Quality Management: Engagement Quality Reviews
2.00 Credits
Member Price $89
Non-Member Price $109
Overview
SQMS No. 2, Engagement Quality Reviews, sets out requirements and guidance for firms to conduct an engagement quality (EQ) review. The standard also addresses the qualifications, eligibility, responsibilities, and appointment of an EQ reviewer.
The predecessor standard, SQCS No. 8, combined quality control policies with the engagement quality control review. SQMS No. 2 was issued separately to highlight the importance of the EQ review within a firm’s system of quality management.
SQMS No. 2 formalizes and strengthens the review process through clarified guidance and enhanced documentation requirements. It also distinguishes the responsibilities of the firm from those of the EQR reviewer, ensuring greater accountability and transparency.
Highlights
Prerequisites
None
Designed For
Objectives
- Recall the requirements of SQMS No. 1 and SQMS No. 2 related to engagement quality reviews.
- Recall the purpose for an engagement quality review and how the review enhances firm quality.
- Identify considerations for sole practitioners.
Leader(s):
- Joe Lynch, AICPA
- Michael Brand, AICPA
Leader Bios
Michael Brand, AICPA
Michael L. Brand, CPA is a partner in the firm of Johnson, Feigley, Newton & Brand in Athens, Alabama. For the past 20 years, he has been involved in all aspects of public accounting with in emphasis in accounting, auditing, and review services. He also teaches continuing education classes and has been a speaker at several conferences nationwide. He is the current chair of the Alabama Society of Certified Public Accountants Peer Review Committee.
Brand’s experience involves audits, reviews, and compilations of various for-profit industries, not-for-profits, and governmental entities. He was formally on the Peer Review Board, Joint Trial Board, and the Quality Control Standards Task Force. In 2010 he received the Outstanding Discussion Leader Award.
Brand received his BS in accounting from the University of North Alabama.
Non-Member Price $109
Member Price $89