AICPA Quality Management Standards: A Focus on Year Two

Description

Firms should have implemented the Quality Management Standards (SQMS 1-3) by December 15, 2025. The engagement level standards, SAS 146, SSARS 26, and SSAE 23 are effective for engagements with periods beginning on or after December 15, 2025. Firms are also required to evaluate their system of quality management (SQM) at some point during 2026. New accounting firms will be able to start fresh implementing the standards and having no previous policies and procedures. They will want to ensure that their systems are set up to meet professional standards from the start. This course will mainly focus on the evaluation of a firm’s SQM, how to approach it, and how to prepare the documentation necessary to meet professional standards. We will also discuss the application of standards for new firms. This information will benefit all firms since many existing firms, after having had a few months to assimilate them, are beginning to revise some of their policies and procedures and improve their Quality Management Policy and Procedure Manuals.

Objective

Review quality management provisions in SQMS 1-3 Review quality management provisions in SAS 146, SSARS No. 26, and SSAE 23 Identify the steps required when modifying an existing SQM or establishing a new one Evaluate risk in year 2 or modify an existing risk assessment Perform monitoring steps required to evaluate the SQM

Attendee Information

Marci Thomas, CPA

Required Knowledge

Experienced auditors and auditors in a managerial position with responsibilities related to maintaining firm quality control

Credit Types

CPE – Auditing