ASB extends comment period for quality management ED

By Ken Tysiac

The AICPA Auditing Standards Board (ASB) has extended the comment deadline on its quality management exposure draft to Aug. 31 from June 11.

In February, the ASB issued the ED of three interrelated proposed standards that are designed to bring important changes to the way firms manage quality in their accounting and auditing practices.

The proposed standards are based on the International Auditing and Assurance Standards Board’s quality management standard and include a new risk-based approach to quality management systems within firms.

Scalability is designed to be improved under the proposed standards because the risk-based approach promotes a system tailored to the nature and circumstances of an individual firm and its engagements.

The ASB has posted executive summaries of each proposed standard, and a comment letter template for those who wish to use it. Comments can be emailed to CommentLetters@aicpa-cima.com.

Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.

SPONSORED REPORT

Scorecard preparation templates and tips

With Workiva, we've created a PowerPoint deck that helps you create your own scorecards -- quick reference reports used across organizations to update stakeholders on the performance of defined deliverables.

100th ANNIVERSARY

Black CPA Centennial, 1921–2021

With 2021 marking the 100th anniversary of the first Black licensed CPA in the United States, a yearlong campaign kicked off to recognize the nation’s Black CPAs and encourage greater progress in diversity, inclusion, and equity in the CPA profession.