Description

The Quality Management Suite of Standards was required to be implemented by December 15, 2025. The standards modernize the firm’s approach to quality to reflect an increased focus on risk assessment, technology use, and the presence of outside experts on many engagements. Beginning with performing a risk-based approach, the standards provide accounting firms with the ability to enhance their quality control by shifting their focus to a proactive approach (management) from a reactive approach (control).

The results of the firm’s risk assessment will form the basis of its new Quality Management document. This is not just a tweak of the old document but a more robust document that adds new requirements from the new standards.

We will cover how to perform a risk assessment, including the key provisions of the standards, and how to effectively implement a monitoring plan. We will also review how the firm will evaluate its System of Quality Management beginning in 2026.

Instructor: Marci Thomas, CPA

Target Audience

Auditors in public accounting in a partner, owner, or managerial role

Course Objectives

Identify key provisions of SQMS 1, SQMS 2, and SQMS 3

Recall quality management provisions in SAS 146, SSARS No. 26, and SSAE 23

Understand the role of firm leadership in establishing quality management standards

Create a risk assessment

Draft the new QM document

Perform steps used in monitoring and the assessment of the firm’s System of Quality Management

Subjects

Quality management standards

SAS 146, SSARS No. 26, and SSAE 23

Risk assessment, which forms the basis of the SQM

Monitoring and evaluating the SQM

Prerequisites

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