Exposure Draft, Criteria for Quality Control Materials (QCM) Content

Oct 31, 2022 · 532 KB Download

The AICPA Assurance Services Executive Committee (ASEC) issued an Exposure Draft titled, Proposed Criteria for a Description of the Content of Quality Control Materials (QCM) and the Content of QCM Related to the Relevant Standards and Interpretive Guidance. Interested parties may submit comments to [email protected] by Dec.15.

The proposed criteria will be used to evaluate QCM content in a new assertion-based examination to be performed under the Statements on Standards for Attestation Engagements (SSAEs). Although not required, a QCM provider, which may be a CPA firm, may engage a practitioner to examine its QCM content (examination) as it relates to the relevant standards and interpretive guidance.

The examination will help CPA firms that use QCM, and their peer reviewers, address the risks associated with the use of QCM and monitor their practices.