Avoiding Legal Liability and Peer Review Deficiencies in Nonaudit Services, Including Bookkeeping and Preparing Financial Statements

Overview

The majority of peer review deficiencies and malpractice claims result from nonaudit services. This course will provide best practices for avoiding legal liability and quality control concerns.

Objectives

• Describe the nature of risks faced when performing nonaudit services for clients
• Explain how to mitigate risks faced by all CPAs in performing nonaudit services
• Apply best practices for maintaining quality control for nonaudit engagements

Highlights

• Differentiating risks faced when performing nonaudit services, such as reviews, compilations, preparing financial statements, bookkeeping, tax return preparation, and similar
• Best practices for preventing quality control concerns that could lead to peer review deficiencies or malpractice claims
• Establishing an understanding with the client to minimize misunderstandings as to the nature and scope of engagements
• Explain situations when independence should be appropriately safeguarded when performing nonattest services