PCAOB Auditing Standard 7 and AICPA SQCS No. 7

Mastering Engagement Quality and Quality Control Reviews

AS 7 effective for annual and interim reviews beginning Dec. 15, 2009

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


Conducted on Wednesday, December 16, 2009

Recorded event now available

or call 1-800-926-7926
Program Materials

This seminar will review new requirements for conducting highly detailed engagement quality reviews and peer reviews within the realities of staff time and resources.

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.

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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.

Faculty

Duane Reyhl
Duane Reyhl
Member
Andrews Hooper & Pavlik

In addition to his work supervising and performing audit and accounting engagements, he authored an AICPA self-study...  |  Read More

R. Scott Lowe
R. Scott Lowe
Senior Manager
Pugh & Co.

He has worked for the firm since 1996, with duties including coordinating internal inspection processes and conducting...  |  Read More

Dean Beddow
Dean Beddow
Senior Manager, Practice Quality Group
Grant Thornton

He has 21 years of accounting experience including 10 years with the AICPA, where he managed the peer review program....  |  Read More

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