april2021 - 15

No More Risky Business
Peer Reviewers reported that over 60% of reviewed audits in previous years identified nonconformity
substantial enough that the auditor had to go back and do more work. Don't be one of those firms!
With the Integrated Audit Approach you will experience audit technology that delivers new
efficiencies and client service, superior quality, and speed. This data-driven audit uniquely focuses
on risk assessment and documentation while leveraging the power of data analytics. There's
no risky business in that.
At Wolters Kluwer, we are committed to moving the accounting profession forward for you.
When you have to be right®

Featuring Insights from the

AICPA, Peer Reviewers, and
Successful Audit Firms
Tax & Accounting

6 Tips to Better Peer Reviews

Public accounting firms in the U.S. that perform audit
engagements are required to undergo peer review. This
independent process evaluates a firm's quality control
and compliance with professional audit standards.
This eBook demonstrates how to use technology to improve audit
quality in ways that help ensure higher quality audits that result
in successful peer reviews. To gather insights about how to avoid
common missteps discovered in peer review, Wolters Kluwer
worked with:
* Deana Thorps, Manager of Audit Quality Initiatives, AICPA
* Carl Mayes, Associate Director of CPA Quality and Evolution, AICPA
* Troy Coon, CPA, Partner and Peer Reviewer, Watson Coon Ryan
* David Duckwitz, Director of Quality Control, RubinBrown

* Kyle Rustin, Principal, K*Coe Isom

TIP #5

Learn how the right technology improves your audit workflow,
ensuring higher quality audits that result in successful peer
reviews. Download '6 Tips to Better Peer Reviews' today!

Document the Linkage of Procedures to Risks

* Matthew Reiter, Audit Quality Control Partner, Whitley Penn
* Jason Miller, Partner, Anglin Reichman Armstrong

For a smooth peer review, a reviewer should be able to identify the
procedures that correspond to each client risk without any further
questions or explanation needed from the original auditor. That's
why every audit program needs to provide a clear linkage between
the auditor's assessment of risks and the steps they performed
in response.
FACT: 24% of audit issues are due to auditor's failure to
address the risks they uncover.7

" What we see a lot of times is folks will fill out their risk
assessment documentation, as a matter of course, and they
identify risks and they go through the process of assessing levels
of risks and likelihood of risk ... And then they perform the exact
same procedures that they would do for any other client. And
that's really not auditing in accordance with GAAS. You want to
make sure your further audit procedures are responsive to the
risks that you identified. "

EngageTax.WoltersKluwer.com/ReadersChoice

- Carl Mayes
Associate Director of CPA Quality and Evolution, AICPA

Wolters Kluwer, " Bringing the Facts into Focus: Four Audit Myths, " infographic, 2018.

When you have to be right®

http://EngageTax.WoltersKluwer.com/ReadersChoice

april2021

Table of Contents for the Digital Edition of april2021