[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"detail-sidebar-cat-0-en-105":3,"doc-seo-180025-105":59,"doc-detail-180025-en":131},{"code":4,"msg":5,"data":6},0,"success",[7,13,18,23,28,33,38,43,48,51,55],{"id":8,"doc_module":4,"doc_module_name":9,"category_name":10,"show_sort_weight":11,"slug":12},1,"Document","Story & Novel",90,"story-novel",{"id":14,"doc_module":4,"doc_module_name":9,"category_name":15,"show_sort_weight":16,"slug":17},2,"Literature",80,"literature",{"id":19,"doc_module":4,"doc_module_name":9,"category_name":20,"show_sort_weight":21,"slug":22},4,"Exam",70,"exam",{"id":24,"doc_module":4,"doc_module_name":9,"category_name":25,"show_sort_weight":26,"slug":27},5,"Comic",60,"comic",{"id":29,"doc_module":4,"doc_module_name":9,"category_name":30,"show_sort_weight":31,"slug":32},6,"Technology",50,"technology",{"id":34,"doc_module":4,"doc_module_name":9,"category_name":35,"show_sort_weight":36,"slug":37},7,"Healthcare",40,"healthcare",{"id":39,"doc_module":4,"doc_module_name":9,"category_name":40,"show_sort_weight":41,"slug":42},8,"Research & Report",30,"research-report",{"id":44,"doc_module":4,"doc_module_name":9,"category_name":45,"show_sort_weight":46,"slug":47},9,"Religion & Spirituality",20,"religion-spirituality",{"id":46,"doc_module":4,"doc_module_name":9,"category_name":49,"show_sort_weight":46,"slug":50},"World Cup","world-cup",{"id":52,"doc_module":4,"doc_module_name":9,"category_name":53,"show_sort_weight":52,"slug":54},10,"Lifestyle","lifestyle",{"id":56,"doc_module":4,"doc_module_name":9,"category_name":57,"show_sort_weight":24,"slug":58},19,"General","general",{"code":4,"msg":60,"data":61},"ok",{"site_id":62,"language":63,"slug":64,"title":65,"keywords":66,"description":67,"schema_data":68,"social_meta":124,"head_meta":126,"extra_data":128,"updated_unix":130},105,"en","cpa-australia-smo-1-adoption-status-and-smo-fulfillment-2023","CPA Australia SMO 1 - Adoption Status and SMO Fulfillment (2023)","","CPA Australia’s Best Practice Program (BPP) supports ongoing quality assurance for audits of financial statements by members in public practice, aligned with SMO 1 components. The document explains the regulatory QA review context administered by ASIC and describes CPA Australia’s adoption and fulfillment approach as of 2023, including the operation of the BPP, quarterly confirmation of limited assurance design, review cycle timing, team procedures and documentation, corrective and disciplinary actions, and reporting with member responses.",{"@graph":69,"@context":123},[70,84,106],{"@type":71,"itemListElement":72},"BreadcrumbList",[73,77,79,82],{"item":74,"name":75,"@type":76,"position":8},"https://docshare.wps.com","Home","ListItem",{"item":78,"name":9,"@type":76,"position":14},"https://docshare.wps.com/document/",{"item":80,"name":40,"@type":76,"position":81},"https://docshare.wps.com/document/research-report/",3,{"item":83,"name":65,"@type":76,"position":19},"https://docshare.wps.com/document/cpa-australia-smo-1-adoption-status-and-smo-fulfillment-2023/180025/",{"url":83,"name":65,"@type":85,"image":86,"author":91,"headline":65,"publisher":94,"fileFormat":97,"inLanguage":63,"description":67,"dateModified":98,"datePublished":99,"encodingFormat":97,"isAccessibleForFree":100,"interactionStatistic":101},"DigitalDocument",{"url":87,"@type":88,"width":89,"height":90},"https://docshare.wps.com/thumbnails/cpa-australia-smo-1-adoption-status-and-smo-fulfillment-2023/180025.png","ImageObject",300,407,{"name":92,"@type":93},"Logic","Person",{"url":74,"name":95,"@type":96},"DocShare","Organization","application/pdf","2026-10-24","2026-09-02",true,{"@type":102,"interactionType":103,"userInteractionCount":105},"InteractionCounter",{"@type":104},"ViewAction",14,{"@type":107,"mainEntity":108},"FAQPage",[109,115,119],{"name":110,"@type":111,"acceptedAnswer":112},"What role does ASIC play in audit quality assurance in Australia?","Question",{"text":113,"@type":114},"ASIC is authorized under the ASIC Act 2001 to conduct