Objectives
Recall the nature of risks faced when performing a variety of professional services for clients
• Explain how to mitigate risks faced by all CPAs in performing professional services
• List best practices for maintaining quality control for all professional engagements
Major Topics
Differentiating risks faced when performing various levels of professional services, such as audits, reviews, compilations, preparing financial statements, bookkeeping, tax return preparation, and similar
• Best practices for preventing quality control concerns that could lead to peer review deficiencies or malpractice claims
• Establishing an understanding with the client to minimize misunderstandings as to the nature and scope of engagements
• Explain situations when independence should be appropriately safeguarded when performing nonattest services
