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
This seminar will review new requirements for conducting highly detailed engagement quality reviews and peer reviews within the realities of staff time and resources.
- Review of PCAOB Auditing Standard No. 7
- Applies to all audit engagements and engagements to review interim financials
- Effective for annual and interim reviews beginning Dec. 15, 2009
- Engagement quality review standard
- Aim for review of work already done by engagement team, not a “second audit”
- Qualifications of reviewer
- Inside or outside firm
- General competence requirement
- Review of documentation
- Specifically required procedures
- AICPA SQCS No. 7
- Professional requirements
- Elements of quality control system
- Identifying and addressing recurring deficiencies
- Engagement quality control review
- Ethical requirements
- Alternatives to managing EQRs under both AS 7 and SQCS NO. 7
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.
Andrews Hooper & Pavlik
In addition to his work supervising and performing audit and accounting engagements, he authored an AICPA self-study... | Read More
In addition to his work supervising and performing audit and accounting engagements, he authored an AICPA self-study peer review course. He has nearly 30 years of accounting experience, including six years as technical director for the California Society of CPAs' peer review program.Close
R. Scott Lowe
Pugh & Co.
He has worked for the firm since 1996, with duties including coordinating internal inspection processes and conducting... | Read More
He has worked for the firm since 1996, with duties including coordinating internal inspection processes and conducting quality control reviews. His client audit and accounting experience covers the government, manufacturing and non-profit sectors, among others.Close
Senior Manager, Practice Quality Group
He has 21 years of accounting experience including 10 years with the AICPA, where he managed the peer review program.... | Read More
He has 21 years of accounting experience including 10 years with the AICPA, where he managed the peer review program. His team at Grant Thornton is responsible for internal inspection and quality monitoring of the accounting and audit practice, and his current responsibilities include serving as the firm’s liaison for external peer reviews.Close