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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Accounting

Date & Time
  • event Date

    Wednesday, September 11, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$197.00
CPE
ALL

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.

Faculty

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 Internal Audit Practice Review program and is the liaison for the external peer review and Department of Labor inspections. Mr. Beddow also supports the annual PCAOB inspection. He has more than 25 years of public accounting experience, including 10 years serving construction and distribution clients. Mr. Beddow was previously a senior technical manager at the AICPA, where he managed all aspects of the Peer Review Program, including drafting peer review standards, serving as a staff liaison to the AICPA Peer Review Board and overseeing the program’s operations.

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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.

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

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Identify current standards for review engagements
  • Recognize deficiencies in peer reviews as identified by the Annual Report on Oversight
  • Determine specific compliance steps for unique reporting areas
  • Decide specific steps to take to avoid common deficiencies

  • Field of Study: Accounting
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience at mid-level within the organization, preparing complex tax forms and schedules; supervisory authority over other preparers/accountants. Specific knowledge and understanding of AICPA Peer Review Program.

Strafford Publications, Inc. 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 Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.