In June, the AICPA issued new quality management standards that will become effective Dec. 15, 2025.
“A lot of people might think, ‘My system is working fine. Why are you giving me this new standard?’” said Ahava Goldman, associate director of audit and attest standards at AICPA. “The truth is that a system of quality control, no matter how good it is, cannot be a ‘set it and forget it,’ approach. It's part of the process that you must maintain your system.”
Goldman will present on the standards at the upcoming Fall CPE Conference, and said awareness is a crucial first step for those about to begin the implementation process.
In 2022, Goldman said the focus should be on understanding the standards and developing a plan for implementation.
“Next year, it's going to be different,” she said. “Start thinking about the objectives. You want to report on achieving the objectives of the firm, do some engagements in accordance with the standard and issue reports that are appropriate.”
Firms should start thinking about ethical requirements and what could go wrong. She said to consider if there are risks that you might no longer have and to document the process along the way.
The AICPA offers documents that discuss the changes in the standard, Goldman said, that detail what has changed and will clarify the new standards. She warned against waiting until the end of the three-and-a-half-year implementation to start working on updating processes.
“Read the information we have available now, there will be more coming,” Goldman said. “Don't procrastinate. Don't panic.”
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