Firms were required to have established their system of quality management (SQM) in accordance with the Quality Management (QM) standards (mainly QM 10, A Firm’s System of Quality Management) by December 15, 2025 and should be operating the new SQM in 2026. In our previous report, we discussed how firms can prepare for their first peer review under the QM standards. Part of this preparation includes reviewing the peer review checklists.
Since the release of that report, the peer