Internal Inspections

Internal Inspections 2018-05-31T11:56:07+00:00

When independent professional perspectives are sought to assess an accounting firm’s system of quality control, Epstein + Nach LLC is available to conduct a thorough internal inspection. The primary elements in an internal inspection project are outlined below.

Planning Meeting

Prior to the actual launch of an internal inspection, the Epstein + Nach LLC team will meet with accounting firm partners via telephone and in-person to prepare for the engagement. Initial planning activities include but are not limited to:

  • Set goals for the internal inspection process
  • Define the practice areas to be included (audit, assurance, attestation, etc.)
  • Identify capabilities and experience levels of accounting firm personnel
  • Establish testing parameters
  • Review results of any prior year internal inspection and/or peer review reports

Internal Inspection Checklist

Once the internal inspection is underway, Epstein + Nach LLC professionals will follow the agreed-upon protocol. Typical activities include the following:

  • Review the firm’s quality control policies and documentation
  • Perform compliance tests to determine adherence to quality control standards
  • Analyze engagement documentation to assess actual compliance
  • Interview accounting firm personnel to evaluate knowledge of QC policies and procedures
  • Conduct technical discussions with engagement team members

Report on Results of the Internal Inspection

As authors and educators, the partners of Epstein + Nach LLC are skilled at writing detailed reports outlining any deviation from standards and suggesting areas for improvement. An in-depth exit conference at the accounting firm’s site upon completion of the assignment will provide a detailed guide to implementing the findings of the internal inspection.

Since quality control is an on-going process, Epstein + Nach LLC is also available to provide staff training services as well as subsequent annual inspections.

On a related note, click on the link to read more about the firm’s Engagement Quality Control Review (EQCR) services.

Contact Epstein + Nach, LLC for Internal Inspection Services

Accounting experts Barry Jay Epstein and Ralph Nach are available to conduct internal inspections and targeted staff training. Contact Barry Epstein via email or at 312-464-3520 to discuss an engagement.