New Quality Management Standards: All You Need to Know About the Firm's Risk Assessment Process
Learn about SQMS No. 1 and understand the new risk-based approach to quality management (QM), with emphasis on creating processes tailored to your firm's needs for its A&A practice.
NASBA Field of Study
Jeffrey Rapaglia, Sherry Chesser, Alan Long
Create a robust QM system based upon your firm's needs
Recently issued Statement on Quality Management Standards (SQMS) No. 1, A Firm's System of Quality Management, changes how quality management is approached, with emphasis on creating processes and policies tailored to your firm's needs. The new risk assessment process is a key component to identifying and evaluating the likelihood and potential impact of various risks to your firm.
The revised QM standards are designed to emphasize firm leadership's responsibility for proactively managing quality, strengthening a firm's monitoring and remediation processes, and advancing the ability of the firm to tailor its system of quality management to their circumstances. The first step in the path to success in implementing these new standards is understanding them.
First in a four-part webcast series
This is the first webcast in a four-part series on the Auditing Standard Board's (ASB) new quality management standards.
Starting with the risk assessment process, you'll dive into the components of the ASB's SQMS No. 1. Attendance in each webcast in this four-part series will earn you one CPE credit. You can participate in one or all based on your interest in the topics. A rebroadcast of this webcast is scheduled for Dec. 6, 2022, at 2pm ET.
- Quality management
- Peer review
- Risk assessment
- Identify the steps to perform a quality risk assessment.
- Differentiate the components of QM systems.
- Formulate a firm's risk assessment plan.
Who Will Benefit
- Peer reviewers
- QM directors
- AICPA members
Group ordering for your team
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