ENG2624. Maintaining and Evaluating the Quality Management System (NAA, PRA)

With the new Quality Management Standard (QM-1) taking effect on December 15, 2025, this session provides a timely and practical guide for firms performing attestation services. The content will be drawn from several suggested topics to provide a comprehensive overview. This session will delve into the ongoing process of monitoring and remediation for a firm's system of quality management, which is required to be performed in 2026. The discussion will cover the requirements for monitoring, how to perform a root cause analysis, evaluating findings, and remediating deficiencies. The importance of proper communication and documentation will also be addressed.

We will also explore the annual evaluation of a firm's system of quality management, a requirement of QM section 10. The session will outline the requirements of this evaluation and the necessary supporting documentation.

Additionally, the session will address the needs of all firms including sole practitioners, small firms and middle market firms. It will cover how these firms are required to implement QM section 10 and operate a system of quality management. The session will also discuss the additional requirements in QM section 20 concerning engagement quality reviews and how these apply specifically to a sole practitioner.