The majority of peer review deficiencies and malpractice claims result from nonaudit services. This course will provide best practices for avoiding legal liability and quality control concerns. (Available in 2, 4 or 8 hour formats)
Course ID: ADNAS
Avoiding Peer Review Deficiencies and Legal Liability in Both Audit and Nonaudit Services, Including Bookkeeping & Preparing Financial Statements
Learning Objectives
- Describe the nature of risks faced when performing nonaudit services for clients
- Explain how to mitigate risks faced by all CPAs in performing nonaudit services
- Apply best practices for maintaining quality control for nonaudit engagements
Major Topics
- Differentiating risks faced when performing nonaudit services, such as reviews, compilations, preparing financial statements, bookkeeping, tax return preparation, and similar
- Best practices for preventing quality control concerns that could lead to peer review deficiencies or malpractice claims
- Establishing an understanding with the client to minimize misunderstandings as to the nature and scope of engagements
- Explain situations when independence should be appropriately safeguarded when performing nonattest services
Who Should Attend
Public accountants who perform nonaudit services for clients
Fields of Study
AuditingPrerequisites
None