The final blog in our QM series addresses the proposed audit standard. The audit standard assists the engagement team to understand their responsibilities on applying the system of quality management to an individual audit engagement. Comments are due June 11, 2021.
This week’s blog continues with the discussion of the AICPA’s proposed changes to Quality Management. SQMS 2 addresses the role and responsibilities of the engagement quality reviewer. We’ll look at the proposal including the proposed cooling off period and qualifications to give you an overview of the proposed standard.
The AICPA has issued three new proposals related to quality management. The new SQM Standards will replace the extant quality control (SQCS) and provide a more scalable and risk based QM methodology. This is the first of three blogs which will dive into the details of each proposal. This blog addresses A Firm’s System of Quality Management and the components of a system of quality management.
The International Auditing and Assurance Standards Board has issued a trio of international audit quality proposals. The proposals address risk assessment for firms to address quality objectives, new guidance on selection of quality reviewers and an update to ISA 220. Comments are due July 1, 2019.