One tool being used to improve the consistency of quality across the profession is increased focus by firms and peer reviewers on new industries, industries with new or rising risks, audit areas of increased risk or areas with increased inspection matters in the past.
The AICPA Peer Review Board (PRB) approved the below areas of focus:
- Independence as it relates to non-attest services provided to attest clients
- Sufficiency of audit evidence - risk assessment, internal controls, and sampling
- Employee benefit plans, including both ERISA and government pensions
- Municipal security issuers
- Single audit
Read more about the emerging industries and risk areas identified to date and find resources for each.
To learn more about the Peer Review Focus Areas, Register for the Surviving the Deep Dive - A Closer Look at the Peer Review Focus Areas webcast on July 7, 2015 from 2-4:00pm EDT. This webcast will cover specifics on independence as it relates to nonattest services provided to attest clients and sufficiency of audit evidence, particularly: risk assessment, internal controls and sampling.