Many practitioners asked me to assist them with a review of their firm’s risk register. Seeing that I cannot assist everybody with their requests, I will present an information session to take you through the latest IRBA findings.
This workshop aims to provide you with an opportunity to update your risk register while I discuss all the findings and the reasons for the findings and provide you with practical examples of possible responses to the risks to implement in your firm.
Please note the following about the requirements in ISQM1
Leadership and those delegated to manage quality management in the firm should always remain up to date on the inspection process and any possible reportable deficiencies.
The next step in the Quality Management Implementation journey is for firms, and firm leadership in particular, to ensure that all deficiencies identified and reported on during a firm or an engagement file inspection are promptly addressed throughout the entire firm.
It is therefore expected that where improvements are required, these are promptly addressed by all engagement teams across the firm on all audits.
Firms are strongly encouraged to pay close attention to the analysis of the IRBA findings to ensure that they are able to implement processes and controls that address these deficiencies in a sustainable manner.
IRBA mandate and inspection process
Inspection approach
Types of reports
Reportable findings
• At firm level
• At engagement level
Most common reasons for findings
Measures to address deficiencies
Partners or persons in audit firms who are ultimately responsible for the implementation and maintenance of the quality management system.
Please note that this is a practical workshop where you will be provided the opportunity to update your risk registers during the workshop.
It does not matter what quality management system you are using. Anybody responsible for maintaining a firm's risk register is welcome to attend.
Post assessments and certificates will be available for CPD purposes after attending the workshop.
No recordings will be available for this workshop due to the practical nature of the workshop
