It is one year later since ISQM implementation, and we need to reflect on how effective this quality management system has been. The quality management system does not stop at implementation. Do you know what the next step is?
The ORREO approach to ISQM:
1) Objectives that have to be achieved in the firm
2) Risk assessment
3) Responses to risks
4) Evidence of implementation through the implementation annexures
5) Outcomes – assessment if the responses that were implemented were effective
We must now look at the last “O” in the ORREO approach.
Please join me in a session on how to take the appropriate actions to respond to identified deficiencies (responses that were not effective) so these deficiencies are remediated on a timely basis.
Timing of monitoring activities
Determination and design of monitoring activities to be implemented
Performance of the monitoring activities
Identifying and evaluating deficiencies – Root-cause analysis
Design and implement remedial actions to address identified deficiencies
Communication with all staff
Non-compliance with the System of Quality Management
All professional accountants who perform engagements under international standards, including audits, independent reviews, compilations, and agreed-upon procedures.
