Quality Management: Preparing for Peer Review
2.00 Credits
Member Price $89
Non-Member Price $109
Overview
With firms now operating under their newly designed and implemented systems of quality management, the next major question is often: What will peer reviewers be looking for?
This webcast provides a practical look at how a firm’s system of quality management may be viewed in the peer review process as the profession transitions into the first cycle of QM-informed reviews.
This session is designed for firms, especially sole practitioners and small- and medium-sized firms, that want to better understand how their system may be evaluated and where they should focus their attention now.
You’ll explore likely areas of focus in an early QM-era review, including:
The session will also discuss practical considerations for firms that are still refining their QM processes in real time.
Because the first wave of reviews will naturally surface new questions and practice issues, this webcast is intentionally framed around current expectations, likely areas of focus, and practical readiness.
Highlights
· Early peer review readiness under the quality management standards · What peer reviewers may focus on in the first cycle of QM-informed reviews · A review of peer reviewer checklists that will be applied during the firm’s review · Distinguishing isolated issues from broader quality management concerns · Practical readiness considerations for sole practitioners and small- and medium-sized firms · Current expectations, emerging questions, and what may evolve as practice develops
Prerequisites
General understanding of the participant’s firm’s system of quality management. Familiarity with SQMS No. 1 (QM section 10)
Designed For
· Sole proprietors of audit and assurance firms · Responsible partners and staff at small- and medium-sized audit and assurance firms · Individuals assigned ultimate or operational responsibility for the firm’s system of quality management · Firm perso
Objectives
- Identify the areas of a firm's system of quality management that are likely to receive early attention in the peer review process.
- Recognize how findings and deficiencies may be evaluated in the context of a firm's overall system of quality management.
- Analyze practical steps firms can take now to improve readiness for an initial QM-era peer review.
Leader(s):
Leader Bios
Michael Brand, CPA, AICPA
Michael L. Brand, CPA is a partner in the firm of Johnson, Feigley, Newton & Brand in Athens, Alabama. For the past 20 years, he has been involved in all aspects of public accounting with in emphasis in accounting, auditing, and review services. He also teaches continuing education classes and has been a speaker at several conferences nationwide. He is the current chair of the Alabama Society of Certified Public Accountants Peer Review Committee.
Brand’s experience involves audits, reviews, and compilations of various for-profit industries, not-for-profits, and governmental entities. He was formally on the Peer Review Board, Joint Trial Board, and the Quality Control Standards Task Force. In 2010 he received the Outstanding Discussion Leader Award.
Brand received his BS in accounting from the University of North Alabama.
Sherry Chesser, CPA, Landmark, PLC Certified Public Accountants
Sherry Chesser, CPA is a member of Landmark PLC and focuses a majority of her time in the assurance and bond arbitrage practice areas, with industry experience in tax exempt debt compliance, employee benefit plans and nonprofit organizations. In addition, she serves on the management team of the firm and conducts peer reviews with a focus on peer reviews of benefit plans. She has over 30 years experience with public accounting firms providing tax and audit services to a broad base of clients, and served as a controller for a nonprofit organization. In 2015, she was appointed to the Arkansas State Board of Public Accountancy for a five year term and served her final year in 2020 as the president. She is committee member of NASBA’s Peer Review Compliance Committee, a committee member for Partners in Peer Review with Alabama as the Administrating Entity for several states including Arkansas, and a member of the AICPA’s Auditing Standards Board.
Non-Member Price $109
Member Price $89