The AICPA has extended the comment period for the trio of Quality Management proposals from June 11, 2021 to August 31, 2021; likely due to the extended tax season and lots of other exciting happenings. They have also provided a few glossary documents that provide executive summaries about the proposals and a sample comment letter template for those who may not be comfortable with writing feedback from scratch. They are also hosting a series of round tables in May and June that are open to the public that will feature a summary of the proposed statements followed by a live Q&A. Each roundtable will offer up to 1.5 hours of CPE and be limited to no more than 50 participants.
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.