What does it take to have a properly designed and operating effectively quality control system that leads your CPA firm to receive a pass with no findings on your next peer review report? Find out how you can create a strong quality control environment for your assurance practice. Offering practical guidance, this session will assist you in the process for selecting the appropriate peer reviewer and to determine the right year-end for your practice.

Recent changes to enhance the peer review process by incorporating best practices of effective peer reviewers into the Peer Review standards, interpretations, and related guidance are also covered in this course. These changes are intended to reinforce the need for adequate planning and preparation for a peer review by both firms and peer reviewers to allow sufficient time for proper identification of systemic causes and appropriate remediation, when necessary.

Who Should Attend

CPA firms and practitioners who are subject to the AICPA Peer Review who perform audits, reviews, compilations and other attestation services for small and mid-size private entities.

Topics Covered

• Provide best practices on how to create an environment that focuses on quality;
• Discuss basic steps for monitoring and performing internal inspections;
• Discuss key considerations related to establishing a quality control system based on the AICPA Statements on Quality Control Standards;
• Address significant recurring engagement deficiencies and how to prevent them; and
• How to properly prepare for your next AICPA Peer Review, including decisions to make and how to gather and maintain the correction information.

Learning Objective

The objective of this course is to provide both practical and insightful perspectives on how a CPA firm will prepare for its upcoming AICPA Peer Review.

Level

Intermediate

NASBA Field of Study

Auditing (2 hours)

Program Prerequisites

Experience in either leading a CPA firm’s accounting & auditing practice or practitioners who have previously conducted monitoring procedures.

About the Speaker

Salvatore A. Collemi, CPA
Collemi Consulting & Advisory Services, LLC
salvatore@collemiconsulting.com

Salvatore A. Collemi, CPA has a keen understanding into the mindset of both regulators and standard-setters—and can leverage that knowledge to help a variety of different clients maintain their integrity in financial reporting.
He regularly guides U.S. and international public accounting firms, litigation attorneys, valuation experts, the C-suite and related institutions that support the profession in order to maintain a high-level of audit quality.

With more than two decades of global business experience, servicing a broad base of both commercial and financial services industries, Mr. Collemi’s career highlights includes:

• Staff Accountant at the U.S. Securities & Exchange Commission’s (SEC) Division of Corporation Finance
• Technical Manager at the American Institute of Certified Public Accountants’ (AICPA) National Peer Review Program
• AICPA Liaison to the International Federation of Accountants (IFAC)
• External auditor and technical partner to national and international public accounting firms