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Comments on proposed quality management standards

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On Aug. 31, the firm responded to the AICPA’s Auditing Standards Board’s request for comments on Proposed Statements on Quality Management Standards – Quality Management, A Firm’s System of Quality Management and Engagement Quality Reviews, and Proposed Statement on Auditing Standards, Quality Management for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards.

Overall, the firm supports the Board’s proposed development of a suite of quality management standards consistent with international standards, which we believe will be a positive step toward improving quality management systems. In our letter, we do note several concerns that we have with the proposal, which include the impact that certain proposed definitional changes will have on group audits, as well as the need for a longer implementation period.

To read our comments in full, download the letter here.