PCAOB AS 1220: Engagement Quality Review
Stay at the forefront of audit excellence with the PCAOB Auditing Standard 1220 – Engagement Quality Review CPE Training Event. This 2-hour session is designed for auditors, accounting professionals, and compliance officers who aim to strengthen their knowledge of engagement quality reviews (EQR) and meet PCAOB compliance standards. Gain practical insights into the roles, responsibilities, and techniques critical to conducting high-quality EQR audits while earning 2 NASBA-Approved CPE credits.
Why Attend?
1. Master EQR Requirements and Best Practices - Understand the key components of PCAOB Standard 1220, from documentation and communication protocols to handling various engagement types like audits and broker-dealer examinations.
2. Enhance Audit Quality and Compliance - Learn how effective EQR practices mitigate risks, strengthen compliance with PCAOB oversight, and protect your firm’s reputation.
3. Benefit from Expert-Led Training - Engage with instructors who bring Big 4 audit expertise and real-world insights into leading audit teams, applying PCAOB principles, and conducting robust engagement reviews.
4. Earn 2 CPE Credits - Boost your professional credentials while acquiring actionable techniques to elevate the quality and reliability of your audits.
What You’ll Learn
This dynamic training session covers all critical aspects of PCAOB Standard 1220 through hands-on applications and expert guidance.
1. Fundamentals of Engagement Quality Review
- Role and responsibilities of the engagement quality reviewer.
- Detailed explanation of documentation and communication standards.
- Overview of engagement types requiring EQR, including audits and attestation engagements.
2. Practical Applications of EQR Requirements
- Explore best practices for performing high-quality engagement reviews.
- Learn strategies to evaluate significant judgments made by the engagement team.
- Understand crucial steps for achieving regulatory compliance.
3. Navigating Noncompliance Risks
- Learn about potential consequences of noncompliance, including audits impacted by regulatory actions and reputational damage.
- Develop techniques to mitigate risks through quality controls and proactive management processes.
4. Case Studies and Real-World Scenarios
- Analyze real-life situations to gain a deeper understanding of how engagement reviews are conducted.
- Apply theoretical principles to practical scenarios for better decision-making.
Benefits of Attending
- Elevate Audit Practices: Gain confidence in applying PCAOB standards, ensuring audit quality and achieving compliance.
- Reduce Compliance Risks: Learn how to address common challenges during EQRs, minimizing the risk of enforcement actions.
- Gain Industry Insights: Leverage the expertise of instructors who have successfully led audit teams and enhanced engagement quality processes.
- Strengthen Professional Credentials: Stand out in your field with specialized knowledge of PCAOB Auditing Standard 1220 and its applications.
Event Details
- Schedule: Offered every eight weeks on Tuesdays from 10 a.m. to 12 p.m. CST.
- Format: Online, live, interactive training (Group Internet-Based).
- Duration: 2 Hours.
- Credits: 2 NASBA-Approved CPE Credits in Auditing.
- Cost: $140.
- Private Events Available: Customized training for two or more attendees.
Who Should Attend?
This training event is ideal for professionals involved in PCAOB-regulated audits and quality control reviews, including:
- Auditors: Enhance audit procedures and deliver reliable results.
- Accounting Professionals: Improve compliance frameworks and strengthen decision-making.
- Compliance Officers: Stay updated on regulatory expectations and ensure adherence to EQR requirements.
Why PCAOB Compliance Matters
Compliance with PCAOB Auditing Standard 1220 is vital for maintaining the integrity of audits and protecting stakeholder trust. Effective engagement quality reviews are central to:
- Ensuring critical judgments are robustly evaluated.
- Mitigating risks of regulatory scrutiny and reputational harm.
- Strengthening overall audit quality and organizational credibility.
With rigorous adherence to EQR best practices, auditors and firms can safeguard their operations while establishing themselves as trusted leaders in the financial sector.
Register Today
Don’t miss this opportunity to master the essentials of PCAOB Auditing Standard 1220. Learn how to conduct effective engagement reviews, improve audit quality, and uphold compliance standards.
Earn 2 CPE credits and take your expertise to the next level—register now to secure your spot in this valuable training event!
Details on Event Presentation
Offered every eight weeks on Tuesdays at 10:00 a.m. to 12:00 noon Central Time in two CPE-Credit event.
We can schedule private events on your timetable for two or more attendees.
NASBA Program Disclosure
Program Level of Understanding: Basic
Prerequisites: None
Advance Preparation: None
Delivery Format: Group Internet Based
NASBA Field(s) of Study: Auditing
CPE Credits: 2, based on 50 minutes of instruction per hour
CPE Event Highlights
- Learn the scope of the engagement quality review, the qualifications of the engagement quality reviewer, and the factors to consider in evaluating the engagement quality review.
- Identify the requirements for documentation and communication in the engagement quality review process, including the documentation required for the engagement quality review and the communication between the engagement quality reviewer and the engagement team.
