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 The session will also discuss practical considerations for firms that are still refining their QM processes in real time. Because the first wave of reviews will naturally surface new questions and practice issues, this webcast is intentionally framed around current expectations, likely areas of focus, and practical readiness. Instructors: Mike Brand,Sherry Chesser
Learning 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.
Major Topics
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
CPE Credits Available
2 CPE Credits
2
Specialized Knowledge
Things to Know About This Course
Course Level
Intermediate
Professional Area of Focus
Leadership
Prerequisites
General understanding of the participant’s firm’s system of quality management. Familiarity with SQMS No. 1 (QM section 10)
Advanced Preparation
None
Intended Audience
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
