ACPEN: How to Develop Your System of Quality Management Using the AICPA Practice Aids

Overview

This course provides an overview of the Quality Management standards and the requirements under SQMS 1. The AICPA requires CPA firms with accounting and auditing practices to implement a system of quality management, including firms performing preparation and compilation engagements. While the objective is to improve quality within the profession, implementation may seem overwhelming. To assist, the AICPA has developed practice aids to guide firms through the development and documentation process.

In this webcast, Jeff walks through where to find the practice aids, how to use them, required documentation, use of the risk assessment template, and development of final documentation. Practical guidance is provided throughout to simplify implementation.

Highlights

• Overview of Quality Management standards
• Scope of SQMS 1
• Components of quality management
• Changes from prior standards
• AICPA practice aids
• Required documentation
• Risk assessment process
• Final documentation development

Prerequisites

Basic Accounting

Designed For

Accounting and auditing professionals responsible for implementing quality management

Objectives

After completing this course, participants will be able to:

• Describe the purpose of the Quality Management standards
• Identify components of a system of quality management
• Identify changes from prior standards
• Recognize requirements under SQMS 1
• Identify limitations and use of practice aids
• Recognize application of practice aids in risk assessment

Preparation

None