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New AICPA Quality Management Standards: Implementing a Compliant and Effective Quality Management System

A live 110-minute CPE video webinar with interactive Q&A

This program is included with the Strafford CPE Pass. Click for more information.
This program is included with the Strafford CPE+ Pass. Click for more information.
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Wednesday, July 24, 2024

1:00pm-2:50pm EDT, 10:00am-11:50am PDT

Early Registration Discount Deadline, Friday, June 28, 2024

or call 1-800-926-7926

This webinar will address the requirements of the AICPA's Auditing Standards Boards' new quality management standards. Our panel of CPAs will review the components of the latest standards, explain how the requirements vary based on the size and type of engagement, and provide recommendations for establishing an effective quality management system.

Description

The scope of the AICPA's new Quality Management Standards is far-reaching. The standards require the creation and implementation of a new quality management system and impact all attestation engagements (compilations, reviews, examinations, performance audits, agreed-upon procedures, etc).

The Quality Management Standards include four new standards, each designed to enhance the quality of CPA firms' audits:

  1. SQMS (Statement on Quality Management Standards) No. 1, A Firm's System of Quality Management
  2. SQMS No. 2, Engagement Quality Reviews
  3. Statement on Auditing Standards (SAS) No. 146, Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards
  4. Statement on Standards for Accounting and Review Services (SSARS) No. 26, Quality Management for an Engagement Conducted in Accordance with Statements on Standards for Accounting and Review Services

The most notable change is the new required risk-based methodology contained in SQMS 1 for assessing audit risk.

Implementation of the standards is imminent; they are effective for engagements on or after Dec. 15, 2025, with earlier implementation encouraged. Auditing and accounting professionals must understand the new guidelines and how to implement the new standards effectively.

Listen as our panel of accounting professionals explains the content of the new quality management standards and offers advice on expeditiously establishing a compliant and effective system.

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Outline

  1. New AICPA Quality Management Standards: introduction
  2. SQMS No. 1 - A Firm's System of Quality Management
  3. SQMS No. 2 - Engagement Quality Reviews
  4. SAS No. 146 - Quality Management for an Engagement Conducted in Accordance with GAAS
  5. SSARS No. 26 - Quality Management for an Engagement Conducted in Accordance with SSARS
  6. Recommendations to facilitate implementation of a new quality management system

Benefits

The panel will cover these and other critical issues:

  • Identifying an engagement partner and a quality control reviewer
  • Scaling audit risk procedures based on the nature of an engagement
  • Tips for effectively implementing a compliant and effective quality management system
  • Documenting the system of quality management

Faculty

Reyhl, Duane
Duane M. Reyhl, CPA, CGMA

Partner
Andrews Hooper Pavlik

In addition to his work supervising and performing audit and accounting engagements, Mr. Reyhl authored an AICPA...  |  Read More

Additional faculty
to be announced.
Attend on July 24

Early Discount (through 06/28/24)

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Early Discount (through 06/28/24)

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