PCAOB Auditing Standard 7 and AICPA SQCS No. 7

Description

The PCAOB's Auditing Standard No. 7 forces member accounting firms to start conducting rigorous internal quality reviews of their audit and attest engagements, under detailed standards for documentation and comprehension, that have many depicting the engagement quality review as a re-audit.

Coupling AS 7 with the AICPA's Statement on Quality Control Standards No. 7, the demands on firms to conduct exacting, recurring examinations of their audit and attest controls and procedures have never been greater.

Firm leaders must take an assertive role in managing these reviews to ensure they meet overseers' expectations for quality and transparency without swamping the firm in non-billable administrative work.

Listen as our panel of accounting profession veterans guides you through the specific terms and requirements of AS 7 and SQCS No. 7, and offers strategies for conducting fully compliant quality reviews while smartly managing firm time and resources.

Outline

1. Review of PCAOB Auditing Standard No. 7
   1. Applies to all audit engagements and engagements to review interim financials
   2. Effective for annual and interim reviews beginning Dec. 15, 2009
   3. Engagement quality review standard
      1. Aim for review of work already done by engagement team, not a “second audit”
   4. Qualifications of reviewer
      1. Inside or outside firm
      2. General competence requirement
   5. Review of documentation
   6. Specifically required procedures
2. AICPA SQCS No. 7
   1. Professional requirements
   2. Elements of quality control system
   3. Identifying and addressing recurring deficiencies
   4. Engagement quality control review
   5. Monitoring
   6. Ethical requirements
3. Alternatives to managing EQRs under both AS 7 and SQCS NO. 7

Benefits

The panel will address these and other relevant topics:

• AS 7: Who conducts a quality review, documentation requirements and individualization of reviews?
• The signature requirement concept release: How it could affect participation by senior firm officials and possibly draw litigation, if it is implemented.
• SQCS No. 7: How its requirements affect the conduct of peer reviews.
• IFRS: The trend toward consolidation with international standards for quality reviews.

Webinar/Teleconference

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NASBA CPE Sponsor

Strafford 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 addressed to the National Registry of CPE Sponsors, 150 Fourth Avenue North, Suite 700, Nashville, TN, 37219-2417 or by visiting www.nasba.org.

CPE Credit

Strafford is a NASBA CPE sponsor and our live seminars qualify for CPE credits. They offer you a high quality, cost effective, and convenient CPE option, with no lost travel time or expenses.