thriving quality management system for your firm’s A&A practice, your resources need to be allocated properly. Get valuable actionable insights. New Quality Management Standards: What’s New for Firms’ Monitoring and Remediation Processes — Statement on Quality Management Standards No. 1 requires firms to perform enhanced monitoring and remediation activities. Start now by learning what you need to know to comply with the new standards. New Quality Management Standards: Bringing It All Together—Exploring All Components of a Quality Management System — The newly issued Statement on Quality Management Standards No. 1 requires firms to design, implement, and operate a new quality control system by Dec. 15, 2025. New Quality Management Standards: A Practical Approach to Risk Assessment and Response — Learn about SQMS No. 1 and understand the new risk-based approach to quality management, with emphasis on creating processes tailored to your firm’s needs for its A&A practice. NOTE: This article is updated and adapted from an article in the Journal of Accountancy, November 2023, published by AICPA & CIMA, together as the Association of International Certified Public Accountants. CLASSIFIED AD Nebraska Practices for Sale: Gross Shown: NEW $195K Bellevue, NE EA Tax Practice. NEW $185K North Central NE CPA Practice. For more information Call (800) 397-0249 or visit www.APS.net THINKING OF SELLING? Accounting Practice Sales is the leading marketer of accounting and tax practices in North America. To learn more about our risk-free & confidential services, call Trent Holmes at (800) 397-0249 or email trent@apsholmesgroup.com. » Provides guidance on differentiating between a resource and an information source. » SQMS No. 3 is effective concurrently with the effective dates provided in QM sections 10 and 20. To access the statement, scan the QR code. Statement on Auditing Standards (SAS) No. 146, Quality Management for an Engagement Conducted in Accordance With Generally Accepted Auditing Standards, focuses on quality management for audits at the engagement level, including the engagement partner’s responsibility for managing engagements to achieve quality, and the importance of quality to all members of the engagement team. To access the statements, scan the QR code. Statement on Standards for Accounting and Review Services (SSARS) No. 26, Quality Management for an Engagement Conducted in Accordance With Statements on Standards for Accounting and Review Services, amends the SSARSs to conform with SQMS Nos. 1 and 2. To access the statement, scan the QR code. Statement on Standards for Attestation Engagements (SSAE) No. 23, Amendments to the Attestation Standards for Consistency With the Issuance of AICPA Standards on Quality Management, amends the SSAEs to conform with SQMS Nos. 1 and 2. To access the statement, scan the QR code. Other significant changes include two new components of systems of quality management (the risk assessment process and the information and communication component), more robust requirements for leadership and governance, enhanced monitoring and remediation processes, and new requirements for networks and service providers. LEARNING RESOURCES You will find numerous webcasts regarding the new quality management standards offered through the Nebraska Society of CPAs website at www.nescpa.org/cpe. Here’s a list of the AICPA courses available through the NESCPA: New Quality Management Standards: Resources— Expectations for Firms and Engagement Partners — In a https://www.aicpa-cima.com/ resources/download/aicpa-statementon-quality-management-standards-no-3 https://www.aicpa-cima.com/ resources/download/aicpa-statementon-auditing-standards-no-146 https://www.aicpa-cima.com/ resources/download/aicpa-statementon-standards-for-accounting-andreview-services-no-26 https://www.aicpa-cima.com/ resources/download/aicpa-statementon-standards-for-attestationengagements-no-23 21 nescpa.org
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