This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

AICPA’s proposed new quality management standards aim to enhance and maintain a CPA firm’s audit quality

  • US_AICPA Image

Feb 04, 2021

On February 4, 2021, the American Institute of CPAs’ (AICPA) Auditing Standards Board (ASB) issued the exposure draft (ED), "Proposed Quality Management Standards", that includes three interrelated standards that address the way CPA firms manage quality for their accounting and auditing practices. The standards offer a new proactive, risk-based approach to effective quality management systems within CPA firms, which will improve the scalability of the standards and promote a system tailored to the firm and its engagements.

The ED aligns with the International Auditing and Assurance Standards Board’s (IAASB) quality management standards. The proposed standards include changes such as using the terms quality management and engagement quality review instead of quality control and engagement quality control review, respectively, used in the current standards.

The three proposed standards are:

  • Proposed Statement on Quality Management Standards (SQMS) A Firm’s System of Quality Management
  • Proposed SQMS Engagement Quality Reviews
  • Proposed Statement on Auditing Standards (SAS) Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards

Review the press release and exposure draft on the AICPA's website.

Related Topics

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.