Quality management standards
Area 1: Ethics, Professional Responsibilities, and General Principles (15-25%)
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Topics
- SQMS No. 1 and No. 2
- Engagement quality reviews
- Monitoring and remediation
Lessons
Study Frameworks
SQMS No. 1 Components
System of Quality Management
Foundation
Firm's risk assessment process
Governance and leadership
Standards
Relevant ethical requirements
Acceptance and continuance
Execution
Engagement performance
Resources (human, technological, intellectual)
Oversight
Information and communication
Monitoring and remediation
GRACEIMMGovernance, Risk assessment, Acceptance, Communication, Engagement performance, Information, Monitoring, Resources (reordered as GRACEIMM for memorability, but covers all 8 SQMS No. 1 components)
The eight components of a firm's quality management system under SQMS No. 1. A firm without GRACEIMM has no quality assurance.