Surgent's Guide to the AICPA Quality Management Standards
2.00 Credits
Member Price $99
Non-Member Price $119
Overview
With only a few months to go before the AICPA’s Statement on Quality Management Standards 1, 2, and 3 (SQMS 1, SQMS 2, and SQMS 3, respectively), SSARS No. 26, SAS 146, and SSAE 23 are required to be implemented, this course can help you meet the deadline. It focuses not simply on theory but on HOW to perform the steps involved.
The Quality Management Suite of Standards must be implemented by December 15, 2025. The standards modernize the firm’s approach to quality to reflect an increased focus on risk assessment, technology use, and the presence of outside experts on many engagements. Beginning with performing a risk-based approach, the standards provide accounting firms with the ability to enhance their quality control by shifting their focus to a proactive approach (management) from a reactive approach (control).
The results of the firm’s risk assessment will form the basis of its new Quality Management document. This is not just a tweak of the old document but a more robust document that adds new requirements from the new standards.
We will cover how to perform a risk assessment, including the key provisions of the standards, and how to effectively implement a monitoring plan. We will also review how the firm will evaluate its System of Quality Management beginning in 2026.
Highlights
- Quality management standards
- SAS 146, SSARS No. 26, and SSAE 23
- Risk assessment, which forms the basis of the SQM
- Monitoring and evaluating the SQM
Prerequisites
Experienced auditors and auditors in a managerial position with responsibilities related to maintaining firm quality control
Designed For
Auditors in public accounting in a partner, owner, or managerial role
Objectives
- Identify key provisions of SQMS 1, SQMS 2, and SQMS 3
- Recall quality management provisions in SAS 146, SSARS No. 26, and SSAE 23
- Understand the role of firm leadership in establishing quality management standards
- Create a risk assessment
- Draft the new QM document
- Perform steps used in monitoring and the assessment of the firm’s System of Quality Management
Preparation
None
Leader(s):
Leader Bios
Marci Thomas, Kaplan Financial Education
Marci Thomas, CPA, MHA, is an author and discussion leader for Loscalzo Associates Ltd. Ms. Thomas is a principal and director of quality control for Metcalf-Davis, a CPA firm in Atlanta. She is also a clinical assistant professor at the University of North Carolina at Chapel Hill where she teaches Healthcare Consulting, Governance and Internal Control. Ms. Thomas also works with accounting firms, performing quality control and efficiency reviews. She works with nonprofit boards on strategic planning and governance issues. From 1986 through 1999 and again in 2005, Ms. Thomas worked for Deloitte, primarily in the accounting and advisory services department. Most recently, she was Director in Deloitte Consulting in strategy and operations practice in the Atlanta office. Marci specializes in working with not-for-profit organizations including those in the healthcare and higher education arenas. In addition to those areas she is also a nationally recognized author and speaker on OMB Circular A-133 and Governance.
Non-Member Price $119
Member Price $99