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Peer Review Readiness Checklist: What CPA Firms Need to Do for SQMS 2025

  • Writer: BryMar Crew
    BryMar Crew
  • Oct 21
  • 2 min read
Three illustrated figures high-five, symbolizing teamwork. Text reads "Readiness Checklist: What CPA Firms Need to Know About the SQMS Updates."

The new Statements on Quality Management Standards (SQMS Nos. 1 & 2) require your firm’s System of Quality Management (SQMS) to be up and running by December 15, 2025. Use this checklist to make sure you’re ready before peer review. 

 

1. Build and Implement Your SOQM 

  • We’ve designed and documented our system of quality management. 

  • Our system is tailored to our firm’s risks, not generic or boilerplate. 

  • Policies and procedures are implemented and operational, not just written. 

 

2. Identify & Respond to Risks 

  •  We’ve completed a firm-wide risk assessment (staffing, technology, client mix, industries, etc.). 

  •  We’ve developed risk responses specific to our practice (e.g., EQCR for complex engagements, IT security measures, vendor vetting). 

  •  Risks and responses are updated regularly as circumstances change. 

 

3. Cover All 8 Components of SQMS No. 1 

  •  Governance & leadership roles are clearly assigned. 

  •  Ethical requirements are monitored (independence, objectivity, integrity). 

  •  Client acceptance/continuance policies are applied consistently. 

  •  Engagement performance is supported by tools, reviews, and supervision. 

  •  Resources (staffing, technology, methodology) are adequate and evaluated. 

  •  Information & communication processes are clear and documented. 

  •  Monitoring and remediation procedures are in place. 

  •  Risk assessment is ongoing, not a one-time exercise. 

 

4. Prepare for SQMS No. 2 – Annual Evaluation 

  •  Leadership has established a formal evaluation process for the SQMS. 

  •  A documented conclusion on effectiveness will be completed by December 15, 2026. 

  •  Remediation actions are tracked and documented when issues are found. 

 

5. Get Documentation Peer-Review Ready 

  •  All risk assessments, policies, and monitoring results are organized for review. 

  •  Evidence of remediation and follow-up is on file. 

  •  Engagement-level quality management (per SAS 146) aligns with our firm-wide SQMS. 


How BryMar CPA Supports Firms 

At BryMar CPA, we specialize in peer review services. We don’t build your SQMS—but we evaluate it against industry standards, providing the independent, objective assessment required. 


Schedule a peer review consultation with BryMar CPA today. We’ll provide the independent evaluation you need to move into the new quality management era with confidence. 

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