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Meeting the AICPA Quality Management Standards: What Firms Need to Know

The New AICPA Quality Management Standards Take Effect December 15, 2025: Prepare Now to Make Sure Your Firm is Ready

The AICPA's new Quality Management (QM) Standards require firms to establish and document a system of quality management by December 15, 2025. This requirement is not satisfied with a quality control document that was put in place prior to a firm's implementation of the new quality management standards.

Firms subject to an engagement review: Firms conducting only engagements under Statements on Standards for Accounting and Review Services (SSARS) or Statements on Standards for Attestation Engagements (SSAEs) other than examinations will not be subject to an assessment of their quality control document as part of the peer review process. However, AICPA membership includes a requirement to have a quality management document for firms with an A & A practice. Additionally, SSARS and SSAE require firms to have a system of quality management. Therefore, firms must conform to QM Standards, which include a requirement to assess risks and document policies related to quality management.

Firms subject to a system review: Those firms that perform audits or examinations under the Statements on Standards for Attestation Engagements (SSAEs) will be required to have a system of quality management in place for peer reviews with a year end after December 15, 2025. Their peer review will include an assessment of their quality management document.

Your quality management document, along with other information, should cover the following areas:

  • Risk assessment process
  • Governance and leadership
  • Relevant ethical requirements
  • Acceptance and continuance of client relationships and specific engagements
  • Engagement performance
  • Resources
  • Information and communication
  • Monitoring and remediation processes
     

Take Action: Conduct a Risk Assessment


The CTCPA Peer Review Committee strongly advises firms to complete an initial risk assessment as soon as possible. Firms may want or need to revise their initial quality management document, the standard emphasizes continuous evaluation and improvement, allowing for refinements over time.  Changes in a firm’s quality objectives or risks should be incorporated into the system of quality management on a timely basis when identified. 

Visit the AICPA's Quality Management web page for resources and information for launching or updating your quality management system.

Have questions about your peer review or the new standards? Please contact Peer Review Administrator Lynette Lindner at lynettel@ctcpas.org or 860-259-1062. 

Available Resources

Webcast
 

Setting a New Standard for Quality: Practical Guidance to Implement the AICPA's New Quality Management Standards
This program will help you understand the new Quality Management Standards, provide practical guidance for adoption, and respond to the requirements of the new Quality Management Standards.

CPE Self-Study
 

Understanding and Implementing the New Quality Management Standards
Enhance your understanding of risk assessment and quality management to implement effective quality management systems for your firm’s A&A practice.

The AICPA's New Quality Management Standards-Key Changes & Implementation Challenges: Accounting, Auditing & Financial Reporting Conference
This session will provide an overview of the new AICPA Quality Management Standards, highlight the key changes, present resources, and discuss implementation challenges and issues to address.

CTCPA Town Hall Meeting Recording

The New Quality Management Standards
Watch the recording of the December 2024 CTCPA Town Hall Meeting, where Jim Brackens, CPA, CGMA, Vice President of Ethics and Practice Quality at the AICPA and Michael L. Brand, CPA, CGMA, a partner with Johnson, Feigley, Newton & Brand, joined CTCPA Executive Director and CEO Bonnie Stewart to talk about the big changes – and how you should be preparing now to comply.