Inflo have collaborated with Chartered Accountants Australia & New Zealand (CA ANZ), the foremost professional association of leaders in business and finance in Australia and New Zealand, to further support CA ANZ members in the adoption of a system of quality management as required by the new quality management standards.
The new Australian Standards on Quality Management (ASQMs)requires audit and accounting firms to implement new processes and policies to support the performance of high-quality audits. The deadline to implement this System of Quality Management is 15th December 2022.
Both Inflo and CA ANZ recognise the opportunity for technology to support firms complying with these critical, yet complex new standards. Automation ensures mandatory requirements of the standards are implemented, while focusing the time of leaders on more judgemental areas and tailoring the quality management system to the specifics of their firm.
The collaboration builds on the CA ANZ toolkit previously made available to members for free. This low-tech option provides a suite of resources to support firms defining objectives, risks, and responses as well as drafting supporting policy documents. Inflo QMS now incorporates the CA ANZ toolkit automating several elements of the implementation process. Additional workflow and reminder functionality also supports the maintenance of the system once implemented.
As part of the collaboration, CA ANZ member firms receive their first 3 months of Inflo QMS use for free on a no-commitment basis. This allows firms to experience the value of the use of technology in quality management. The CA ANZ version of Inflo QMS is available now for use by member firms in Australia and New Zealand.
Amir Ghandar, CA ANZ Reporting and Assurance Leader, explained, “Implementing the new quality management standards is very important to support high-quality audit and assurance work. But the requirement comes against a backdrop of resource and capacity challenges for most small and medium sized firms. Technology offers an opportunity to support the implementation and maintenance of a system of quality management, and we’re delighted to be collaborating with Inflo to bring the CA ANZ toolkit to life for firms”.
Inflo CEO, Mark Edmondson said, “We are excited to be working with CA ANZ to support their member firms.CA ANZ leaders have invested heavily in creating a comprehensive and powerful toolkit to support implementation of the new quality management standards. Weare delighted to be able to align our quality management product with the CAANZ toolkit to give firms in Australia and New Zealand the best of both worlds– a combination of CA ANZ knowledge and Inflo technology”.
Implementing the new quality management standards requires firms to evaluate the quality key resources involved in the audit process, including their audit platform. This is causing a shift from legacy audit platforms to more innovative, cloud-based working papers platforms. Inflo continues to lead the way supporting firms adopting more progressive, data-driven auditing techniques.
Get access to the CA ANZ version of Inflo QMS here.