Quality Management Webcast Series

SQMS No. 2, Engagement Quality Reviews, sets out requirements and guidance for firms to conduct an engagement quality (EQ) review. The standard also addresses the qualifications, eligibility, responsibilities, and appointment of an EQ reviewer.

The predecessor standard, SQCS No. 8, combined quality control policies with the engagement quality control review. SQMS No. 2 was issued separately to highlight the importance of the EQ review within a firm’s system of quality management.

SQMS No. 2 formalizes and strengthens the review process through clarified guidance and enhanced documentation requirements. It also distinguishes the responsibilities of the firm from those of the EQR reviewer, ensuring greater accountability and transparency.

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Key Topics

• Overview of engagement quality reviews and the firm’s responsibilities
• Requirements for engagement quality reviews and appointing reviewers contained in SQMS No. 1
• Timing of engagement quality reviews
• Performing an engagement quality review
• Considerations for sole practitioners

Learning Outcomes

• Recall the requirements of SQMS No. 1 and SQMS No. 2 related to engagement quality reviews.
• Recall the purpose for an engagement quality review and how the review enhances firm quality.
• Identify considerations for sole practitioners.

Who Will Benefit

• Sole proprietors of audit and assurance firms
• Responsible partners and staff at small- and medium-sized audit and assurance firms
• Engagement quality reviewers

Other webcasts on Quality Management that may interest you:

• Quality Management: My System is Set Up -- Now What?
• Quality Management: Performing a Root Cause Analysis

With the design and implementation of your firm’s system of quality management complete, the firm now focuses on operating, maintaining, and continuously improving that system.

This webcast explores the ongoing post-implementation requirements of SQMS No. 1, including:

• Understanding engagement performance responsibilities
• Performing and documenting monitoring activities
• Identifying and evaluating findings and deficiencies
• Implementing, evaluating, and tracking remediation
• Conducting the required annual evaluation of the system and periodic performance evaluations of those assigned ultimate and operational responsibility for the system

Learn how to keep your firm’s system responsive, current, and effective in maintaining and promoting quality.

PCPS members save 20%:

A promo code is required during checkout to receive the discounted price. Promo codes and other PCPS discount information can be found here

Key Topics

• Additional ongoing requirements of SQMS NO. 1
• Monitoring and remediation requirements
• Identifying, evaluating, and responding to findings and deficiencies
• The required annual evaluation of the system of quality management
• Evaluating the performance of those with responsibilities
• Considerations for firms in a network
• Sole practitioner and small firm guidance

Learning Outcomes

• Determine the requirements of SQMS No. 1 that apply to the firm’s fully designed and implemented system of quality management.
• Recall the importance of the monitoring and remediation process and ways to design, perform, and improve through its application.
• Recognize the responsibilities of professional staff for the established system of quality management.
• Compare the application of requirements for sole proprietors and for firms with additional professionals.

Who Will Benefit

• Sole proprietors of audit and assurance firms
• Responsible partners and staff at small- and medium-sized audit and assurance firms

Other webcasts on Quality Management that may interest you:

• Quality Management: Performing a Root Cause Analysis
• Quality Management: Engagement Quality Reviews

Root cause analysis is a powerful tool for understanding why quality issues arise, and for preventing them from recurring.

This webcast examines the principles and objectives of a root cause analysis and how it aligns with SQMS No. 1’s focus on continual improvement.

Learn practical approaches for:

• Identifying underlying causes of findings and deficiencies
• Evaluating contributing factors
• Implementing meaningful corrective actions

We’ll also explore how this process can help firms of all sizes to:

• Enhance audit quality
• Strengthen remediation activities
• Foster a culture of proactive problem-solving

PCPS members save 20%:

A promo code is required during checkout to receive the discounted price. Promo codes and other PCPS discount information can be found here

Key Topics

• Broad discussion of root cause analysis, including what a root cause analysis is, how it works, and why it is understood to be an effective tool
• The requirements of SQMS No. 1 (QM section 10) regarding root cause analysis
• Applying the discussed steps of a proper root cause analysis in a real-world scenario
• Documentation considerations for root cause analysis

Learning Outcomes

• Apply the requirements of SQMS No. 1 applicable to monitoring and remediation.
• Determine the purpose and key features of a root cause analysis.
• Analyze the steps in a proper root cause analysis.
• Apply the requirements of SQMS No. 1 and the root cause analysis process to example findings.

Who Will Benefit

• Sole proprietors of audit and assurance firms
• Responsible partners and staff at small- and medium-sized audit and assurance firms

Other webcasts on Quality Management that may interest you:

• Quality Management: My System is Set Up -- Now What?
• Quality Management: Engagement Quality Reviews

With firms now operating under their newly designed and implemented systems of quality management, the next major question is often: What will peer reviewers be looking for?

This webcast provides a practical look at how a firm’s system of quality management may be viewed in the peer review process as the profession transitions into the first cycle of QM-informed reviews.

This session is designed for firms, especially sole practitioners and small- and medium-sized firms, that want to better understand how their system may be evaluated and where they should focus their attention now.

You’ll explore likely areas of focus in an early QM-era review, including:

• Documentation, monitoring and remediation activities
• The identification and evaluation of findings and deficiencies
• How firms can distinguish between isolated issues and matters that may indicate a broader problem in the system

The session will also discuss practical considerations for firms that are still refining their QM processes in real time.

Because the first wave of reviews will naturally surface new questions and practice issues, this webcast is intentionally framed around current expectations, likely areas of focus, and practical readiness.

Key Topics

• Early peer review readiness under the quality management standards
• What peer reviewers may focus on in the first cycle of QM-informed reviews
• A review of peer reviewer checklists that will be applied during the firm’s review
• Distinguishing isolated issues from broader quality management concerns
• Practical readiness considerations for sole practitioners and small- and medium-sized firms
• Current expectations, emerging questions, and what may evolve as practice develops

Learning Outcomes

• Identify the areas of a firm’s system of quality management that are likely to receive early attention in the peer review process.
• Recognize how findings and deficiencies may be evaluated in the context of a firm’s overall system of quality management.
• Analyze practical steps firms can take now to improve readiness for an initial QM-era peer review. 

Who Will Benefit

• Sole proprietors of audit and assurance firms
• Responsible partners and staff at small- and medium-sized audit and assurance firms
• Individuals assigned ultimate or operational responsibility for the firm’s system of quality management
• Firm personnel involved in monitoring, remediation, and annual evaluation activities
• Practitioners who want to better understand how their QM system may be evaluated in peer review