Surgent's Guide to the AICPA Quality Management Standards
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, Surgent McCoy Self Study
Marci Thomas, MHA, CPA, CGMA, licensed as a CPA in Georgia and North Carolina, is an author and nationally recognized speaker on various accounting and auditing topics to companies, nonprofits, CPA firms, and state societies of CPAs around the country. Marci writes and teaches courses in governance, grants accounting, grant compliance, auditing, internal control and not-for-profit accounting. She is an adjunct professor in the School of Public Health at the University of North Carolina at Chapel Hill. She also works with numerous accounting firms, performing quality control and efficiency reviews; and with boards on strategic planning, internal control, and governance issues. Marci serves on the Not-for-Profit Committee for the North Carolina Association of CPAs. She is a frequent speaker at local, regional, and national conferences. Marci is an author of a book published by Jossey Bass in 2020, Health Care Financial Management. Her book Best of Boards: Sound Governance and Leadership for Nonprofit Organizations was published by the AICPA and Wiley Publishing in 2018, and is on its second printing. Marci received her Bachelor in Business Administration with a concentration in accounting from the Georgia State University and her Masters in Health Administration at the University of North Carolina at Chapel Hill.
Non-Member Price $139.00
Member Price $119.00