The Accountant's Guide to Peer and Quality Review

(Hardback)

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Description

Inferior quality service threatens the accounting profession's existence. To reduce instances of substandard service, the profession requires firms to have a system of quality control, to annually inspect that system, and to undergo a comprehensive triennial external review. This book shows firms how to develop a quality control system, prepare for the review, and earn an unqualified report. In addition, it tackles the problem of substandard service head-on. The author examines the roots of review, substandard service, and discusses the undiscussable. Next he reviews the pluses and minuses of the practice-monitoring programs and the importance of selecting the firm's reviewer. Quality control's nine functional areas are explained in depth and the ten steps to a successful review are also described in detail. He describes what happens on a review and offers practical advice about the problems to avoid. The concluding chapter offers over twenty recommendations that would return the accounting business back to the accounting profession. This book is for every firm, every practicing CPA, and the profession's leaders as well as those interested in improving the integrity of the financial reporting system. It also is important for students planning to enter public accounting.

Reviews

"It is a much needed, major contribution to the profession at a most critical time. It is the essence of public accounting's survival."-Gerald H. Lander, Ph.D., CPA, CIA, CFE Professor of Accounting University of South Florida
"McCabe portrays his intimate grasp of the present environment of self-regulated peer and quality reviews by discussing the significant benefits as well as the shortcomings. He has provided some thought-provoking suggestions and challenges for our profession that should and must be digested."-Charles Anderson, CPA Shareholder, Anderson & Whitney, P.C. Chair, Colorado Society of CPAs Quality Review Board
"This may be the last defense of the accounting profession."-Charles Williams, Attorney at Law Williams and Trine
"This text could not be more timely given the proliferation of law-suits occurring today, the dramatic changes in the very structure of the profession, and the accelerated changes in the accounting and auditing rules and regulations the profession has to keep up with. This text discusses the very existence of the auditing profession. It is an important topic. It is an important text."-Andrew D. Luzi, Ph.D. Professor of Accounting California State University, Fullerton
. . . The author has provided a highly useful discussion of the program to PCPS and quality review program firms undergoing initial review and their reviewers as well as to academicians who have not been exposed to these important components of the profession's self-regulatory program. He is to be recommended for his thoughtful recommendations to the leaders of the profession and regulators to improve the programs and professional practice.-The Accounting Review
McCabe asserts that what used to be the accounting profession has become the accounting business, largely because of increased competition resulting from eliminating the ethics rules which prohibited soliciation and encroachment on the practice of other CPAs. This book will be valuable for small public accounting firms facing a first review and to upper-division under-graduate and graduate accounting students.-Choice
"McCabe asserts that what used to be the accounting profession has become the accounting business, largely because of increased competition resulting from eliminating the ethics rules which prohibited soliciation and encroachment on the practice of other CPAs. This book will be valuable for small public accounting firms facing a first review and to upper-division under-graduate and graduate accounting students."-Choice
." . . The author has provided a highly useful discussion of the program to PCPS and quality review program firms undergoing initial review and their reviewers as well as to academicians who have not been exposed to these important components of the profession's self-regulatory program. He is to be recommended for his thoughtful recommendations to the leaders of the profession and regulators to improve the programs and professional practice."-The Accounting Review

Author Bio

R. K. McCABE is Professor of Accounting at California State University, Fullerton. He has spent much of his career in public accounting and and has served as a peer reviewer for the AICPA, a state society, and on a state society quality review board. He is a widely published author of articles in such journals as the Journal of Accountancy and The CPA Journal.