Audit quality assurance has always been important, but with the introduction of the ISQM 1 quality management standard for audit firms, it’s more crucial than ever.
ISQM 1 requires audit businesses to design, implement and operate a quality management system for their audits, tailored to the nature of the business and its engagements.
One of the most important considerations when implementing ISQM 1 is the technology you will use to document and record your audit quality control procedures.
Discover how to select the technology that best fits your firm’s needs by reading Caseware’s new eBook, The Need for Modernizing Your Quality Management System. While some audit businesses may be tempted to opt for spreadsheet-based solutions, this approach has limitations which can lead to additional effort, costs or risks in creating an effective audit quality system.
Download the eBook to find out more about key technology considerations such as:
- Version control and maintaining a record of all document changes
- Access control that restricts the ability to view or change key documents
- Linking objectives and risks
- Automation that can improve efficiency
- Automatic reminders that ensure important deadlines aren’t missed
- Scalability that allows a solution to grow with a firm’s needs
ISQM 1 stresses that audit firms manage the quality of their work, rather than just control it. This requires a more proactive approach that can be assisted by the use of technologies that help firms maintain change logs, enforce access control, incorporate automation and automatic reminders and link objectives with risks and responses.
Find out how you can ensure your firm complies with ISQM 1 by adopting a technology solution that improves your audit quality process.
Get your copy now.