ASB Extends Comment Period For Quality Management ED

The AICPA Auditing Standards Board (ASB) has extended the comment deadline on its quality management exposure draft to Aug. 31 from June 11.

In February, the ASB issued the ED of three interrelated proposed standards that are designed to bring important changes to the way firms manage quality in their accounting and auditing practices.

The proposed standards are based on the International Auditing and Assurance Standards Board’s quality management standard and include a new risk-based approach to quality management systems within firms.

Scalability is designed to be improved under the proposed standards because the risk-based approach promotes a system tailored to the nature and circumstances of an individual firm and its engagements.

The ASB has posted executive summaries of each proposed standard, and a comment letter template for those who wish to use it. Comments can be emailed to CommentLetters@aicpa-cima.com.

— Ken Tysiac (Kenneth.Tysiac@aicpa-cima.com) is the JofA’s editorial director.