SSARS 26 and Quality Management (Completed)

b>SSARS 26, Quality Management for an Engagement Performed in Accordance with Statements on Standards for Accounting and Review Services has the purpose of ensuring that certain concepts related to quality management, where appropriate, are consistent between the auditing standards (SAS 146) and SSARSs. SSARS 26 will amend SSARS 21 to ensure that certain concepts related to quality management, where appropriate, are consistent between the proposed auditing standards and SSARSs. Those changes will be discussed in this course. This SSARS will amend SSARS No. 21, Statements on Standards for Accounting and Review Services: Clarification and Recodification, as amended, section 60, General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services , (AR-C section 60),1 and section 90.

This session highlights the changes to SSARS 21 due to the new SSARS 26 in the areas of accounting and preparation, compilation, and review engagements. SQMS A Firm’s System of Quality Management will supersede Statement on Quality Control Standards No. 8, A Firm’s System of Quality Control (QC section 10) . Paragraph .05 of QC section 10 states that the section applies to all CPA firms with respect to engagements in their accounting and auditing practice.

Who Should Attend
Professionals who have a need to be updated on the requirements and changes in SSARS due to the changes in the SASs should attend.

Topics Covered

• Engagement partner definitions
• Relevant ethical requirements definitions
• Compliance with relevant ethical requirements
• Engagement level quality management
• Monitoring and Remediation
• Acceptance and Continuance of Client Relationships and Engagement
• Following the firm's policies or procedures regarding breaches of relevant ethical requirements, including communicating to or consulting with the appropriate individuals so that appropriate action can be taken, including as applicable, disciplinary action.
• Communicating with regulatory authorities or professional bodies. In some circumstances, communication with regulatory authorities may be required by law or regulation.
• Seeking legal advice
• Withdrawing from the engagement when withdrawal is possible under applicable law or regulation
• Documentation requirements for the changes

Learning Objectives

• Identify and apply the changes in Quality Management that apply to SSARS engagements
• Recognize what and when changes are required
• Describe how to manage, supervise, and educate staff and professionals considering the new requirements
• Identify how to document in the Quality Management system and what is required

Level
Intermediate

Instructional Method
Group: Internet-based

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
A general knowledge of auditing and accounting for professionals.

Advance Preparation
None