Accounting & auditing practice risk during the pandemic
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Accounting & auditing practice risk during the pandemic

2 years ago · 240.1 KB Download

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A two-part series

Accounting firms should continually reassess their risk assessment process to ensure that they are performing high quality engagements while also limiting risk to their practice. While larger CPEA member firms may have a partner (or even a small group) in charge of risk management, many smaller CPEA firms do not. In those firms, risk management may be the responsibility of the firm’s partner-in-charge or maybe the head of the firm’s A&A practice. But the task of risk management is really the responsibility of each partner and staff member who performs an A&A engagement. And, while it is one of the most important responsibilities, the area of risk management is not often discussed among assurance partners, let alone with engagement staff.

However, a firm can never eliminate its A&A practice risk, short of not performing any A&A engagements. That is because, regardless of how well the partners and staff perform their work, there is always the risk or ability of a party to allege the firm fell beneath the standard of care. The better everyone understands these risk concepts, the better each member of the engagement team will be able to participate and help in reducing unwanted risks.

In this two-part series we explore the ways firms can reduce the risk to their practice while continuing to perform A&A engagements. In part I we outline the first line of defense- a strong and effective quality control system. In part II we move to what firms can do once engagement teams are in the field performing A&A engagements.

Download the First part of the CPEA assurance practice risk report

File name: CPEA-assurance-practice-risks-part-1.pdf

Download the Second part of the CPEA assurance practice risk report

File name: CPEA-assurance-practice-risks-part-2.pdf

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