Guide to the AICPA Quality Management Standards (10:20AM-12:00PM)

Description

Over the past few years, the AICPA revamped the quality management standards by issuing Statement on Quality Management Standards 1, 2, and 3 (SQMS 1, SQMS 2, and SQMS 3, respectively), SSARS No. 26, and SAS 146, Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards (SAS 146). These standards, effective December 15, 2025, modernize quality management standards to reflect an increased focus on risk assessment, technology use, and the presence of outside experts on many engagements. With a risk-based approach, the standards enhance requirements for engagement quality reviews, encourage QMS monitoring, and focus on the entire system of quality control maintained by a firm. We will cover the key provisions of the standards, how to effectively implement them, and what you need to do today to prepare for the required implementation. The earlier your firm begins the transition, the better off you will be.

Highlights

  • Quality management standards
  • SSARS No. 26
  • SAS 146
  • Risk assessment and risk-based approaches to quality management
  • Audit engagement leadership
  • Managing technology and the use of external service providers

Objectives

  • Identify key provisions of SQMS 1, SQMS 2, and SQMS 3
  • Recall quality management provisions in SAS 146 and SSARS No. 26
  • Understand the role of firm leadership in establishing quality management standards
  • Recall the requirements for engagement quality reviews

Designed For

Auditors in public accounting in a partner, owner, or managerial role

Leaders

Jeffrey Lieman

Mr. Lieman currently heads his own consulting firm, Lieman Associates LLC, in Owings Mills, Maryland. He provides consulting services, contractual assistance services, and training to CPAs, their firms, and their clients. He is recognized nationally as a lecturer for various accounting, auditing, and technology topics and has been quoted in various trade journals. In 2016, he received the Surgent Outstanding Discussion Leader Award because of his consistently high evaluations for knowledge and presentation skills. Mr. Lieman's previous experience included serving as the chief financial examiner for the Maryland Insurance Administration and being a director for Ellin & Tucker, Chartered. He trained staff in many areas of accounting, administration, and consulting. He also served as a senior manager and national trainer with KPMG in Baltimore, Maryland where he developed training materials for staff and instructors. He was elected Chairman of the Year by the Maryland Association of CPAs for chairmanship of the Computer Resources Committee.