1 / 16

Monitoring your Firm’s Quality Control

Monitoring your Firm’s Quality Control. Stuart Hartley FCA FocusROI Inc shartley@focusroi.com. Quality Control Standards. Pervasive - Firm Level - CSQC 1 Deals with a firm's responsibilities for its system of quality control. Design of firm wide policies and procedures (Firms QAM)

akiva
Download Presentation

Monitoring your Firm’s Quality Control

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Monitoringyour Firm’s Quality Control Stuart Hartley FCA FocusROI Inc shartley@focusroi.com

  2. Quality Control Standards • Pervasive - FirmLevel- CSQC 1 • Deals with a firm's responsibilities for its system of quality control. • Design of firm wide policies and procedures (Firms QAM) • Specific - Engagement Level • Audits - CAS 220Implementing the firm’s quality control procedures at the engagement level • Reviews – to come… ED issued in Canada in 2013 ISRE 2400 issued in fall 2012

  3. Steps to Achieving QC

  4. Monitoring Requirement - CSQC 1.48 The firm shall establish a monitoring process… • At Firm Level • ongoingconsideration and evaluation of the firm's system of quality control • Engagement Level • on a cyclical basis, inspection of at least one completed engagement for each engagement partner;

  5. Two types of Monitoring

  6. The Ongoing Monitor

  7. Qualifications

  8. Ongoing Monitor’s ReportCompliance with the firm’s P&P

  9. The Completed File Monitor

  10. Activity Purpose Documentation Reports from firm leaders m Ensure system is Annually Reports from firm monitors operating effectively and e monitor compliance Action plans to address deficiencies are corrected t with firms QAM on a timely basis weaknesses s y S Details of the QAM review Annually e Ensure firm’s QAM and the changes (if any) assess need for h is relevant and made as a result changes in firm’s QAM t up to date g n i Signed confirmations Annual confirmation n Ensure personnel by all partners and staff (by all personnel) i understand and comply Details on how any issues a of compliance with firm’s QAM t arising were resolved with firm’s QAM n i a Annual communication to Correct deficiencies Annually communicate M personnel with action plans and e nsure continual results of QC monitoring for remediation and improvement in quality to firm personnel of work performed improvement Maintaining/Improving QC

  11. Overview of Key features: • Four sample Quality Assurance Manuals • Guidance to help firms customizethesample manuals • Optional best practicessample policies in shaded text • Core chapters provide commentaryon each sample policy

  12. The Annual QC Action Plan CSQC 1.50 The firm shall communicate to relevant engagement partners and other appropriate personnel deficiencies noted as a result of the monitoring process and recommendations for appropriate remedial action. Quality Improvement Action Plan

  13. EQCR vs. Completed File Monitoring

  14. Introducing FocusHGK • Key Services Quality Control Monitoring  Training and Coaching  Practice Improvement

  15. Description of Services

  16. Please contact us for further informationinfo@focusROI.com416 594 0005

More Related