Beach Retreat: Minimizing Professional Liability Risk and Peer Review Deficiencies in All CPA Services
Description
Every CPA firm that provides audit and other attest services must undergo a third-party quality control review and must take proper action to minimize peer review deficiencies. However, malpractice claims can also result from any type of service, including nonattest services like bookkeeping and preparing tax returns. This session will provide you with the tips on how to avoid common quality control deficiencies in all services that are subject to peer review or professional liability claims.
Learning Objectives
Upon completion of this course participants will be able to:
Describe the nature of risks faced when performing audit and nonaudit services for clients
Explain how to mitigate risks faced by all CPAs in performing audit and nonaudit services
Apply best practices for maintaining quality control for audit and nonaudit engagements
Discuss common peer review deficiencies in all types of audit and attest engagements
Apply best practices for ensuring professional, technical, regulatory and ethical standards for various audit and nonaudit services
Major Topics
Differentiating risks faced when performing audit and nonaudit services, such as reviews, compilations, preparing financial statements, bookkeeping, tax return preparation, and similar
Best practices for preventing quality control concerns that could lead to peer review deficiencies or malpractice claims
Establishing an understanding with the client to minimize misunderstandings as to the nature and scope of engagements
Complying with the Code of Professional Conduct and quality control standards
Explain situations when independence should be appropriately safeguarded when performing attest and nonattest services
Applying professional skepticism to ensure quality work
Meaningful risk assessment when designing work programs for various levels of services
Proper planning and supervision of all engagements
