PCAOB AS 1220: Engagement Quality Review
This CPE training program on PCAOB Auditing Standard 1220: Engagement Quality Review in focused on the learning needs of the financial audtior. This 2-hour CPE training event provides participants with a thorough understanding of the requirements, best practices, and practical applications of engagement quality review as outlined by the Public Company Accounting Oversight Board (PCAOB) Auditing Standards.
During this training event, participants will learn about the role and responsibilities of the engagement quality reviewer, the documentation and communication requirements, and the different types of engagements subject to engagement quality review. The potential consequences of noncompliance with PCAOB Auditing Standard 1220 will also be discussed.
Our expert instructors will provide insights, case studies, and interactive discussions to help participants apply best practices and practical applications of engagement quality review. Participants will gain valuable knowledge and skills to enhance their auditing practices, improve the quality of their work, and achieve compliance with regulatory requirements.
This training event is essential for auditors, accounting professionals, and others involved in the audit process for public companies, broker-dealers, or other entities subject to PCAOB oversight.
Don't miss this opportunity to earn CPE credits and improve your auditing skills. Register now for our PCAOB Auditing Standard 1220: Engagement Quality Review training event.
Each attendee will receive 2 CPE Hours (YB). A certificate of completion will be provided.
Details on Event Presentation
Being offered twice a quarter on Fridays at 10:00 a.m. to 12:00 noon Central Time.
We can schedule private events on your timetable for two or more attendees.
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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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
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.