In our previous post about the latest change in the IAASB quality management standards blog posts, we discussed the changes that are coming and how they will impact audit firms. The new Quality Management Standards issued by the International Auditing and Assurance Standards Board will require significant changes to the approach audit firms take to audit quality
Inflo employs a practical approach for utilizing technology to enable a modernized quality management system of quality management, creating the opportunity for firms to turn ‘standards compliance’ from exercises to something that delivers new levels of value to the firm’s audit practice.
Quality Control in its traditional form relied on policies and procedures applied using a ‘documents and spreadsheets’ approach. This practice often led to fragmented activities which did not form part of the workflow of the audit, resulting in impairment of timeliness and value.
Transitioning from quality control to quality management audit firms will be placing a greater emphasis on defining objectives, mitigating risk and improving quality monitoring activities.
Firms now need to place a greater focus on their technology resources to meet the needs of the new Standards. Modernization is one of the key changes in the new standards, making them more relevant and compatible with technological innovations taking place in the profession.
Technology has a great deal to offer in supporting the design of a modern quality management system. Adopting a progressive mindset and approach will reap both short- and long-term rewards.
The culture of a firm plays a key role in developing a system of Quality Management, after all the system can only be as strong as the people it supports and the work they perform. The technology a firm adopts also plays a critical role in supporting behaviors that reflect and align with the firms culture.
Across the globe firms are moving into the digital age, applying progressive technologies throughout their audit procedure, driving more efficient and higher quality audits
The new standards emphasize the place of technological innovation and gives firms the opportunity to design a modern quality management system. Differing substantially from the traditional basic levels of quality control approach of static forms, checklists and spreadsheets, a modern quality management system will leverage digital technology to provide previously unattainable practice wide insights.
With the emphasis on technological innovation in the profession the new standards give firms the opportunity to design a modern quality management system. A modern quality management system leverages digital technology to provide firms with practice wide insights which previously were unattainable. This will substantially differ from the tradition static forms, checklists and spreadsheet approach to achieve basic levels of quality control.
Utilizing a comprehensive, cloud native, risk-based quality management system, all audit activities and results are digitized, meaning the possibilities for real-time data harvesting are endless. This secure environment can support workflows for oversight activities such as internal inspections and external practice monitoring programs.
Inflo’s Quality Management System (Inflo QMS) offers a unique approach built for the new era of auditing, a data driven solution designed to make compliance with standards and high-quality audits a byproduct if intelligent modern working.
With its emphasis on data harvesting and digital technologies, Inflo QMS offers an entirely new way to think about quality management.
Inflo’s QMS is available as a stand-alone or as an integrated part of Inflo’s Digital Audit methodology. Utilizing Hybrid Intelligence to efficiently design implement a comprehensive risk-based quality management system.
Inflo making the audit software of tomorrow available today.
To learn more about the new quality management standards check out our full explanatory guide, or understand how technology can help your firm stay compliant with ISQM standards while implementing a new system of quality management