SQMS No. 1 quality management kit for small CPA firms
A quality management system for sole practitioners and firms under 20 people, with the risk assessment, policies, monitoring and annual evaluation SQMS No. 1 requires.
US firmsWhat SQMS No. 1 requiresDocument in the pack
A risk assessment process
✓Quality risk assessment26 starter risks; flags risks without a response
Quality objectives and responses for each component
✓Policies and procedures manualFilled in for a typical small firm
Monitoring and remediation
✓Monitoring plan and root cause analysis
An annual evaluation of the system
✓Annual evaluation memoSigned by the person with ultimate responsibility
Who it's for
US CPA firms that perform audit, review or compilation engagements.
Last checked
Checked against AICPA standards in October 2026.
