Below is where you will find specific details regarding the ASB’s project on quality management, including project aim, status, meeting discussion information, and pertinent documents.
What the Project Aims to Achieve
The objective of the ASB’s project is to strengthen and modernize firm quality management through three new standards that take a risk-based approach.
Stage of project and current status
In May 2022, the Board approved the issuance of Proposed Standards on Quality Management as a suite of final standards that was issued in June 2022 and comprises Statements on Quality Management Standards No. 1 and No. 2 and Statement on Auditing Standards No. 146.
ASB meetings at which this project was discussed
2019
July and October
2020
May, July, October, and December
2021
January, February, October, and December
2022
January and May
Issued: February 4, 2021
Comment Due Date: August 31, 2021
Supplementary files
Video – an overview of the ASB’s proposed quality management standards
An overview of the ASB’s proposed quality management standards (video slides)
Quality management standards exposure draft explanatory memorandum (stand-alone version)
Executive summary at the project level
Executive summary of proposed SQMS No. 1
Executive summary proposed SQMS No. 2
Executive summary of proposed SAS on quality management
Summary of differences between requirements in IAASB QM standards and ASB QM standards
Statement on Quality Management Standards Nos. 1 – 2 and Statement on Auditing Standards No. 146
The final suite of standards was issued in June 2022 and comprises
AICPA Statement on Quality Management Standards No. 2
SQMS No. 2 creates QM section 20, Engagement Quality Reviews, in AICPA Professional Standards.
AICPA Statement on Quality Management Standards No. 1
SQMS No. 1 supersedes Statement on Quality Control Standards No. 8, as amended.
AICPA Statement on Auditing Standards No. 146
SAS No. 146 supersedes SAS No. 122, as amended, section 220, and amends various standards, including SAS No. 122, SAS No. 134, and SSAE No. 18, as amended.
In addition, the following resources have been provided:
SQMS Nos. 1 – 2, SAS No. 146, and SSARS No. 26 At a Glance
The At a Glance about SQMS Nos. 1–2, SAS No. 146, and SSARS No. 26 provides a high-level summary of the changes resulting from the issuance of these standards.
Executive summary of SQMS Nos. 1 – 2 and SAS No. 146
The executive summary of SQMS Nos. 1 – 2 and SAS No. 146 summarizes the changes to the quality control standards.
Crosswalk between SQMS No. 1 and SQCS No. 8, as amended
The crosswalk summarizes the changes between Statement on Quality Management Standards No. 1 and Statement on Quality Control Standards No. 8, as amended.
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