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AICPA Peer Review Program: Overcoming Common Deficiencies

Recording of a 110-minute CPE video webinar with Q&A

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Conducted on Wednesday, September 11, 2024

Recorded event now available

or call 1-800-926-7926

This course will prepare accounting firm professionals for its required AICPA peer review. The panelist will outline best practices for undergoing reviews and discuss recent developments including the AICPA's latest issued standards.

Description

The AICPA Annual Report on Oversight issued in May 2024 for peer reviews performed from 2021-2023 showed pass rates of 88 percent for system reviews and 67 percent for engagement reviews. Similarly, 8 percent and 33 percent of system and engagement reviews passed with deficiencies.

Accounting firms continue to wrestle with the ever-changing guidance issued by the AICPA and requirements that vary significantly depending on the type of engagement: Audit, Review, Compilation, Non-Attest, or Personal Financial Statement. Still, practitioners want to make the grade and obtain the coveted clean opinion from the reviewer.

Listen as Dean Beddow, Managing Director, Audit Risk Management at Grant Thornton, explains the latest AICPA pronouncements and how to ready your firm for peer review.

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Outline

  1. Peer review standards and your A&A practice
  2. Off and running - it's only a compilation
  3. Providing limited assurance: review engagements
  4. Common peer review deficiencies
  5. Other unique reporting and A&A areas
  6. Quality Management Standards

Benefits

The panelist will prepare you for your upcoming peer review by:

  • Discussing the impact of recent developments involving compilations, reviews, auditing, and non-attest engagements
  • Highlighting potential weaknesses in peer reviews noted by the Annual Report on Oversight
  • Explaining compliance for unique reporting areas including personal financial statements and forecasts
  • Identifying steps to take to avoid common deficiencies found during the peer review

Faculty

Beddow, Dean
Dean Beddow
Managing Director, Audit Risk Management
Grant Thornton

Mr. Beddow is a managing director on Grant Thornton’s Audit Risk Management team. He manages the firm’s...  |  Read More

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