Rising audit deficiency rates and deficiencies in firms’ system of quality management as noted in inspections have resulted in the issuance of new quality management standards around the world. For accounting firms in the U.S., this means they must comply with the requirements of SQMS 1, A Firm’s System of Quality Management by December 15, 2025. Do you remember the effort required by public companies in the U.S. when first implementing the requirements of the Sarbanes-Oxley Act (SOX)? Well, we believe a similar level of effort will be required of firms implementing SQMS 1! A properly functioning system of quality management (SOQM) should provide the firm with reasonable assurance that the work performed by engagement personnel meet applicable professional standards, regulatory requirements, and the firm’s standards of quality. This CPE-eligible (1.0 CPE) eLearning course begins with a discussion on the importance of audit quality and why new quality management standards were needed. It then provides an overview of the firm’s SOQM, walking through each of the eight components of a firm’s SOQM including: -Establishing quality objectives -Identifying and assessing quality risks; and -Designing and implementing responses. Finally, we discuss the monitoring and remediation component, as well as the requirements for firms to evaluate their SOQM. According the Chief Auditor of the AICPA, “Quality management is critical to the delivery of high-quality services by CPAs and is the cornerstone of meeting our public interest objective.” We couldn’t agree more. Start your journey today by registering for this eLearning course to improve the quality of your audits and reduce engagement deficiencies!