Peer Review

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Peer Review

Reviewed

February, 2024

Michel Morley

Learning Objectives

To determine how to deal with deficiencies.
To describe the peer review process.
To review the elements of a peer review report.
To identify quality control materials reviews.
To differentiate between deficiencies vs. significant deficiencies.

Course Description

Firms (and individuals) enrolled in the AICPA Peer Review Program are required to have a peer review of their accounting and auditing practice, once every three years, if a firm elects to enroll due to licensing or other requirements, it is required to have a peer review.

The peer review is conducted by an independent evaluator, known as a peer reviewer. The AICPA oversees the program, and the review is administered by an entity approved by the AICPA to perform that role.

What does it take to have a properly designed and effective quality control system that leads your CPA firm to receive a pass with no findings on your next peer review report?

Find out how to prepare yourself for your next peer review and what you can do to create a strong quality control environment for your assurance practice. Offering practical guidance, this CPE course will assist you in the process for selecting the appropriate peer reviewer and to determine the right review year-end for your practice.

This online CPE course will guide you through the peer review process and outline the duties of the reviewer as well as those of the firm being reviewed.

Major topics covered in this online CPE webinar:

System reviews.
Engagement reviews.
Timing of peer reviews.
Qualifications of a reviewer.
Understand deficiencies.
Evaluate remedial actions.
Preparing a peer review report.

By the end of this webinar, you should be able to recognize the peer review process and how that might affect you as the receiver of the peer review and how you can implement best practices to avoid common deficiencies.

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Overview

Why do firms have peer reviews?

1 mins
System reviews overview

17 mins
Timing of peer reviews

27 mins
Organizing the system or engagement review team

41 mins
Understanding the firm's accounting and auditing practice and system of quality control

61 mins
Review of quality control materials

85 mins

Webinar Qualifies For

2 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
2 General Credit of Auditing for Accountant/Bookkeeper/Tax Professionals
2 CPE Credit of Internal Auditing for Certified Internal Auditors (CIA)
2 CPE Credit of Auditing for Certified Fraud Examiner (CFE)
2 CPE Credit of Auditing for Certified Management Accountants (CMA)
2 CPE Credit of Auditing for Certification in Risk Management Assurance (CRMA)
2 CPD Credit of Auditing for Certified Financial Forensics (CFF)
2 CPE Credit of Auditing for Certified Government Auditing Professional (CGAP)
2 CPE Credit of Auditing for Internal Audit Practitioner (IAP)
2 CPE Credit of Auditing for Qualification in Internal Audit Leadership (QIAL)
2 CPE Credit of Auditing for Iowa Licensed Public Accountant (IA-LPA)
2 CPE Credit of Auditing for Maine Licensed Public Accountant (ME-LPA)
2 CPE Credit of Auditing for Licensed Public Accountant (LPA)
2 CPE Credit of Auditing for Delaware Licensed Public Accountant (DE-LPA)

About Instructor

Michel Morley

Founder, Mike Morley

Mike Morley is a Certified Public Accountant and a recognized authority in the field of finance with more than 25 years experience in finance, including SOX and IFRS implementation.

An entertaining and informative speaker and trainer, Mike is the author of:

“IFRS Simplified” which provides a jump start for accountants and finance executives who want to quickly and easily get up to date on IFRS.

“Sarbanes-Oxley Simplified” which is an easy-to-read explanation of the requirements of the U.S. legislation that makes CEO's & CFO's personally responsible for the accuracy of their company's financial statements.

“Financial Statement Analysis Simplified” which translates the accounting language of financial statements into clear, easy-to-understand terms that anyone who needs to make well-informed financial decisions quickly will appreciate.

Additional Information

Duration

2 Hours

Course Level

Basic

Instructional Method

QAS Self Study

Pre-requisites

None

Advance Preparation

None

FAQ’s

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NASBA APPROVED

MY-CPE LLC, 1600 Highway 6 south, suite 250, sugar land, TX, 77478

MY-CPE LLC (Sponsor Id#: 143597) is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.NASBARegistry.org.

Ratings and Review

4.2

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David Westbrook, CPA (US)

Good refersher

Joseph Redd, CPA (US)

Great Info

Kirti Raikar, CFE

Topic was good,but could have been presented better

Julian Conner, IA LPA

Good information in this lesson about peer review engagements, who can perform them the requirements and background needed to perform, and why these peer reviews are needed.