Quality Management: Preparing for Peer Review

Overview

With firms now operating under their newly designed and implemented systems of quality management, the next major question is often: What will peer reviewers be looking for?  This webcast provides a practical look at how a firm’s system of quality management may be viewed in the peer review process as the profession transitions into the first cycle of QM-informed reviews.

This session is designed for firms, especially sole practitioners and small- and medium-sized firms, that want to better understand how their system may be evaluated and where they should focus their attention now.

You’ll explore likely areas of focus in an early QM-era review, including:

• Documentation, monitoring and remediation activities
• The identification and evaluation of findings and deficiencies
• How firms can distinguish between isolated issues and matters that may indicate a broader problem in the system

Objectives

• Identify the areas of a firm’s system of quality management that are likely to receive early attention in the peer review process. 
• Recognize how findings and deficiencies may be evaluated in the context of a firm’s overall system of quality management. 
• Analyze practical steps firms can take now to improve readiness for an initial QM-era peer review.

Highlights

• Early peer review readiness under the quality management standards 
• What peer reviewers may focus on in the first cycle of QM-informed reviews 
• A review of peer reviewer checklists that will be applied during the firm’s review 
• Distinguishing isolated issues from broader quality management concerns 
• Practical readiness considerations for sole practitioners and small- and medium-sized firms 
• Current expectations, emerging questions, and what may evolve as practice develops

Designed For

• Sole proprietors of audit and assurance firms 
• Responsible partners and staff at small- and medium-sized audit and assurance firms 
• Individuals assigned ultimate or operational responsibility for the firm’s system of quality management 
• Firm personnel involved in monitoring, remediation, and annual evaluation activities 
• Practitioners who want to better understand how their QM system may be evaluated in peer review

Prerequisites

General understanding of the participant’s firm’s system of quality management. Familiarity with SQMS No. 1 (QM section 10)

Notice

You will receive an email from the AICPA with instructions to access this webinar.