New Quality Management Standards: Resources - Expectations for Firms and Engagement Partners

Overview

Leverage resources for optimal QM performance (bold)

Managing a firm’s resources to achieve the objectives of a quality management (QM) system involves planning, maintaining, scheduling, and allocating resources in ways that are best for each firm - but the system needs to use and leverage resources effectively.

In this webcast, you’ll gain a better understanding of how firms can design and operate their QM systems to appropriately manage resources - human, technological, intellectual, and financial. Managing resources is not only about the quantity available but also having the correct proportion of each resource to perform quality engagements.

These revised standards strengthen an engagement partner’s responsibilities for quality management at the engagement level and may positively change aspects of corporate culture.

Second in a four-part webcast series (bold)

This is the second webcast in a four-part series on the Auditing Standard Board’s (ASB) new quality management standards. You’ll take a deep dive into the resource component of the ASB’s Statement on Quality Management Standards (SQMS) No. 1, A Firm’s System of Quality Management (ital), and the engagement partner’s responsibility for resources under Statement on Auditing Standards (SAS) No. 146, Quality Management for Engagements Conducted in Accordance with Generally Accepted Auditing Standards (ital).

Attendance in each webcast in this four-part series will earn you one CPE credit. You can participate in one or all based on your interest in the topics. A rebroadcast of this webcast is scheduled for Dec. 8, 2022, at 2pm ET.

Objectives

• Identify the four kinds of resources needed to maintain quality management systems.
• Recognize who is included and excluded on an engagement team.
• Distinguish between internal and external human resources.
• Recognize service providers and what they offer firms.
• Assess the engagement partner's responsibility for quality management at the engagement level.

Highlights