New Quality Management Standards: Resources - Expectations for Firms and Engagement Partners
1.00 Credits
Member Price $71
Non-Member Price $82
Overview
Leverage resources for optimal QM performance (bold)
Managing a firm’s resources to achieve the objectives of a quality management (QM) system involves planning, maintaining, scheduling, and allocating resources in ways that are best for each firm - but the system needs to use and leverage resources effectively.
In this webcast, you’ll gain a better understanding of how firms can design and operate their QM systems to appropriately manage resources - human, technological, intellectual, and financial. Managing resources is not only about the quantity available but also having the correct proportion of each resource to perform quality engagements.
These revised standards strengthen an engagement partner’s responsibilities for quality management at the engagement level and may positively change aspects of corporate culture.
Second in a four-part webcast series (bold)
This is the second webcast in a four-part series on the Auditing Standard Board’s (ASB) new quality management standards. You’ll take a deep dive into the resource component of the ASB’s Statement on Quality Management Standards (SQMS) No. 1, A Firm’s System of Quality Management (ital), and the engagement partner’s responsibility for resources under Statement on Auditing Standards (SAS) No. 146, Quality Management for Engagements Conducted in Accordance with Generally Accepted Auditing Standards (ital).
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. 8, 2022, at 2pm ET.
Highlights
Prerequisites
None
Designed For
CPAs peer reviewers QM Directors AICPA members auditors
Objectives
- Identify the four kinds of resources needed to maintain quality management systems.
- Recognize who is included and excluded on an engagement team.
- Distinguish between internal and external human resources.
- Recognize service providers and what they offer firms.
- Assess the engagement partner's responsibility for quality management at the engagement level.
Leader(s):
Leader Bios
Alan Long, AICPA
G. Alan Long, CPA, CITP, CGMA is the managing member at the Richmond, Ky., firm Baldwin CPAs, PLLC. Mr. Long is a 1979 graduate of Eastern Kentucky University in Richmond, where, in 2005, he was named Distinguished Alumnus of the College of Business and Technology. He earned his CPA certification in September 1981, the same year he joined the Kentucky Society of Certified Public Accountants (KYCPA). For more than 30 years, Mr. Long has actively served KYCPA and the profession in numerous roles and committee involvement including his work with the Peer Review program, for which he earned the Outstanding Committee Chair Award in 2003. He is a past-president of KYCPA. Mr. Long also is actively involved with the American Institute of CPAs (AICPA) Peer Review program, having completed in 2006 stints on the Oversight Task Force, which he had chaired in 2004 and 2005, and membership on the Peer Review Joint Task Force. Mr. Long also served as a Peer Review Board member from 2003 to 2005 and was re-appointed to the Peer Review Board in October, 2013. He was named to the Peer Review Board IT Task Force in September 2011. He also received an Outstanding Discussion Leader award from the AICPA in 2010 and 2011. Mr. Long was appointed to the Kentucky State Board of Accountancy in July, 2010 for a four year term that will end in June, 2014.
Sherry Chesser, Landmark, PLC Certified Public Accountants
Sherry Chesser, CPA is a member of Landmark PLC and focuses a majority of her time in the assurance and bond arbitrage practice areas, with industry experience in tax exempt debt compliance, employee benefit plans and nonprofit organizations. In addition, she serves on the management team of the firm and conducts peer reviews with a focus on peer reviews of benefit plans. She has over 30 years experience with public accounting firms providing tax and audit services to a broad base of clients, and served as a controller for a nonprofit organization. In 2015, she was appointed to the Arkansas State Board of Public Accountancy for a five year term and served her final year in 2020 as the president. She is committee member of NASBA’s Peer Review Compliance Committee, a committee member for Partners in Peer Review with Alabama as the Administrating Entity for several states including Arkansas, and a member of the AICPA’s Auditing Standards Board.
Non-Member Price $82
Member Price $71