Session 1 – Design of System of Quality management:

• Overview of the requirements of ISQM 1, ISQM and ISA 220

• Difference between old ISQC 1 and new ISQM 1
• Components of the system of quality management
• Who is responsible and accountable for the system of quality management
• Impact of network requirement

• Documentary requirements of ISQM 1

• Practical discussion of how firms document their system of quality management to ensure an understanding on the documents that must be requested and inspected
• Preparing for the inspection and review – Individuals to communicate with at the firm and documents to request
• Impact of scalability – different firms may have different documents/processes

• Evaluating the documented evidence of the system of quality management to obtain assurance that the firm has DESIGNED a proper system of quality management

• Quality objectives, quality risks and responses
• Evaluating the applicability of the risks on the firm
• Evaluating the appropriateness of the response identified
• Evaluating the firm's actions for implementing the response (please note this is not an evaluation of the implementation itself, only the design of the response)

• Communication of the system of quality management

• Evaluating how the system will be communicated with internal and external parties

• Resources allocated to the system of quality management

• Evaluating the planned resources to be utilised by the entity

• Monitoring and remediation

• Evaluating the planned monitoring actions to be implemented by the firm and whether this will provide sufficient evidence for the evaluation of the system of quality management

Session 2 – Implementation of System of Quality management:

Where session 1 focused on the design of the system of quality management (what did the firm plan to do to ensure quality) this session will focus on the implementation (did the firm implement the actions that was planned).

• Quick recap and overview of the elements of ISQM 1 and the documents that were already covered in session 1 (to ensure everyone understands where we are in the process)
• What documented evidence can a firm provide that the responses to quality risks were implemented?
• Guidance on communication with the firm to ensure that the right information is received from them in a timely manner
• Evaluating the implementation documentation to obtain evidence of implementation of responses

• Examples of implementation documents
• Common issues with implementation
  
  

Session 3 – Monitoring and Evaluation of System of Quality management:

Session 3 will focus on the monitoring and remediation process implemented by the firm AFTER implementation of the quality responses. We will discuss the various monitoring activities that firms can perform and the evidence they can provide of these activities.

• Monitoring activities
• Evaluating if the activities performed by the firm is appropriate given their quality risks and responses
• Individuals responsible for the monitoring process and their objectivity
• Evaluating the outcomes of monitoring activities

• Evaluating the firms remediation process

• Proper documentation of findings
• Proper evaluation of findings and identification of deficiencies
• Proper root cause analyses
• Response to the deficiencies found
• Final evaluation of the system of quality management performed by the firm