New Peer Review Quality Management Standards

Note: This page was last updated on September 12, 2024.

If you are providing attest services in Indiana, you should be enrolled in Peer Review. If you are not enrolled, please contact the administering entity for Indiana peer review: the Peer Review Alliance.

Firms enrolled in Peer Review must implement QMS standards and be in full compliance by December 15, 2025.

• If you have not yet created a plan or begun implementation, reference resources below to start now. Contact your peer reviewer with questions about implementing a plan.
• If you do not start now, you may not have enough time to be in compliance before the deadline and are running the risk of receiving a failed peer review.
• A failed peer review in Indiana is reported to the Board of Accountancy’s Peer Review Oversight Committee for determination of disciplinary action. (IC 25.1-9-4 Peer Review rating of fail; definitions)
• Indiana Peer Review Rules (872 IAC 1-6 Peer Review, starting on p. 26)
• If you have started your QMS implementation plans and are on track: congratulations! We have additional resources below for your reference.

Resources

• AICPA’s Quality Management Resources
• Practice aid with an accompanying tool and tutorial
• Checklist for firms
• Links to all the standards and executive summaries
• Document that maps SQMS No. 1 to SQCS No. 8
• ASB's Statements on Quality Management Standards
• Journal of Accountancy QMS Articles

Related CPE

• Guide to the AICPA Quality Management Standards
  September 20 @ 10:40 a.m. ET | 2 hours CPE | Virtual


• New Quality Management Standards: Resources — Expectations for Firms & Engagement Partners
  October 15 @ 3 p.m. ET | 1 hour CPE | Virtual
  Replay available December 12 and February 4.


• New Quality Management Standards: What's New for Firms' Monitoring & Remediation Processes
  October 21 @ 3 p.m. ET | 1 hour CPE | Virtual
  Replay available December 17 and February 6.


• New Quality Management Standards: Bringing It All Together — Exploring All Components of a Quality Management System
  October 23 @ 1 p.m. ET | 1 hour CPE | Virtual
  Replay available December 17 and February 12.


• New Quality Management Standards: A Practical Approach to Risk Assessment & Response
  October 28 @ 3 p.m. ET | 2 hours CPE | Virtual
  Replay available December 18 and February 18.

Questions or Concerns?

Contact the Peer Review Alliance, your peer reviewer or Sherrill Rude, CAE at srude@incpas.org or (317) 726-5016.