Caseware and CPA Club partner on quality management

Accounting software company Caseware and "CPAs-as-a-Service" company CPA Club announced a new collaboration that will combine each of their resources to facilitate the use of Caseware's quality management technology. 

"Caseware is excited to partner with CPAClub, bringing together our innovative SQM technology with their expert fractional audit services. Together, we will offer a comprehensive solution that empowers firms to achieve seamless quality management compliance," said Rohit Kundu, sales director for North America at Caseware. 

As part of the new partnership, CPAClub will become the preferred partner for the delivery of onboarding, training and implementation for Caseware SQM in the U.S. CPAClub will assist firms in designing and implementing their new system, offering professional onboarding and training services. Meanwhile, Caseware will oversee software licensing for the technology, ensuring firms have access to the necessary tools to meet their compliance obligations. 

Specifically, the collaboration is intended to offer solutions for the recent raft of new quality control standards coming out of standard setting bodies. This includes the release of the International Standard on Quality Management (ISQM) and the Canadian Standard on Quality Management (CSQM), which both marked a significant shift in quality management practices for firms. 

Following these developments, the Auditing Standards Board of the AICPA introduced its own new suite of quality management standards in June 2022. These standards compel firms to ensure their quality control systems are able to comply with more stringent criteria by December 15, 2025. 

Overall, these new standards Increase firm leadership responsibilities and accountability, and improve firm governance; Introduce a risk-based approach focused on achieving quality objectives; Address technology, networks and the use of external service providers; Increase focus on the continual flow of information and appropriate communication, internally and externally; Promote proactive monitoring of quality management systems and timely and effective remediation of deficiencies; Clarify and strengthen requirements for a more robust engagement quality review; and enhance the engagement partner's responsibility for audit engagement leadership and audit quality. 

In light of this, the partnership will provide firms with fractional access to CPAClub's chief auditors and audit quality experts, while Caseware enhances efficiency and effectiveness through its own cloud-based quality management tools.

"The new standards represent a transformative shift for the accounting and auditing profession, presenting a significant challenge for firms already stretched beyond capacity," said Brian Yujuico, vice president at CPAClub. "Through our collaboration with Caseware, we've crafted a strategic solution that enables firms to navigate these changes efficiently and confidently."