SQCS No. 7 Managing Your Quality Control Systems
Overview:
The new Statement on Quality Control Standards (SQCS) No. 7 will establish standards and guidelines for CPA firms with respect to the quality control of its auditing and accounting practice. This new guidance will also be issued in conjunction with the AICPA Code of Professional Conduct.The Knowledge Congress is assembling a panel of distinguished professionals and key regulators to help the public understand the impact of the new guidelines on CPA firms and other companies that are most affected by them. The speakers will present their expert opinions in a two-hour LIVE Webcast.Agenda:
- Communication and Documentation Requirements
- New
- Tailor to needs, size and structure of firm.
- Elements of QC System
- Firm Leadership (very important!)
- Relevant Ethical Requirements
- Client Acceptance
- Human Resources
- Engagement Performance
- Monitoring
- Engagement Quality Control Review
- Engagement performance step that also serves a monitoring function
- Required to establish criteria
- Not required to have engagements that meet the criteria
Leadership responsibilities for quality within the firm (the “Tone at the Top”)
– Defining
– Importance within a quality control system
– Relevance to audit firms
– Applications within the other elements of the SQCS
- Convergence between US and International standards:
» Further revisions to SQCS eventually will be made to “clarify” it
» Need for development of QC standard at the engagement level (SQCS No. 7 is at the firm level)
» Date of completion of EQAR: by report release (issuance) date vs. by report date
- Differences between SQCS No. 7 and PCAOB Proposed Standard on Engagement Quality Review
- Leadership roles, responsibilities, communications, and level of involvement in the attest practice
- Organization, roles, responsibilities, and authority of the quality control function
- Potential changes to firm policies and routine operating procedures including
» Staffing and scheduling
» Acceptance of clients and engagements
» Levels of technical review
» Resolution of disagreements
- Human resources policies and procedures
» Performance evaluation and metrics
» Key performance indicators
» Compensation decisions
» Advancement decisions
Who Should Attend:
- CPAs
- CFOs
- Accountants
- Controllers
- Auditors
- Senior Corporate Leaders
- Business owners and managers
- Financial Analysts
- Risk Managers
- Tax Managers
- Operations Managers
Ahava Goldman, CPA is technical manager with the American Institute of Certified Public Accountants (AICPA) Audit and Attest Standards team. …
Dean Beddow is a senior manager of Grant Thornton’s Practice Quality Review Team. The team is responsible for internal inspection …
Tania Sergott have worked for Deloitte & Touche for 12 years, starting in the Costa Mesa, California office, primarily on …
Ralph Nach, CPA, is a senior consultant in the AuditWatch group of the Tax and Accounting business of Thomson Reuters. …
Course Level:
Intermediate
Advance Preparation:
Print and review course materials
Method of Presentation:
On-demand Webcast (CLE)
Prerequisite:
NONE
Course Code:
083788
Total Credits:
2.0 CLE
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SPEAKERS' FIRMS:
About American Institute of Certified Public Accountants
Website: https://www.aicpa.org/
About Grant Thornton LLP
Website: https://www.grantthornton.com/
About Deloitte & Touche
Website: https://www.deloitte.com/
About Thomson Reuters
Website: https://www.thomsonreuters.com/