Objectives
• Describe the nature of risks faced when performing nonaudit services for clients
• Explain how to mitigate risks faced by all CPAs in performing nonaudit services
• Apply best practices for maintaining quality control for nonaudit engagements
Major Topics
• Differentiating risks faced when performing nonaudit services, such as 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
