AICPA Releases Practice Aid to Help Firms Create Quality Management Systems

The AICPA has released a new practice aid, Establishing and Maintaining a System of Quality Management for a CPA Firm’s Accounting and Auditing Practice. The new guidance describes how the risk-based approach required under Statement on Quality Management Standards (SQMS) No. 1, A Firm’s System of Quality Management, can be applied and customized by CPA firms.

For more information, see the AICPA’s Web site.