How to Perform an Effective Internal Inspection …

Type: Webinar with NA CPE

18 October 2023 2:00 pm ET
18 October 2023 4:00 pm ET

2:00 – 4:00 pm ET

Untitled Document

2 hrs CPE in Auditing

Program Level:  Intermediate  

How to Perform an Effective Internal Inspection of Your Attest Practice         

What does it take to have a properly designed and effective quality control system that leads your CPA firm to receive a pass with no findings on your next AICPA peer review report or PCAOB Inspection?  Find out how to prepare yourself for your next peer review or PCAOB inspection and see what you can do to create a strong quality control environment for your attest practice.  Offering realistic and practical guidance, this CPE session will assist you on how to properly conduct an internal inspection of your attest practice in accordance with Professional Standards during the “off years” in between your next AICPA peer review and/or PCAOB inspection.

Who is the course designed for: 
CPA firm practitioners who are subject to the AICPA’s practice monitoring program and/or PCAOB oversight who perform compilation, review, and/or auditing of financial statements of small and midsize private and/or publicly business entities (PBEs) and/or broker-dealers (BDs).

Topics Covered:
• Guidance on how to create a firm environment that focuses on quality
• Discussion on the basic steps for self-monitoring and performing internal inspections
• Discussion on the key considerations related to establishing an effective quality control system based on the AICPA Statements on Quality Control Standards
• Address significant recurring quality control and engagement deficiencies and how to address and prevent them, and
• How to properly prepare your attest practice personnel for your next AICPA Peer Review, including decisions to make and how to gather and maintain the correction information. 

Learning Objectives

  • The objective of this course is to provide both practical and insightful perspectives on how a CPA firm will properly conduct an internal inspection in accordance with Professional Standards.

Speaker Bio

Sal Collemi, CPA
Managing Member and Partner
Collemi Consulting & Advisory Services LLC

Mr. Collemi brings more than two decades of experience with U.S. and international financial reporting and professional standards, corporate governance and risk management practices of public accounting firms. Collemi Consulting & Advisory Services, LLC’s mission is to strive to promote and enhance global audit quality. His practice provides outsourced high-level strategic and technical guidance to external auditors, litigation attorneys, C-suite, valuation experts and institutions that support the CPA profession. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, financial statement preparation, bookkeeping, time & billing, etc. Mr. Collemi is also available as a keynote speaker at company retreats.

As a former Staff Accountant in the Division of Corporation Finance, a Technical Manager in the National Peer Review Program and national office technical partner at leading institutions such as the SEC, AICPA and several mid-size to large international public accounting firms, Mr. Collemi has demonstrated the impact of U.S. and International financial reporting, internal control systems and regulatory compliance acumen as they affect privately-held and publicly-traded companies.

As a recognized subject matter expert on IFRS, Mr. Collemi was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014.

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