Overview of SQMS 1: A Firm’s System of Quality Management (SOQM)
Description
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. This SQMS 1 CPE course gets you up to speed quickly on the requirements. It is easy to understand, has plenty of examples, and, with GAAP Dynamics, you know you'll have fun!
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. Therefore, this SQMS 1 CPE eLearning course (1.0 CPE) begins with a discussion on the importance of audit quality. Subsequently, it discusses why new quality management standards were needed. After that, it provides an overview of the firm’s SOQM. Finally, it walks through each of the eight components of a firm’s SOQM. This includes the following topics:
- 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.
In conclusion, the Chief Auditor of the AICPA states, “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 SQMS 1 CPE eLearning course to improve the quality of your audits and reduce engagement deficiencies!
Learning Objective(s): By the end of this course, you should be able to:
- Identify the components within a firm’s system of quality management
- Recall the requirements for firms set out in SQMS 1
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Learning Objective(s): By the end of this course, you should be able to:
- Identify the components within a firm’s system of quality management
- Recall the requirements for firms set out in QC 1000
Additional Information
| Last Updated | 12/01/2024 |
|---|---|
| CPE Credit | 1.5 |
| Field of Study | Auditing |
| Instructional Delivery Method | QAS Self Study |
| Knowledge Level | Overview |
| Prerequisites | None |
| Advanced Preparation | None |
| Expiration | This course, collection, or subscription expires one year from the date of purchase. The post-course assessment for each course must be satisfactorily completed, as evidenced by a passing grade of at least 70%, by the expiration date to be awarded any qualifying continuing professional education (CPE) credit. |
| Refund or Cancellation Policy | For more information regarding refunds, concerns, and program cancellation policies, please contact the GAAP Dynamics Support Team via email at support@gaapdynamics.com or call (804) 897-0608. |
$180
1h 30m
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