- Understand the different types of engagements subject to engagement quality review, including audits, reviews of interim financial information, attestation engagements, and examinations of broker-dealers.
- Gain insights into the potential consequences of noncompliance with PCAOB Auditing Standard 1220, including regulatory enforcement actions, negative publicity, and damage to the reputation of the accounting firm.
- Apply best practices and practical applications of engagement quality review, including the process for performing engagement quality reviews and the steps to take to achieve compliance with PCAOB Auditing Standard 1220.
Learning Objectives
This event will impove the PCAOB auditor's efficiency and effectiveness by:
- Understanding when reviews are required
- Reviewing key aspects of the quality review
- Knowing the evaluations each reviewer must accomplish
Key Issues on the Agenda
Introductions and Administrative Items
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Introductions
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Learning Objectives
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What is the "PCAOB Auditing Standards" context?
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What are the Five Major Audit Standard Sections
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What is "Total Quality Managment" per Dr. Demming
Section 1 - Auditing Standard 1220 - Definitions and Concepts
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Role of the Quality Reviews
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Engagement Quality Reviews
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Engagement Quality Reviewer
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Relevant Ethical Requirements
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Robert C. Duncan, CPA - Enron Engagement
Section 2 - PCAOB Engagement Quality Review Standard
- Application and Objective of the Standard
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Qualifications of the Engagement Quality Reviewer
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Engagement Quality Review
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Documentation of a Engagement Quality Review
Section 2 - Going Forward and Summary
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PCAOB Inspections Observations
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Guidance on Engagement Quality Reviews
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Summary of the Subject Matter
PCAOB Auditing Standard 1220 is a regulatory requirement issued by the Public Company Accounting Oversight Board (PCAOB) that outlines the standards and procedures for conducting engagement quality reviews (EQR). An EQR is an independent evaluation of the significant judgments made by the engagement team and the conclusions reached in the audit or other attestation engagements.
The standard defines the responsibilities of the engagement quality reviewer, the requirements for documentation and communication, and the factors to consider in evaluating the effectiveness of EQR. It applies to all registered public accounting firms that perform audits or other attestation engagements for public companies, broker-dealers, or other entities subject to PCAOB oversight.
Compliance with PCAOB Auditing Standard 1220 is essential for maintaining the quality and integrity of audit and attestation engagements. Failing to meet the requirements of the standard can result in regulatory enforcement actions, negative publicity, and damage to the reputation of the accounting firm.
Understanding the key requirements of PCAOB Auditing Standard 1220 is critical for auditors and accounting professionals to perform effective engagement quality reviews, enhance the quality of their work, and achieve compliance with regulatory requirements.
Authoritative Sources
After engaging with the content of the CPE event focused on PCAOB AS 1220, it's clear that this journey doesn't end here. There's so much more to learn, to explore, and to understand about the intricacies of Engagement Quality Reviews and how they fit into the larger puzzle of audit quality and reliability. Here's a selection of resources that are not just authoritative but are also rich in insights and guidance, designed to further enrich your understanding and application of AS 1220:
- Public Company Accounting Oversight Board (PCAOB) - AS 1220: Engagement Quality Review: The cornerstone of our exploration, AS 1220 itself, provides a comprehensive framework detailing the objectives, principles, and requirements for conducting an Engagement Quality Review. It’s the first stop for anyone looking to deepen their grasp of this critical audit standard.
- PCAOB - Engagement Quality Review - Post-Implementation Review: This review offers valuable insights into the PCAOB's evaluation of AS 1220 after its implementation, including key findings and messages for auditors and audit committees. It's an essential resource for understanding the impact of AS 1220 on audit practices and the lessons learned since its inception.
- Deloitte - CAQ Alert #2024-01, Amendments to PCAOB Standards: This alert provides an overview of recent amendments to PCAOB standards, including AS 1220. It’s instrumental for auditors and stakeholders looking to stay updated on the latest changes and how they affect the conduct of Engagement Quality Reviews.
- PwC's Viewpoint on AS 1220 — Engagement Quality Review: Offering a professional interpretation and practical advice on implementing AS 1220 within the audit process, PwC's viewpoint is particularly beneficial for understanding the real-world application of these standards from a seasoned auditor's perspective.
- PCAOB - QC Section 20 - System of Quality Control for a CPA Firm's Accounting and Auditing Practice: This resource delves into the quality control systems of CPA firms, including how Engagement Quality Reviews pursuant to AS 1220 fit into these systems. It’s a crucial read for anyone interested in understanding the broader quality control context within which AS 1220 operates.
These resources, each a beacon of knowledge and guidance, are more than just follow-up material; they're part of a conversation about what it means to be at the forefront of audit quality and responsibility. As you delve into them, remember that every piece of knowledge gained is a step toward not just fulfilling a professional requirement but also toward embodying the very essence of trust and integrity that our profession stands for.