To help firms prepare for the Dec. 15 deadline, the AICPA has updated its quality management resources. The revised Quality Management Practice Aid introduces several key enhancements. It expands the discussion of SQMS No. 1’s objectives and requirements, including the assignment of ultimate responsibility for the QM system and special considerations for sole practitioners. It also provides a deeper look at the eight components of a quality management system, highlighting new and enhanced requirements, implementation differences for smaller firms, and practical tools such as risk libraries and documentation templates.
In addition, the practice aid details the requirements for evaluating a firm’s QM system, clarifying timing, responsibilities, and considerations for sole practitioners, and expands guidance on documentation, emphasizing what must be captured, how it may be presented, and approaches for firms of varying sizes. The AICPA also released a second resource—The Monitoring and Remediation Process for a Firm’s System of Quality Management—which outlines requirements, provides application guidance, and offers tips to help firms design, implement, and continuously improve their monitoring and remediation process.
SCACPA is excited to partner with Galasso Learning Solutions and the Genuine Learning Blog for real-time A&A updates and answers for SCACPA members.
Jaclyn Veno, CPA, holds both a bachelor’s and a master’s degree in accounting from Clemson University. Before joining Galasso Learning Solutions, she held previous positions in auditing with two top 10 CPA firms. Jaclyn has extensive experience developing both staff and interns including working with overseas staff. She holds certificates in adult learning, instructional design, and training & facilitation as well as virtual learning theory from the Association for Talent Development (ATD).
