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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)

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Monitoring your Firm’s Quality Control

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  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

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