We will offer a full day of optional sessions on Monday, August 5, 2019. Back by popular demand will be the conference cases and concurrent sessions, along with an A&A update and its Impact on Peer Review. For the third year, we will offer topical breakout sessions.
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Bob Dohrer, Chief Auditor for the AICPA, and Alan Long, former Peer Review Board Member and current Auditing Standards Board Member, will discuss updates to standards, their impact on peer review, and new standards on the horizon.
Participants will be divided into breakout groups to consider case studies and short question and answer cases on issues and problems related to the performance and administration of Peer Reviews, including discussion of recently issued Reviewer Alerts. A member of the AICPA Staff, Peer Review Board or other designated individual will facilitate each breakout group.
Richard Wortmann, PRB Oversight Task Force Member, will discuss recent changes in peer review guidance related to engagements of brokers and dealers in securities, as well as other key items related to peer reviewing these engagements. This information will help you identify non-conforming broker-dealer engagements when conducting peer reviews. Attending this session will satisfy the new training requirement for peer reviewers of broker-dealer engagements.
Barbara Lewis, PRB Member, and Jennifer Gum, Manager – Peer Review, will discuss common areas in which peer reviewers receive questions from technical reviewers and RABs, where they receive feedback, and how to avoid both.
Advising audit clients on the implementation of new accounting pronouncements without inappropriately stepping in the shoes of management can be difficult; the recent revenue recognition standard has heightened this risk. In addition, practitioners often struggle to find a balance between challenging management’s assumptions in the area of accounting estimates versus developing their own independent conclusions. Bob Dohrer, Chief Auditor for the AICPA, and Toni Lee-Andrews, Director – Professional Ethics, will discuss the appropriate steps to take to both avoid independence impairments and appropriately audit estimates. This discussion will include other recent ethics pronouncements where, if not appropriately implemented by firms, will also lead to independence issues.
More than a decade after the Risk Assessment Standards were issued, the AICPA Peer Review team continues to find that more than half of all firms fail to comply with AU-C Section 315 or 330. Liz Gantnier, PRB Member and Chair of the Standards Task Force, and Carl Mayes, Associate Director – CPA Quality and Evolution will discuss the most pervasive issues peer reviewers uncover, and advice and resources you can provide to your peer review clients to help them in these areas.
Tom Groskopf, Technical Director – CPEA, and Tim Kindem, Senior Manager – Peer Review, will discuss the top accounting and auditing issues being processed by the AICPA’s A&A Technical Hotline and what peer reviewers should do if these issues are identified in a peer review.
Ongoing communication with peer review clients is critical to the success of a peer reviewer’s practice. In this session, Karen Welch, PRB Education and Communication Task Force Chair, and Fran McClintock, Associate Director – Peer Review, will discuss communication tips for peer reviewers, including delivering adverse news, closing meeting/exit conference communication strategies, and other tips for these crucial conversations.
Jeff Gendreau, PRB Education and Communications Task Force Member, and Brad Coffey, Manager – Peer Review, will discuss evaluating the design, and testing compliance with quality control policies and procedures in accordance with QC section 10, A Firm’s System of Quality Control (AICPA, Professional Standards). This session will also cover best practices and considerations related to a peer reviewer’s documentation and disposing of “No” answers identified during System Reviews.