quality assurance reviews for audits of entities preparing financial reports under the Corporations Act 2001. Its review system uses regular inspection of audit engagement files, with different frequencies by firm size.","Answer",{"name":116,"@type":111,"acceptedAnswer":117},"How does CPA Australia implement SMO 1 through its Best Practice Program (BPP)?",{"text":118,"@type":114},"CPA Australia operates a BPP for members in public practice to maintain high professional standards. The program includes ongoing operation, periodic confirmation of design for limited assurance, and governance through CPA Australia’s public practice quality review structures.",{"name":120,"@type":111,"acceptedAnswer":121},"What are the key activities of CPA Australia’s quality review teams?",{"text":122,"@type":114},"Quality review teams follow documented procedures and record evidence supporting review reports. They assign reviewers per engagement, ensure skills and competence through ongoing education, apply ethical and confidentiality requirements, and issue written reports with member responses.","https://schema.org",{"og:url":83,"og:type":125,"og:title":65,"og:site_name":95,"og:description":67},"article",{"robots":127,"canonical":83},"index,follow",{"doc_id":129,"site_id":62},180025,1788339102,{"code":4,"msg":5,"data":132},{"doc_id":129,"user_id":133,"nickname":92,"user_avatar":134,"doc_module":4,"category_id":39,"category_name":40,"doc_title":65,"doc_description":67,"doc_content":135,"file_id":136,"file_url":137,"file_type":138,"file_size":139,"view_count":105,"is_deleted":4,"is_public":8,"is_downloadable":8,"audit_status":8,"page_count":140,"language":141,"language_code":63,"site_id":62,"html_lang":63,"table_of_contents":142,"faqs":143,"seo_title":144,"seo_description":67,"update_tm":130,"read_time":145,"preview_page_count":4},1099513958762,"https://ap-avatar.wpscdn.com/avatar/1000023916a998db790?x-image-process=image/resize,m_fixed,w_180,h_180&k=1784791008015729253","| FOR IFAC COMPLETION | PAO Level of Responsibility for Adoption | Adoption Status as of 2023 | Level of SMO Fulfillment as of 2023 |\n| --- | --- | --- | --- |\n| QA / SMO 1 |  |  |  |\n| IES / SMO 2 |  |  |  |\n| ISA / SMO 3 |  |  |  |\n| IESBA / SMO 4 |  |  |  |\n| IPSAS / SMO 5 |  |  |  |\n| I&D / SMO 6 |  |  |  |\n| IFRS / SMO 7 |  |  |  |\n\n\n| Background:\u003Cbr>Under the Australian Securities and Investments Commission Act 2001, the Australian Securities and Investments Commission (ASIC) is authorized to carry out quality assurance (QA) reviews for all audits of all entities that prepare financial reports under the Corporations Act 2001. The ASIC reports that audit firms are inspected on a continuous basis. One audit engagement file is inspected at each Big 4 firm each month. Mid-tier firm audit files may be reviewed every quarter. Small firms that only audit one or two small, listed companies, may be reviewed once every 12 years. Overall, the ASIC’s review system appears to align with SMO 1 components.\u003Cbr>Additionally, there are three professional accountancy organizations (PAOs)—CPA Australia, Chartered Accountants Australia & New Zealand (CAANZ), and the Institute of Public Accountants (IPA)—that operate QA review systems for their respective members.\u003Cbr>CPA Australia implements a Best Practice Program to ensure that its members in public practice maintain high professional standards and is aligned with SMO 1. |  |  |  |  |  |  |\n| --- | --- | --- | --- | --- | --- | --- |\n| Maintaining Ongoing Processes |  |  |  |  |  |  |\n| \\# | Start Date | Actions | Completion Date | Responsibility | Resource |  |\n| 1. | Ongoing | Best Practice Program\u003Cbr>Ongoing operation of the BPP. | Ongoing | CPA Australia | CPA Australia |  |\n| Ongoing Processes-Design of the BPP |  |  |  |  |  |  |\n| 5. | Quarterly | Continue to confirm the BPP’s design will obtain limited assurance that:\u003Cbr>▪ The partner/firm complies with the system.