Quality Management Standards (SQM)
New Quality Management Standards
The Statement on Quality Management Nos. 1 and 2 mandates that any firm involved in SSARS, SAS, or SSAE engagements must develop and implement a system of quality management (SQM) by December 15, 2025. To support firms in navigating these new standards and implementing them effectively, ISCPA has gathered a collection of valuable resources, including courses, podcasts, articles, and templates. Explore these resources below.
- AICPA resources (may require membership)
- SQMS 1 Responsibilities and Understanding the Firm (XLSX template)
- Quality management: Details of a standard-setting journey (podcast)
Journal of Accountancy - How the new QM standards may affect peer review
Journal of Accountancy - Engagement quality reviews: What auditors should know
Journal of Accountancy - New SSAE caps standards related to quality management
Journal of Accountancy - Firm checklist to guide your quality management system (free AICPA account required to access).
- Mapping between SQMS No. 1 and SQCS No. 8 (free AICPA account required to access).
- AICPA board approves update to peer review standards, Journal of Accountancy
Quality Management Standards Education
Avoiding Deficiencies in Peer Reviews: Focus on Engagement Quality
August 14 | 7:30-11:30 a.m. CDT | Live Virtual Seminar | 4 hrs CPE
With increased scrutiny on audit quality and peer review outcomes, this course offers essential guidance for auditors navigating evolving standards. Learn how to improve audit quality, meet documentation requirements, and implement the revised risk assessment standards (SAS 145). The course will cover common peer review findings, key areas of audit deficiencies, and best practices for addressing them. It also includes an overview of the new Quality Management Standards (QMS) and what firms need to do to comply by the 2025 deadline. Gain practical tools to strengthen your audits and enhance your firm’s compliance and reputation.
Guide to the AICPA Quality Management Standards
August 14 | Noon-2 p.m. CDT | Live Virtual Seminar | 2 hrs CPE
Get ready for the upcoming implementation deadline of the AICPA’s Quality Management Standards and related guidance, including SAS 146, SSARS No. 26, and SSAE 23. This course goes beyond theory to show you how to apply the new requirements in practice. Learn how to conduct a risk assessment, develop a robust Quality Management document, and implement an effective monitoring plan. With a focus on proactive quality management, this course will help your firm meet the December 15, 2025 deadline and prepare for ongoing evaluation starting in 2026.
Current Issues in Accounting and Auditing: An Annual Update
Dec. 17 | 7:30-11:30 a.m. CDT | Live Virtual Seminar | 4 hrs CPE
Designed for accounting, auditing, and attestation practitioners at all levels in public accounting and business and industry, this course provides a detailed review of the multitude of FASB and AICPA standards and reports. Through hands-on examples and illustrations, this course will help you apply the guidance in practice. We further discuss other important A&A practice matters to be aware of, including an update on the quality management standards and requirements for engagement quality reviews.