Lemme Best Practices Alert: New Quality Management Standards for Accounting Firms
… and Assurance Standards Board (IAASB), the standards will add increased compliance complexity to adherence with professional standards and will expose accounting firms that fail to comply to increased scrutiny from regulators and the potential for increased professional liability. Among other new requirements, the standards include significant new requirements such as: Risk assessment – identification of quality objectives, risks and responses Monitoring – increased monitoring of the overall system of quality management above and beyond the inspection of completed engagements Annual evaluation of the effectiveness of a firm’s system of quality management Implementation of the new quality management standards present a significant …
https://www.epicbrokers.com/insights/lemme-best-practices-alert-new-quality-management-standards-accounting-firms/