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Implementing the New Quality Management Standards: FAQs

Nov 20, 2024 · 293.9 KB Download

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Firms must have a risk-based system of quality management (SOQM) for their accounting and auditing practices in place by December 15, 2025. That SOQM must be in line with the new quality management (QM) standards. Those interrelated standards are comprised of:

  • Statement on Quality Management Standards (SQMS) No. 1, A Firm's System of Quality Management

    • Codified in QM 10 (same title)

  • SQMS No. 2, Engagement Quality Reviews

    • Codified in QM 20 (same title)

  • Statement on Auditing Standards (SAS) No. 146,

Download the CPEA Report - November 2024 - Implementing the New Quality Management Standards - Frequently Asked Questions

File name: CPEA-Report-November-2024-Implementing-the-New-Quality-Management-Standards-Frequently-Asked-Questions.pdf

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Audit & Assurance
Firm Practice Management

Subtopics

Center for Plain English Accounting
Quality Management
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