Audit Quality Advisory
Going through the PCAOB, CPAB, AICPA peer reviews and other Canadian provincial regulatory inspections can be time-consuming and stressful. At SRCO, we can assist with your upcoming inspections, comment forms, remediation plans and ongoing practice monitoring.
Our Audit Quality & Advisory Services for CPA firms are as follows -
1. Inspection Support Services
Key areas of our inspection support services are as follows:
Pre-inspection review of the file, by going over the documentation and working papers and identifying potential questions from the regulators.
Preparation for the opening meeting.
Preliminary comments / comment form analysis.
Root cause analysis.
Remediation plan to address QC deficiencies.
2. Firm Quality Management (FQM) Services
Key areas of our FQM services are as follows:
Assisting firms with the adoption of the following quality management standards, as applicable:
Assisting firms with putting together the processes and systems in place, regarding the new requirements.
Assisting firms with the controls around independence and ethics requirements.
Reviewing firm’s current technical, technological and human resources practices to assist in identifying the additional resources that may need to be deployed.
Assisting firms with their annual documentation and reporting requirements under the applicable standards, as noted above.
3. Practice Monitoring Services
Key areas of our practice monitoring services are as follows:
Working with firms to develop customized methodology for monitoring programs, including independence, partner rotation and internal inspections.
Assistance with updating the system of quality management.
Post issuance reviews / cyclical file inspections.
Ongoing support with root cause analysis and remediation plan.
4. Audit Quality Improvement Services
Key areas of our audit quality improvement services are as follows:
Pre issuance reviews.
Engagement partner / EQR partner management and rotation.
Internal inspections management.
Pertinent training and development.
Audit methodology assessment.
5. Engagement Quality Review (EQR) Evaluation
Key areas of our engagement quality review evaluation services are as follows:
Evaluation of firm’s overall EQR policies and procedures.
Evaluation of the training and qualification of the engagement quality reviewer.
Evaluation of significant judgments and responses to significant risk areas.
The documentation maintained to support concurring review.
Why SRCO?
We are specialized in providing practice inspection support, external quality monitoring and advisory services to CPA firms that are engaged in providing assurance services to public and private companies.
We also assist in dealing with complex accounting and auditing issues and adherence to professional standards, including preparation for Practice Inspections.
We serve a large number of CPA firms across United States and Canada. By engaging SRCO:
You get specialist support from a CPA firm that understands your needs and challenges.
You can provide high quality assurance services to your clients.
You can reduce the amount of time required in dealing with Practice Inspection matters including remediation measures.
You get a reliable and consistent consultative source of information and support.
OUR TEAM
Sohail Raza is a CPA, CA, CPA (NY& CO), with over 25 years of experience in providing public accounting, CPA firm monitoring and advisory services. Previously, Sohail was a senior executive in the audit and assurance practice of EY. Over these years, Sohail has attained a wealth and depth of experience in a variety of businesses, both in the public and private sectors. Sohail leads our audit quality monitoring and advisory services to CPA firms.
Kashif M. Khwaja is a CPA, CA, CPA (NY, CO, IL), member of Colorado Society of CPAs and the AICPA. He is the lead partner for the Canadian and US Accounting and Financial Reporting Practice. He has worked with top-10 firms in North America (Crowe, MNP, RSM), where he gained extensive experience in auditing SEC registrants, in assisting on several go-public transactions in the United States, Canada and Internationally, including Reg A+ under JOBS Act and S-1 Registrations.
Amir Rehman is a CPA, CA with over 20 years of experience in providing assurance, accounting and advisory services. Previously, Amir was an executive at PwC, Dubai where he worked for over 10 years. Over these years, Amir has attained extensive experience in financial reporting and advising a variety of businesses engaged in various sectors and industries. He has dealt with various Big-4 and large national firms both in US and Canada for public company audits in his role as Accounting and Financial Reporting partner.
Sameer Parekh is a CPA, CA, CPA (NY & CO), with over 20 years of experience in senior positions including over 15 years at EY, PwC, and over 5 years in different financial institutions. He has audited and provided advisory services to various companies in the financial services industry. Over the years, Sameer has acquired extensive experience in various audit and accounting issues involved in the financial service industry.
Natalia Jahoor is a CPA, CA with over 10 years of experience in assurance and advisory services. Natalia is one of the associate partners at SRCO and responsible for our firm’s external training. She also co-leads our firm’s in-house technical training and professional development programs. Natalia specializes in providing audit quality monitoring and practice inspection support services to CPA firms.
Yulia Levina is a CPA, CA with over 10 years of experience in assurance and advisory services. Yulia is one of the associate partners at SRCO and responsible for training and mentoring our CPA students. She also co-leads our firm’s in-house technical training and professional development programs. Yulia specializes in providing audit quality monitoring and practice inspection support services to CPA firms.
SRCO C.P.A. Professional Corporation, Certified Public Accountants (USA) | SRCO Professional Corporation, Chartered Professional Accountants
18 Brownstone Court,
East Amherst,
NY 14051, U.S.A.
Tel: 716 345 3108 (USA) | 416 671 7292 (CANADA)
Fax: 905 882 9580
E-mail: info@srco.ca
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