees, AICPA, state boards of accountancy.
- Engagement selection criteria, information to be provided to the peer reviewer, the evaluation of engagements, the synthesis of matters, the nature of the reports, what happens if there is a nonconforming engagement, follow-up actions required by the committee.
- Common engagement review findings and tips for passing peer review.