SQMS No. 1, A Firm’s System of Quality Management, requires a firm to design, implement and operate a system of quality management that is customized for the nature and circumstances of its accounting and auditing practice. It consists of
Eight components that operate in an iterative and integrated manner.
Other requirements that address the roles and responsibilities for the system, leadership’s overall evaluation of the system, network requirements or network services and documentation.
SQMS No. 1 introduces a new