Video: Engagement Quality Control & Using the Work of Others Overview

This lesson provides an overview of engagement quality control and the process of using the work of others in an audit. Throughout the lesson, Nick Palazzolo will discuss the importance of maintaining quality control in every step of the audit process. He will also delve into scenarios where an auditor may need to rely on a specialist's expertise to ensure the audit is conducted correctly and comprehensively. By the end, viewers will have a better understanding of the key aspects of engagement quality control and how to effectively incorporate the work of others into an audit.

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Video Transcript

Instructor: Nick Palazzolo

Nick Palazzolo is head instructor of ExamPrep.ai CPA Review. Nick's teaching style is engaging & upbeat, combining practical Big 4 tax & assurance expertise with years of 1-on-1 coaching. His lessons are concise and emphasize what you need to know to pass. Whether you're a recent grad or working full-time, we’re confident you can conquer your CPA exams with Nick’s review.

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Welcome to our lesson on engagement quality control and using the work of others. We are going to dive through another, I'd say, step slash process in any engagement in an audit. We want to make sure that, obviously, throughout the entire process, we're embodying quality control. We're going to talk about specific points where, yes, we're going to conduct an audit, and there are going to be individuals who come in and audit our audit. They're going to make sure that our audit was conducted properly. We did everything, checked all the boxes, crossed the I's, dotted the T's. I know I said that wrong. I like saying that wrong. It's fun. This is really going to be talking about, also, maybe we are not an expert in a particular area. Maybe we're going to use a specialist's work to help bolster our audit. Let's talk about what happens there. We're going to see a lot of this and more. Let's dive into our learning objectives.

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