The course will cover the basic requirements of a peer review performed in accordance with the AICPA's Peer Review Standards for firms that perform preparation, compilation, and review engagements. Topics to be covered include the documents reviewed by the peer reviewers, the evaluation of the engagements, the types of matters and peer review reports, the administrative process, the peer review committee involvement, and the requirements of the state boards of accountancy.
Learning Objectives
- 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.
Major Topics
- 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.
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