Quality Management: My System is Set Up -- Now What? - Society of Louisiana Certified Public Accountants

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Overview

The deadline for finalizing the design and the implementation of your firm’s system of quality management has passed. Review the remaining requirements of SQMS No. 1 and what’s in store for your system.

Highlights

Additional ongoing requirements of SQMS NO. 1

Monitoring and remediation requirements

Identifying, evaluating, and responding to findings and deficiencies

The required annual evaluation of the system of quality management

Evaluating the performance of those with responsibilities

Considerations for firms in a network

Sole practitioner and small firm guidance

Prerequisites

‘- General understanding of the participant’s firm’s system of quality management.

Familiarity with SQMS No. 1 (QM section 10).

Designed For

Sole proprietors of audit and assurance firms

Responsible partners and staff at small- and medium-sized audit and assurance firms

Objectives

Determine the requirements of SQMS No. 1 that apply to the firm's fully designed and implemented system of quality management.
Recall the importance of the monitoring and remediation process and ways to design, perform, and improve through its application.
Recognize the responsibilities of professional staff for the established system of quality management.
Compare the application of requirements for sole proprietors and for firms with additional professionals.