BY Dec. 15, 2022, all certified public accountants or CPAs in public practice are required to have quality management systems designed and implemented in accordance with ISQM 1 (International Standards on Quality Management 1). The QAR (Quality Assurance Review) program will undoubtedly be beneficial to CPAs in public practice and businesses alike as it, if done right, will raise the bar and quality of the former's services and, in turn, increase the latter's confidence in the assurance provided.
But like with any new and/or revised standards, rules and regulations, QAR implementation requires extensive preparation and will naturally elicit concerns from the affected persons and organizations. In a recent Acpapp general membership meeting, solo and small practitioners noted that if large firms were encountering issues and difficulties in the design and implementation of QAR in their own organizations, how much more for solo practitioners and small firms?
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