\u003Cbr>▪ The partner/firm has adhered to professional standards and regulatory and legal requirements in performing audits of financial statements selected for review. | Quarterly | CPA Australia Quality Review Advisory Committee\u003Cbr>GM, Public Practice | Quality Review Team within CPA Australia, plus 56 trained reviewers |  |\n\n\n| 6. | Ongoing | Review Cycle\u003Cbr>QRP Cycle for eligible members is based on individual risk assessment and outcomes of previous review.\u003Cbr>The QRP cycle for members is between 3–5 years. | Ongoing |  | GM, Public Practice | Quality Review Team within CPA Australia, plus 58 trained reviewers |\n| --- | --- | --- | --- | --- | --- | --- |\n| 7. | Ongoing | Quality Review Team Procedures and\u003Cbr>Documentation\u003Cbr>Continue to confirm that the quality review teams follow procedures that are based on published guidelines.\u003Cbr>Continue to confirm that the quality reviewers document matters that:\u003Cbr>▪ Provide evidence supporting the quality review report.\u003Cbr>▪ Establish that the quality review was carried out in accordance with CPA Australia’s guidelines.\u003Cbr>▪ Comply with CPA Australia’s storage and destruction policy.\u003Cbr>▪ Attend the annual compulsory training workshop. | Ongoing review |  | GM, Public Practice\u003Cbr>Managers,\u003Cbr>Quality Review | Manager, Quality\u003Cbr>Review – Compliance\u003Cbr>Manager, Quality Review-Education\u003Cbr>QR team\u003Cbr>Accredited contracted Quality Reviewers |\n| 8. | Ongoing | Corrective and Disciplinary Actions\u003Cbr>Continue to confirm that:\u003Cbr>▪ As required, each member subject to a quality review makes appropriate corrections to their system of quality control, and ensures their policies and procedures are compliant.\u003Cbr>▪ When a member subsequently fails to demonstrate compliance with professional standards and regulatory and legal requirements, appropriate disciplinary action is instigated. | Ongoing |  | GM, Public Practice\u003Cbr>Managers, Quality Review\u003Cbr>GM, Professional Conduct | ProfessionalConduct Team |\n| Ongoing Processes-Quality Review Team |  |  |  |  |  |  |\n| \\# | Start Date | Actions | C","cbCaitlAz9rzicBZ","https://ap.wps.com/l/cbCaitlAz9rzicBZ","pdf",620818,38,"English","# Background\n## ASIC Quality Assurance Reviews\n## PAOs and CPA Australia’s Alignment with SMO 1\n# Maintaining Ongoing Processes\n## Best Practice Program (BPP)\n# Ongoing Processes-Design of the BPP\n## Quarterly limited assurance confirmation\n## Review cycle and risk-based timing\n## Quality Review Team procedures and documentation\n## Corrective and disciplinary actions\n# Ongoing Processes-Quality Review Team\n## Team and leader staffing\n## Skills, competence, and ethical requirements\n## Reporting and member response","[{\"question\":\"What role does ASIC play in audit quality assurance in Australia?\",\"answer\":\"ASIC is authorized under the ASIC Act 2001 to conduct quality assurance reviews for audits of entities preparing financial reports under the Corporations Act 2001. Its review system uses regular inspection of audit engagement files, with different frequencies by firm size.\"},{\"question\":\"How does CPA Australia implement SMO 1 through its Best Practice Program (BPP)?\",\"answer\":\"CPA Australia operates a BPP for members in public practice to maintain high professional standards. The program includes ongoing operation, periodic confirmation of design for limited assurance, and governance through CPA Australia’s public practice quality review structures.\"},{\"question\":\"What are the key activities of CPA Australia’s quality review teams?\",\"answer\":\"Quality review teams follow documented procedures and record evidence supporting review reports. They assign reviewers per engagement, ensure skills and competence through ongoing education, apply ethical and confidentiality requirements, and issue written reports with member responses.\"}]","CPA Australia SMO 1 - Adoption Status and SMO Fulfillment (2023) | PDF",96]