Bootcamp BTOR: Lebanon (CFR) Quality Control and Peer Review on Audit Firms - Regional Workshop

Event Details

DATE: November 3, 2015

TIME: 10:15 am

Location:Beirut

Beirut, November 3-5, 2015

Cleared by Hisham Waly, Practice Manager, PRMM and PSP, GGP

 

 

 

Background & Objective:

Under the patronage of his Excellency Minister of Finance Mr. Ali Hassan Khalil, the World Bank (co-TTLs, Gabriella Kusz, Sr. FMS, and Rima Koteiche, Sr. FMS) has collaborated with the Lebanese Association of Certified Public Accountants (LACPA) and the American Institute of Certified Public Accountants (AICPA) to organize the“Quality control and Peer review on audit firms” training on November 3-5, 2015. An opening ceremony took place on Nov. 3, 2015 preceded the two- days technical training where keynote words were provided by: Mr. Ferid Belhaj, Country Director- World Bank, Mr. James Brackens, Vice President Ethics and Practice Quality- AICPA, Mr. Elie Abboud, President- LACPA,  Mr. Alain Bifani, DG, MOF- Lebanon representing the Minister of Finance. The ceremony gathered delegates from local, regional supervisory and regulatory bodies, and government officials, to launch the Peer review and quality assurance training reflecting international practices and its importance in the financial business environment. A System of Peer Review includes determining whether the firm’s system of quality control for its accounting and auditing practice is designed and complied with to provide the firm with reasonable assurance of performing and reporting in conformity with applicable professional standards, in all material respects. The two-day technical training aimed to provide technical learning to practicing auditors on the peer review and quality assurance requirements and process, an important element in the membership with the International Federation of Accountants (IFAC). This event is part of a larger program that the World Bank has been supporting LACPA to lead the advancement of the profession of accounting and auditing in Lebanon both in the private and the public sector.

 

Participants: More than 60 participants attended the technical workshop. The participants were professional practicing auditors from LACPA (Lebanon), the Jordanian Association for CPAs (Jordan) and the Egyptian Society for Accountants and Auditors (ESAA).

 

Content and Delivery: The two-day technical training included several sessions which addressed the whole cycle of the peer review: planning, performance, reporting and administering the review in addition to several practical case studies. The sessions were delivered at the Institute of Finance- Basel Fleihan Institute by James W. Brackens, Jr, Vice President of Ethics and Practice Quality at AICPA, and Michael L. Brand, chair of the Accounting and Review Services Committee at the AICPA.

 

Outcomes: After the delivery of this workshop on Peer review and Quality assurance, the participants are able now to:

·          Recognize the requirements for enrolment in the peer review program.

·          Differentiate between the types of peer reviews and the objectives if each type

·          Recognize administrative requirements for performing a peer review

·          Determine the correct organization of the review team

·          Identify technical qualifications required to serve as a peer reviewer.

Next steps: Now that a large regional team of trained peer reviewers are ready, the voluntary peer review process will be kicked off in Lebanon in the couple few months in alignment with the LACPA strategy and IFAC membership requirements. The pilot peer reviews will shape the process in Lebanon and give confidence in the existence of an independent oversight of the professional conduct of practicing accountants and auditors from the point of view of protecting the public interest.