Performing Small Audits Part 2 - Smaller Audits—Saving time with quality control- A/V

CPE Credit: 2 hours

Learning Objectives:

Upon completing this course, participants will be able to:

1. Identify the fundamental components of a CPA firm's system of quality management under the AICPA Statements on Quality Management Standards (SQMS) and explain their application to small and medium-sized firms.

2. Apply the scalability principle when designing and implementing quality management policies and procedures appropriate for the nature, size, and complexity of a CPA firm's engagements.

3. Evaluate leadership responsibilities, engagement supervision, personnel assignments, and review procedures necessary to support audit quality and operational efficiency.

4. Recognize ethical threats to independence and objectivity using the AICPA Conceptual Framework and determine appropriate safeguards to mitigate identified risks.

5. Assess client acceptance and continuance decisions by evaluating management integrity, engagement risk, and other factors affecting audit quality and firm profitability.

6. Differentiate the responsibilities for engagement performance, consultation, documentation, and monitoring under the AICPA quality management standards.

7. Analyze the relationship between effective quality management systems, risk assessment, audit evidence, and engagement efficiency in small audit practices.

8. Identify documentation requirements that demonstrate compliance with quality management standards and support successful peer review outcomes.