System of Quality Management for Public Accounting Services

Implementing a system of quality management is important for any practice. This ensures compliance with professional and ethical obligations, and also follows best practice to support improved outcomes for your practice and clients.

There are now different quality management obligations depending on whether you provide audit and assurance services or non-audit and assurance services within your business.

Members who provide any audit and assurance services must comply with the new quality management obligations from Thursday 15 December 2022. This includes members who provide SMSF audit services and pro bono audit services.

The Factsheet provides an overview on 'Who is impacted and types of engagements' as well as the 'Application of quality management standards (AQSM 1 and APES 320) by firms'.  

Members who provide non-audit and assurance services will need to continue to comply with APES 320, which becomes APES 320 Quality Management for Firms that provide Non-Assurance Services from 1 January 2023.