AICPA Peer Review Program: Overcoming Common Deficiencies

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

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Conducted on Tuesday, September 27, 2022

Recorded event now available

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Course Materials

This course will prepare accounting firm professionals for its required AICPA peer review. Our experienced peer reviewer 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 2020 for peer reviews performed from 2017-2019 showed pass rates of 79 percent for system reviews and 77 percent for engagement reviews. Currently, peer reviewers find four times more deficiencies than were detected in 2014. Required remedial actions have increased an alarming 170 percent. Common accounting and disclosure deficiencies include those for GAAP, OCBOA, and tax basis differences, going concern, related party, and valuation issues to name a few.

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 Statements. Still, practitioners want to make the grade and obtain the coveted clean opinion from the reviewer.

Listen as our seasoned accounting and auditing professional explains the latest AICPA pronouncements and how to ready your firm for peer review.

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Outline

  1. Introduction
  2. Peer Review Standards and your A&A Practice
  3. Off and running - It's Only a Compilation
  4. Go no further - Non-Attest services
  5. One step forward two steps backward: Preparation Standards
  6. Providing Limited Assurance: Review Engagements
  7. The Ever-Changing Audit
  8. Common Accounting and Disclosure Deficiencies
  9. Other Unique Reporting and A&A Areas

Benefits

The panel 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

Williams, Scott
Scott A. Williams, CPA
Founding Partner
Walker Ostrowski Williams CPAs

Mr. Williams is the Accounting & Audit partner of WOW Advisors (formerly JD Gilbert & Company) with over 35...  |  Read More

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