Avoiding Deficiencies in Peer Reviews Focus on Engag. Quality [ENQ4]

Full Description

Avoiding Deficiencies in Peer Reviews: Focus on Engagement Quality (ENQ4)

August 24th, 2026 / 12:30 pm 4:00 pm

Wedgewood Resort / The Taiga Center
212 Wedgewood Drive
Fairbanks, AK 99701

With the AICPAs heightened focus on enhancing audit quality, increased oversight of the peer review process, and the auditors overall responsibility to provide high-quality services, the focus on compliance with professional standards has never been greater. Add to that the requirement to implement the revised risk assessment standards (SAS 145), and its easy to see why its more important than ever to ensure that auditors have a good understanding of the requirements and comply with documentation standards.

Recent peer reviews have indicated that auditors are often failing to perform and/or document certain critical components of an audit, such as the auditors assessment of risk and linking the results of the assessment to substantive procedures performed. In addition, auditors are not adequately documenting their consideration of fraud, expectations in analytical procedures, and the appropriate level of work needed to understand an entitys internal control.

The effective date for the AICPAs Revised Quality Management Standards is now in the rearview mirror. Firms were required to implement the standards by December 15, 2025. And the firms evaluation of the System of Quality Management is required within one year, meaning firms must evaluate their SQM this year. This is not just a matter of tweaking the firms existing QM document; the standard requires a risk assessment process to identify risk, and there are new quality objectives that are specified in SQMS 13. The AICPA further issued SAS, SSARS, and SSAE standards that set forth requirements for quality at the engagement level.

The objective of the course is to provide the insights necessary to help auditors and accountants improve not just the quality of their work but also the perception of the accounting profession as a whole. We will focus on the most significant items resulting in deficiencies identified in the peer review process. We will also discuss the applicable audit standards, documentation requirements, and best practices. We will address the new QM standards and what your firm needs to know in year two of the standards.

Major Topics:
-AICPAs Enhancing Audit Quality initiative
-Recent revisions to Quality Management standards
-Feedback from peer reviews, including areas driving deficiencies in audit
-Elements of an effective risk assessment and how to link to audit procedures performed
-Understanding internal controls and making the decision whether or not to test them
-Best practices in documentation

Learning Objectives:
-Identify key elements of the AICPAs Enhancing Audit Quality initiative
-Recognize changes in Quality Management standards
-Recognize key trends in recent peer review deficiencies noted
-Identify professional standards related to performing a risk assessment, understanding and testing internal controls, and linking these procedures to further audit consideration
-Implement best practices to help ensure overall engagement quality

Designed For: Accounting and auditing practitioners at all levels desiring to improve engagement quality

CPE Credits: 4, Auditing

Level of Knowledge: Intermediate

Prerequisite: Experience in accounting and auditing

Acronym: ENQ4

Discussion Leader: Kerry Roberts, CPA