Training for Reviews of Certain Must-Select Engagements 


To maintain the qualifications of a peer reviewer reviewing certainA must-select engagements, you should participate in one of the following peer review training options within one year prior to the commencement of a review for which you intend to review an engagement in the must-select industry. Peer review training options include:

  1. Participating in the relevant optional session of the annual Peer Review Conference

  2. Completing the relevant Peer Review Industry Update on-demand self-study course.  These courses are advanced reviewer training courses that explicitly focus on the challenges in peer reviewing engagements in these industries and how changes in these specific industries impact any given peer review.  Example topics could include common findings in peer reviews specific to these industries or how recent developments in these industries impact peer reviews.  These courses will contain a final exam that is designed to meet the NASBA CPE Standards.

    1. Must-Select Update Course - Governmental

    2. Must-Select Update Course - Employee Benefit Plan

  3. Completing an alternative course or conference session that has been approved by the Peer Review Board.

    1. For purposes of the must-select training requirement, Reviewers seeking approval for an alternative course will submit their course (for example, the power point slides to be presented or a recording of the course) or a detailed summary of their course to prsupport@aicpa.org.  Reviewers should provide a detailed, thorough description of how the course is as comprehensive as and where the course contains the required elements of the courses offered by the AICPA.

    2. The required elements for each must-select course are listed below.

    3. For purposes of the ongoing training requirement, a listing of conference sessions that meet this requirement will be maintained on this webpage.


 Alternative Conference Sessions:

 

 

1.     At this time, reviewers of certain must-select engagements can meet the training requirements for reviewing certain must-select engagements by attending the following sessions at upcoming AICPA conferences:

a.     Employee Benefit Plan Audit Engagements

·   Conference - AICPA Employee Benefit Plans Conference

·   Date – May 8, 2017

·   Sessions – Peer Review Part I & Peer Review Part II

b.     Engagements subject to Government Auditing Standards

·   Conference - AICPA Not-for-Profit Industry Conference

·   Date – June 22, 2017

·   Sessions – 9. Peer Review Update – Governmental Must-Select Training Requirement & UP2. Peer Review Update – Governmental Must-Select Training Requirement – Case Studies


Within PRIMA, reviewers who attend these sessions should select "Alternative Approved Employee Benefit Plan Course" or "Alternative Approved Government Auditing Standards Course" when updating their reviewer resume.

A – At this time, the must-select training requirement only applies to engagements subject to Government Auditing Standards and Employee Benefit Plan engagements. 

 


Required Elements for Alternative Courses:

 

1.     Any alternative course for the Must Select Industry Update – Governmental Auditing Standards or Must Select Industry Update – Employee Benefit Plans should contain a competency assessment (for example, a final exam for an on-demand self-study course) associated with the course that meets NASBA CPE Standards.

 

2.     After completing any alternative course for the Must Select Industry Update – Governmental Auditing Standards, participants should be able to:

a.      Apply concepts from recent accounting and auditing guidance changes for governmental engagements.

b.      Identify common findings from enhanced oversights of governmental audits.

c.      Identify changes in peer review guidance regarding the transparency and effectiveness of peer review to assist with identifying issues and non-conforming engagements during a peer review.

d.      Distinguish between each element of a firm’s system of quality control and assist reviewers identify potential issues with a firm’s system of quality control.

 

3.     After completing any alternative course for the Must Select Industry Update – Employee Benefit Plans, participants should be able to:

a.      Apply concepts from recent accounting and auditing guidance changes for employee benefit plan audit engagements.

b.      Identify common findings from enhanced oversights of employee benefit plan audit engagements.

c.      Use bolded questions in the EBP checklist and changes in peer review guidance regarding the transparency and effectiveness of peer review to assist with identifying issues and non-conforming engagements during a peer review.

d.      Distinguish between each element of a firm’s system of quality control and assist reviewers identify potential issues with a firm’s system of quality control.




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