To help audit professionals navigate the unexpected consequences of audit and attest issues, Thomson Reuters has released a special report, Four Ways to Avoid Audit and Attest Deficiencies.
This report comes on the heels of the release of the latest AICPA peer review findings, which were identified during peer reviews of firms that perform audit and attest engagements. The focus of peer reviews is to assess and improve audit quality and ensure compliance with professional standards.
“With busy season approaching, it is critical that auditors are aware of these risk areas and are well-prepared to address them effectively,” said Scott Spradling, CPA, vice president, Audit and Accounting segment with the Thomson Reuters Tax & Accounting business. “This report provides insights and tips to help audit professionals anticipate and recognize areas of highest risk, develop high-quality audit plans, and avoid deficiencies.”
The report provides a discussion of common deficiencies identified in peer reviews, such as those related to the auditing standards for performing group audits. Other issues addressed in the report include accounting errors, disclosure concerns, non-attest services, and reporting mistakes.
The report identifies four things for audit professionals to consider in successfully planning and performing audits during the upcoming audit season. The free report is available for download.
Thomson Reuters Checkpoint provides numerous audit solutions, including planning tools to help professionals identify and respond to risks. Professionals can benefit from the following products:
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