New Quality Management Standards: What's New for Firms' Monitoring and Remediation Processes

Overview

Boost quality management through improved processes (bold)

With an emphasis on more proactive and continual improvement, the monitoring and enforcement of quality management (QM) systems for audit and accounting practices have changed.

The revised QM standards take a proactive approach to quality management, with an increased emphasis on monitoring, remediation and improvement. Firms are now required to evaluate their system and annually conclude on its effectiveness.

Third in a four-part webcast series (bold)

This is the third webcast in a four-part series on the Auditing Standard Board’s (ASB) new quality management standards. In this webcast, you’ll take a deep dive into the monitoring and remediation component of the ASB’s Statement on Quality Management Standards (SQMS) No. 1, A Firm’s System of Quality Management (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. 13, 2022, at 2:00pm ET.

Objectives

• Recognize the changes to quality management standards and why they were implemented.
• Identify the changes to monitoring and remediation.
• Analyze how deficiencies are identified and learn how to evaluate their severity.
• Assess the obligation to annually evaluate and conclude on the effectiveness of the QM system.

Highlights