Thomson Reuters has released a special report, “Four Ways to Avoid Audit and Attest Deficiencies.”
The report follows the latest AICPA peer review findings, which were identified during peer reviews of firms that perform audit and attest engagements. Thomson Reuter’s report provides a discussion of common deficiencies identified in peer reviews, such as those related to the auditing standards for performing group audits. Other issues addressed in the report include accounting errors, disclosure concerns, non-attest services, and reporting mistakes.
The four points identified in the report are how to avoid the same pitfalls other auditors have encountered; how to look ahead and plan steps carefully; how to be cautious when on a new path; and how to use the resources available.
“With busy season approaching, it is critical that auditors are aware of these risk areas and are well-prepared to address them effectively,” stated Scott Spradling, CPA, vice president of the audit and accounting segment with the Thomson Reuters tax and accounting business. “This report provides insights and tips to help audit professionals anticipate and recognize areas of highest risk, develop high-quality audit plans, and avoid deficiencies.”
The report is available for free download here.