The AICPA’s new risk-based quality management standards are a significant change from current policies-based quality control standards for firms’ A&A practices. Systems of quality management in compliance with SQMS No. 1 are required to be designed and implemented by Dec. 15, 2025. The required evaluation of the system must be performed within one year following implementation. Although December 2025 may seem far away, it is important for firms to get started now. The first step is to review the new standards and understand how to perform the required risk assessment. An expert suggests ways to get started on identifying risks and responses.
Professional Insights
Quality management standards: How to identify risks and design responses
Sep 30, 2023 · 1 min read
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