Implementation of the AICPA Quality Management Standards
Registration is Open
Overview:
In June 2022, the AICPA Auditing Standards Board (ASB) issued three interrelated standards on quality management (collectively, the QM standards). The new QM standards represent a significant change in how CPA firms will approach audit and attestation quality in the future, moving from a policies-based approach to a risk-based approach. The new standards will affect every firm that performs engagements in accordance with the SASs, SSARSs and SSAEs. Implementation of these new standards is required by Dec. 15, 2025.
The key changes brought about by the new standards are:·
- New risk-based approach, incorporating a risk assessment process driving firms to focus on quality management tailored to their circumstances
- · Revised components of the system of quality management — two new components, including information and communication
- · More robust leadership and governance requirements
- · Enhanced monitoring and remediation processes
- · New requirements for networks and service providers
The new standards require firms to determine their quality management risks; to determine the root cause for the identified risks; and to develop responses to eliminate the identified risks and avoid engagement non-performance
Objectives:
- Provide an overview of the new standards
- Provide guidance and examples of how to Implement the new standards.
- Provide guidance on how to determine the root cause of quality risks.
- Provide guidance on how to develop responses to the Identified quality risks
- Review documentation requirements for implementation end evaluation of the firm’s system of quality management.
Presenters:
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Eugene Ristaino, CPA/ABV/CFF, MST
Gene Ristaino is the owner of Ristiano & Company and currently provides valuation services for private companies, along with accounting and auditing consultation and technical reviews for small and medium-sized CPA firms. His expertise includes consulting services for real estate developers and construction contractors in project costing and analysis, cost certification, claim support and...
Read more about Eugene Ristaino here
Presenters:
Eugene Ristaino, CPA/ABV/CFF, MST
Gene Ristaino is the owner of Ristiano & Company and currently provides valuation services for private companies, along with accounting and auditing consultation and technical reviews for small and medium-sized CPA firms. His expertise includes consulting services for real estate developers and construction contractors in project costing and analysis, cost certification, claim support and...Read more about Eugene Ristaino hereMajor Topics:
HIGHLIGHTS:- Overview of the new standards, including discussion of relevant changes to existing quality control requirements.
- Implementation guidance for a risk-based approach to quality management that is customized to small and medium firms, including sole proprietors.
- Analysis and determination of root causes for quality risk determination.
- Examples of responses to identified quality risks.
- Guidance on approaches to monitoring and remediation.
Major Topics:
HIGHLIGHTS:- Overview of the new standards, including discussion of relevant changes to existing quality control requirements.
- Implementation guidance for a risk-based approach to quality management that is customized to small and medium firms, including sole proprietors.
- Analysis and determination of root causes for quality risk determination.
- Examples of responses to identified quality risks.
- Guidance on approaches to monitoring and remediation.