This memorandum provides background to the following three standards for quality management at the firm and engagement levels (collectively, the proposed QM standards):
Proposed Statement on Quality Management Standards (SQMS), A Firm’s System of Quality Management
Proposed SQMS, Engagement Quality Reviews
Proposed Statement on Auditing Standards Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards (QM SAS)
The memorandum also discusses the IAASB Quality Management Project, the PCAOB Quality Control Project, convergence, and the fundamental aspects