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Resources from the AICPA’s Enhancing Audit Quality (EAQ) Initiative

July 2nd, 2024 | Audit & Assurance | Peer Review | Small & Midsize Businesses
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Quality Management

The effective date of the new quality management standards continues to quickly approach. Recall that a firm’s system of quality management must be operational by December 15, 2025; therefore, firms will need to have identified and understood their firm’s individual risks and have implemented the appropriate risk responses. Additionally, SQMS No. 1 requires firm leadership to evaluate whether the firm is meeting its quality objectives, with the first evaluation due by December 15, 2026. Be sure to take advantage of the AICPA resources on implementing the Statements on Quality Management Standards, including:
  • A free AICPA interactive practice aid, Establishing and Maintaining a System of Quality Management for a CPA Firm’s Accounting and Auditing Practice available for both sole practitioner firms or small- to medium-sized firms. A free companion risk-and-response library tool is also available.
  • A free AICPA checklist, “Ready for the new quality management standards?” to help identify key steps and helpful resources to implementing the quality management standards by their effective date.
  • A free AICPA comparison of changes, “Quality Management Standards: What’s Changing and What You Should Be Doing Now” to bridge the Quality Control and the Quality Management standards.
  • A free AICPA executive summary of SQMS Nos. 1 – 2 and SAS No. 146.
Further, the Journal of Accountancy has a series of articles covering various aspects for consideration when implementing your quality management system.
If you have any questions regarding peer review quality management, please reach out to our Peer Review experts at maner@manercpa.com or by calling us at 517-323-7500.