Prepare Your Firm for New QM Standards – With These Tips
A Peer Review standards update was recently approved to better align with Quality Management (QM) guidance. CPA firms providing audit and accounting services need to gain awareness of the QM standards' existence, understand the significant changes they make to the firm's approach to quality and address new risk-based considerations in the firm’s practice. Firms have until Dec. 15, 2025, to establish a QM system in accordance with SQMS No. 1.