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. All of our instructors have Big 4 audit experience in leading audit teams and reviewing the quality of workpapers. 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.

Attendees in this PCAOB auditing standard CPE event will earn 2 CPE Event Hours (YB). A certificate of completion will be provided.

Don't miss this opportunity to enhance your understanding of engagement quality reviews. Register now to gain valuable insights and techniques that will elevate your effectiveness in conducting PCAOB regulated audits.

PCAOB AS 1220: Engagement Quality Review

$140.00

Quantity

Offered every six weeks on Tuesdays at 1:00 p.m. to 3:00 p.m. 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
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.
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
Introductions and Administrative Items

Introductions

Learning Objectives

What is the "PCAOB Auditing Standards" context?

What are the Five Major Audit Standard Sections

What is "Total Quality Managment" per Dr. Demming

Section 1 - Auditing Standard 1220 - Definitions and Concepts

Role of the Quality Reviews

Engagement Quality Reviews

Engagement Quality Reviewer

Relevant Ethical Requirements

Robert C. Duncan, CPA - Enron Engagement

Section 2 - PCAOB Engagement Quality Review Standard

Application and Objective of the Standard

Qualifications of the Engagement Quality Reviewer

Engagement Quality Review

Documentation of a Engagement Quality Review

Section 2 - Going Forward and Summary

PCAOB Inspections Observations

Guidance on Engagement Quality Reviews
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.
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.

PCAOB AS 1220: Engagement Quality Review

Details on Event Presentation

CPE Event Highlights

Learning Objectives

Key Issues on the Agenda

Summary of the Subject Matter

Authoritative Sources

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