For firms wrapping up their first year under the AICPA’s Quality Management (QM) Standards, closing the loop on implementation will involve satisfying annual monitoring and inspection requirements alongside performing the first evaluation of the firm’s QM system where firm leadership will need to assess and conclude whether its QM system achieves necessary objectives.
The first part of this year’s course focuses on developing the monitoring policies and procedures needed to assess whether a firm’s QM system is operating consistently and effectively, constructing a monitoring and inspection plan for the year, and highlighting common issues identified by peer reviewers. During the second part of the course, participants can spend time completing at least a portion of their required annual monitoring and inspection plans.
Paul Pierson, CPA is Senior Director of Peer Review & Professional Standards for the Illinois CPA Society’s Peer Review Alliance. In this capacity, he oversees the administration of the Peer Review Program for approximately 1,700 CPA firms in Illinois, Indiana, Iowa, Kentucky, South Carolina, West Virginia, and Wisconsin. Paul currently serves on the AICPA Peer Review Board’s CPA on Staff Advisory Task Force, having recently completed a term on the Board’s Oversight Task Force. Paul graduated from Illinois State University and was an audit manager and peer review team member with a large, local CPA firm in East Peoria, Illinois prior to joining the Society.
Paul resides in Antioch, Illinois with his wife and daughter and is an avid motorcycle and motorsports enthusiast.