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CPA Voice: A look at auditing standards

Written on Aug 5, 2021

The AICPA Auditing Standards Board has issued three interrelated standards addressing how CPA firms manage quality for their accounting and auditing practices: 

  1. Proposed Statement on Quality Management Standards (SQMS) No. 1, A Firm’s System of Quality Management 

  1. Proposed SQMS No. 2, Engagement Quality Reviews 

  1. Proposed Statement on Auditing Standards (SAS), Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards 

In the current issue of CPA Voice, OSCPA’s own Laura Hay, CPA, CAE, takes an in-depth look at these standards. 

“Designed to be scalable to different sizes of firms and diversity of practice, the proposed framework emphasizes a more proactive risk-based approach tailored to each firm and its circumstances,” Hay writes. Specifically, the standards provide a stricter prohibition on self-inspection for a firm’s annual monitoring and evaluation requirements to address the self-review threat. 

Read the entire article now to learn more. And while you’re there, check out the rest of the issue and earn a CPE credit! 

Did you know that reading CPA Voice can help you satisfy your CPE requirement? No matter your location or the time of day – and even without the benefit of electricity – you can gain CPE credit with each issue. 

Every edition includes a 12-question self-assessment exam covering content from that issue. Receive a grade of 75% or higher and you’ll earn one hour of CPE credit in specialized knowledge. 

Best of all, you can take the exam when and where it’s convenient for you. Exams remain available online – and may be completed for CPE – through the same month of the following year.