Mid-Year Quality Management Standards: Update - 2026 (Completed)

Effective quality management is critical to maintaining audit excellence, meeting regulatory expectations, and protecting the public interest. This course delivers a clear, practical, and up‑to‑date overview of the AICPA’s recently adopted Quality Management Standards (SQMS No. 1 and SQMS No. 2), which became effective December 15, 2025.

Participants will learn how these standards fundamentally shift CPA firm quality control—from a passive, checklist‑driven model to a proactive, risk‑based, iterative system tailored to each firm’s nature and engagements. The course explains leadership responsibilities, risk assessment expectations, design and implementation of firm‑specific quality responses, and the enhanced requirements for engagement quality reviews (EQRs). Through real‑world examples and actionable guidance, attendees will gain the insight needed to update their firm’s policies, strengthen engagement performance, and prepare for mid‑year compliance milestones in 2026.

Who Should Attend
This course is ideal for accounting professionals responsible for quality management or oversight of attest services

Topics Covered

• Overview of the new risk‑based quality management framework
• Objectives and structure of SQMS No. 1 and SQMS No. 2
• New and updated components of firm quality management systems
• Relationship between quality objectives, risks, and responses
• Leadership, governance, and mid‑year responsibilities for CPA firms in 2026
• Enhanced EQR requirements and evaluator eligibility
• Continuous monitoring, remediation, and iterative quality improvement

Learning Objectives

• Identify and apply key principles of the AICPA’s new Quality Management Standards (SQMS No. 1 and SQMS No. 2)
• Explain how the new standards shift CPA firms toward a proactive, risk‑based quality management approach
• Evaluate firm‑specific quality risks and design appropriate responses to strengthen engagement quality
• Describe updated documentation, leadership responsibilities, and monitoring requirements under SQMS No. 1
• Interpret the enhanced requirements for engagement quality reviews (EQRs) under SQMS No. 2
• Assess mid‑year 2026 action items firms should prioritize to ensure compliance and continuous improvement

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)

Program Prerequisites
General understanding of auditing and quality management standards

Advance Preparation
None