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Course Details

Course Information
  • smart_display Format

    On-Demand

  • signal_cellular_alt Difficulty Level

    Intermediate

  • work Practice Area

    Accounting

Date & Time
  • event Date

    Wednesday, July 24, 2024

  • schedule Time

    1:00 p.m. ET./10:00 a.m. PT

  • timer Program Length

    110 minutes

Credit Information

  • BARBRI is a NASBA CPE sponsor and this 110-minute webinar is accredited for 2.0 CPE credits.

$197.00
CPE
ALL

This webinar will address the requirements of the AICPA's Auditing Standards Boards' new quality management standards. Our panel of CPAs will review the components of the latest standards, explain how the requirements vary based on the size and type of engagement, and provide recommendations for establishing an effective quality management system.

Faculty

Duane M. Reyhl
Partner
Andrews Hooper Pavlik, PLC

In addition to his work supervising and performing audit and accounting engagements, Mr. Reyhl authored an AICPA self-study peer review course. He has 38 years of accounting experience, including six years as technical director for the California Society of CPAs' peer review program.

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Marcy Johnson
Managing Director
Grant Thornton

Ms. Johnson is the Managing Director, National Audit Quality and Risk at Grant Thornton LLP (US). 

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Description

The scope of the AICPA's new Quality Management Standards is far-reaching. The standards require the creation and implementation of a new quality management system and impact all attestation engagements (audits, compilations, reviews, examinations, performance audits, agreed-upon procedures, etc).

The Quality Management Standards include four new standards, each designed to enhance the quality of CPA firms' audits:

  1. SQMS (Statement on Quality Management Standards) No. 1, A Firm's System of Quality Management
  2. SQMS No. 2, Engagement Quality Reviews
  3. Statement on Auditing Standards (SAS) No. 146, Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards
  4. 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

The most notable change is the requirement contained in SQMS 1 to establish a monitoring program resulting in an annual evaluation of a CPA firm’s system of quality management over its auditing and attest services. This system must be in place by December 15, 2025.

Implementation of the standards is imminent; they are effective for engagements with periods beginning on or after Dec. 15, 2025, with earlier implementation encouraged. Specific to SQMS 1, firms are required to design and implement a customized system of quality management by December 15, 2025, with its first evaluation completed within one year. Auditing and accounting professionals must understand the new guidelines and how to implement the new standards effectively.

Listen as our panel of accounting professionals explains the content of the new quality management standards and offers advice on expeditiously establishing a compliant and effective system.

Outline

  1. New AICPA Quality Management Standards: introduction
  2. SQMS No. 1 - A Firm's System of Quality Management
  3. SQMS No. 2 - Engagement Quality Reviews
  4. SAS No. 146 - Quality Management for an Engagement Conducted in Accordance with GAAS
  5. SSARS No. 26 - Quality Management for an Engagement Conducted in Accordance with SSARS
  6. Recommendations to facilitate implementation of a new quality management system

Benefits

The panel will cover these and other critical issues:

  • Identifying an engagement partner and a quality control reviewer
  • Scaling audit risk procedures based on the nature of an engagement
  • Tips for effectively implementing a compliant and effective quality management system
  • Documenting the system of quality management
  • Monitoring and annual evaluation requirements

NASBA Details

Learning Objectives

After completing this course, you will be able to:

  • Determine steps to facilitate the transition to the new quality management system
  • Decide how risk methodology can be appropriately scaled under the new standards
  • Ascertain qualifications of the engagement quality reviewer
  • Identify key components of the AICPA's new quality management standards

  • Field of Study: Auditing
  • Level of Knowledge: Intermediate
  • Advance Preparation: None
  • Teaching Method: Seminar/Lecture
  • Delivery Method: Group-Internet (via computer)
  • Attendance Monitoring Method: Attendance is monitored electronically via a participant's PIN and through a series of attendance verification prompts displayed throughout the program
  • Prerequisite: Three years+ business or public firm experience, preparing reviewed, compiled, and audited financial statements and the relative disclosures. Specific knowledge and understanding of GAAP, SSARS, and peer review policies.

Strafford Publications, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of Accountancy have final authority on the acceptance of individual courses for CPE Credits. Complaints regarding registered sponsons may be submitted to NASBA through its website: www.nasbaregistry.org.