Avoiding Peer Review Deficiencies and Professional Liability in Public Accounting
Description
Peer review deficiencies and professional liability claims result from both audit and nonaudit services. This course will provide best practices for avoiding legal liability and quality control concerns for a wide variety of professional services offered by public accountants.
Learning Objectives
Describe the nature of risks faced when performing a variety of professional services for clients
Explain how to mitigate risks faced by all CPAs in performing professional services
List best practices for maintaining quality control for all professional engagements
Major Topics
Differentiating risks faced when performing various levels of professional services, such as audits, 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
