In one of our previous posts, we discussed the changes that are coming with the IAASB Quality Management Standards and how they will impact audit firms.
From drafting your Quality Management System (QMS) to implementing it and then continually evolving it, Inflo QMS enables firms to establish a modernized QMS through an efficient and streamlined process.
InfloHi applies proprietary recommendation algorithms to analyze your configuration responses and suggests suitable Quality Objectives.
As required by the new standards, responses suggested by InfloHi are scaled to your firms’ size, complexity, and engagement types
This approach helps small and medium sized firms design a simpler and more streamlined system while meeting required quality standards.
InfloHi saves time and adds confidence, you also have the option of designing your QM by independently creating your own, Risks and Responses or pulling from Inflo’s Quality Risks and Quality Responses libraries.
Defining a Response for each Risk may seem simple, in a real world setting this may require more thought. Inflo QMS allows for both one to one and one to many associations between Risk and Responses, to help firms manage this potential complexity.
Set Reassessment Dates
When the Configuration process is complete, Inflo QMS presents an easy-to-use overview of your draft QMS. This initial Draft can be tailored further based on your unique circumstances.
Once you have drafted your system its time to look at tailoring it to meet your firms’ precise needs. Inflo QMS is designed to provide you with flexibility so that individuals assigned quality management roles and permissions can tailor the system by;
Next, we would look at assessing and scoring risks and responses which we can break down in to two areas:
1 Inherent Risk Scores
Assessing Risks by scoring them based on inherent likelihood of ‘occurrence’ and magnitude of ‘effect’ on Quality objectives
2 Risk Reduction Scores
Assigning mitigation score to the Responses indicating the extent to which the Responses reduce the occurrence and effect of the applicable Risks.
Navigating and Implementing a Quality Management System
Having established your risk scoring as discussed in a previous blog, you can then start navigating your quality management system in Inflo.
You will be presented with the following major sections:
After your firm’s QMS has been tailored and finalized, implementing a quality management system will then come in to focus. This will consist of both on going Monitoring and Inspection activities, both of which will typically lead to continual modifications and refinements.
Technology centric solutions will in these circumstances continue to pay dividends. Quality Management activities and monitoring can occur in real time with the resulting information automatically accumulated and shared, allow it to be acted on quickly. This is in stark contrast to a ‘document and spreadsheet’ approach which depends on manual processes.
To learn more about the new quality management standards check out our full explanatory guide, or understand how technology can help your firm be fully ISQM compliant, no more checklists or spreadsheets.