AICPA Launches Quality Management Practice Aid for Accounting and Auditing Practices

The American Institute of CPAs has released a new practice aid to help accounting professionals create a system of quality management (QM) for their firm’s accounting and auditing practice. Establishing such a system is a requirement of new AICPA QM standards, and the effective date for compliance is December 15, 2025.

As part of the QM suite of standards, the Statement on Quality Management Standards (SQMS) No. 1, A Firm’s System of Quality Management,requires firms to apply a risk-based approach in designing, implementing, and operating a quality management system. In doing so, firms need to consider the unique nature of both their firm and their engagements. The free practice aid, Establishing and Maintaining a System of Quality Management for a CPA Firm’s Accounting and Auditing Practice, explains how to apply a such a risk-based approach, as well as how to customize it to individual firms. The document is available in versions for sole practitioners and for small- and medium-sized firms.

“Quality management is critical to the delivery of high-quality services by CPAs and is a cornerstone of meeting our public interest objectives,” said Jennifer Burns, CPA, chief auditor for the AICPA. “While the new QM standards created a scalable system for firms to customize their risk assessment, this new quality management practice aid gives practical guidance on how to assess quality risks and then tailor a firm’s policies and procedures based on a firm’s needs and circumstances. This practice aid, combined with our other QM resources, provides an excellent platform for firms as they implement the new standards.”