Description
The scope of the AICPA's new Statements on Quality Management Standards (SQMS) is far-reaching. The standards require the creation and implementation of a new quality management system and impact all attestation engagements (audits, compilations, reviews, etc.).
The Quality Management Standards include four new standards, each designed to enhance the quality of CPA firms' attestation engagements:
- SQMS No. 1, A Firm's System of Quality Management
- SQMS No. 2, Engagement Quality Reviews
- Statement on Auditing Standards (SAS) No. 146, Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards
- Statement on Standards for Accounting and Review Services (SSARS) No. 26, Quality Management for an Engagement Conducted in Accordance with Statements on Standards for Accounting and Review Services
The most notable shift under SQMS 1 is the requirement for firms to design and implement a system of quality management by December 15, 2025. This includes establishing a monitoring process that results in an annual evaluation of the system covering audit and attest services.
The deadline is fast approaching. The standards apply to engagements with periods beginning on or after December 15, 2025, though earlier adoption is encouraged. Firms must understand the new requirements and take steps now to ensure effective implementation.
Listen as our expert panel of accounting professionals explains the content of the new quality management standards and offers practical advice on expeditiously establishing a compliant and effective system.
-
BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.
Date + Time
- event
Monday, August 11, 2025
- schedule
1:00 p.m. ET./10:00 a.m. PT
I. Introduction to the New AICPA Quality Management Standards
II. The firm’s risk assessment process – SQMS No.1
III. Developing quality responses
IV. The role of the Engagement Quality Reviewer- SQMS No. 2
V. On-going monitoring
VI. Practical examples to facilitate the implementation
The panel will cover the top 20 frequently asked questions related to the AICPA’s new quality management standards. Some of the topics to be addressed are:
- Understanding the key changes introduced by the new standards
- Common challenges and pitfalls of firms during implementation
- Scaling your firm’s system based on size, complexity, and types of engagements
- Practical tips for effectively implementing a compliant and effective quality management system
- Documenting the system of quality management and use of technology
- Monitoring and annual evaluation requirements
- Case studies of firms who have implemented a new system of quality management
Learning Objectives
After completing this course, you will be able to:
- Determine steps to facilitate the transition to the new quality management system
- Decide how risk methodology can be appropriately scaled under the new standards
- Ascertain qualifications of the engagement quality reviewer
- Identify key components of the AICPA's new quality management standards
- Field of Study: Accounting
- Level of Knowledge: Intermediate
- Advance Preparation: None
- Teaching Method: Seminar/Lecture
- Delivery Method: Group-Internet (via computer)
- Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
- Prerequisite:
Three years+ business or public firm experience, preparing reviewed, compiled, and audited financial statements and the relative disclosures. Specific knowledge and understanding of GAAP, SSARS, and peer review policies.
Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.
BARBRI CE webinars â powered by Strafford â are backed by our 100% unconditional money-back guarantee: If you are not satisï¬ed with any of our products, simply let us know and get a full refund. Contact us at 1-800-926-7926 .
