For Audit Firms – Are You Confident in Your ISQM Compliance?
Having led Big Four audit firm’s ISQM implementation & continuous improvement journey, and further through consulting for medium and smaller audit firms, I’ve gained a clear view of what regulators expect and where most audit firms fall short.
Firms should be asking a critical question: Are we ready for inspection?
Looking at the IRBA and other regulator’s inspection results over the past two years, the message is clear. Audit firms of all sizes are under increased scrutiny. Many have been found to have significant deficiencies, and several have been referred for investigation for deficiencies within their system of quality management.
If you are not fully confident in how your ISQM / system of quality management is operating, or if you simply want to assess your inspection readiness, I highly recommend a tool I regularly use in my work as an ISQM expert.
It is free, takes only two minutes to complete, and provides firm specific results with actionable insights.
This is a quick and effective way to benchmark your ISQM implementation and identify areas to strengthen in advance of any regulatory review.
