Video: Introduction to Engagement Quality Control and Using the Work of Others

This lesson delves into the importance of engagement quality control and using the work of others in the realm of auditing and accounting. Emphasizing the significance of maintaining a solid professional reputation, the lesson discusses various instances where the work of others may be utilized, such as using a specialist, predecessor auditor's work, or the work of an internal auditor. The lesson highlights that quality control systems, policies, and procedures are the responsibility of the audit firm, not the AICPA or the individual involved. By establishing and maintaining a strong quality control system, a firm can ensure compliance with professional standards, legal and regulatory requirements, and ultimately issue appropriate reports for their clients.

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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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Quality control is so much of our utmost importance because the number one asset that CPAs, firms, practitioners have is their reputation. We are selling services, we're selling products, I would say our services are to provide an audit, are to provide tax services. And what makes the difference between one CPA and another? Well, yes, cost for sure. That's going to be a factor and experience, but mainly your reputation. People want to hire accountants, CPAs, auditors, firms, practitioners that have a solid reputation. As such, controlling, ensuring high quality in all stages of engagements is paramount to these parties to make sure that they have a solid reputation and to make sure that they can keep working into the future. Now, it's important to constantly get business, but it's also important because, well, that's our job. If you're not good at your job, then what are you doing here? Additionally, when using the work of others, which we'll go over, you can use the work of others in many instances. You can use a specialist, you can use a predecessor auditor's work, you can use the work of an internal auditor who works for the client. There's many instances where you would use the work of someone else, or maybe it's the work of someone below you at the firm or someone above you. There's so many instances, and we're going to address here when we need to control the quality of their work, because we can't control the quality of their work. We need to control how we use it and understanding that, because we don't want to damage our professional reputation by using incorrect or insufficient work. Now, these quality control systems, policies, and procedures, they're the responsibility of the audit firm. It's not the responsibility

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