This week, we continue our discussion of the AICPA’s proposed changes to Quality Management. SQMS 2 addresses the role and responsibilities of the engagement quality reviewer. We will look at the proposal, including the proposed cooling off period and qualifications to give you an overview of the proposed standard.
Call to Action: What impact will this proposal have on your current system of quality?
Exposure Draft Link: https://www.aicpa.org/content/dam/aicpa/research/exposuredrafts/accountingandauditing/downloadabledocuments/20210204a/20210204a-quality-mgmt-ed.pdf
You can find “Quality Management Proposal (Part 1)” by clicking here or visiting SCACPA’s A&A Topics Blog.