Standards

OUR STANDARDS

We provide the overall quality objective under the SQM framework, to have the necessary capabilities in our organization and to deploy our people to consistently use our methodologies, processes and technology to deliver services in an effective and efficient manner to fulfil the expectations of our clients and other stakeholders.

1. Firm Governance and Leadership, we focus on ensuring that the firm’s leadership establishes a culture that promotes quality and supports the quality management system (QMS). Key aspects include:

• Commitment to Quality: we demonstrate a strong commitment to quality in all aspects of the firm’s operations.
• Organizational Structure: Establishing a clear structure that supports the implementation and maintenance of the QMS.
• Responsibility and Accountability: Assigning responsibilities for quality management to appropriate individuals or teams within the firm.
• Resources Allocation: Ensuring that sufficient resources, including personnel, technology, and financial support, are provided to maintain and enhance the QMS.
• Communication: we promote effective communication within the firm to ensure that everyone understands their role in the QMS.
• Continuous Improvement: we are encouraging a culture of continuous improvement and learning within the firm.

2. Relevant Ethical Requirements, we refer to the ethical standards and principles that firms must adhere to in their quality management system (QMS). These requirements ensure that firms and their personnel act with integrity, objectivity, and professionalism. Key aspects include:

• Integrity: Being honest and straightforward in all professional and business relationships.
• Objectivity: Avoiding biases, conflicts of interest, or undue influence that could compromise professional judgment.
• Professional Competence and Due Care: Maintaining knowledge and skills at a level required to ensure competent professional service.
• Confidentiality: Respecting the confidentiality of information acquired during professional and business relationships.
• Professional Behavior: Complying with relevant laws and regulations and avoiding any action that discredits the profession.

3. Acceptance and Continuance of Client Relationships and Specific Engagements, we evaluate and decide whether to accept or continue a client relationship or specific engagement. Key aspects include:

• Client Screening: Conducting a thorough assessment of potential clients, including their integrity, reputation, and financial stability.
• Risk Assessment: we identify and evaluate the risks associated with the client or engagement, such as legal, ethical, and financial risks.
• Compliance with Ethical Standards: To ensure that accepting or continuing the client relationship or engagement complies with relevant ethical requirements and standards.
• Resources and Competence: we assess whether the firm has the necessary resources and expertise to effectively perform the engagement.

4. Documentation: Engagement Performance, we execute and manage audit and assurance engagements to ensure they meet quality standards and achieve desired outcomes. Key aspects include:

• Planning: we develop a comprehensive plan that addresses the scope, objectives, and timeline of the engagement.
• Execution: we conduct the engagement according to the plan, following relevant standards and procedures.
• Supervision and Review: we provide oversight to ensure tasks are performed correctly and review work for accuracy and completeness.
• Communication: we maintain clear and effective communication with the client and within the engagement team.
• Documentation: we record all relevant information and findings in a systematic and organized manner.
• Conclusion and Reporting: we draw conclusions based on the evidence gathered and prepare detailed reports for the client.

5. Monitoring and Remediation, we consider the critical components of the quality management system (QMS) under ISQM 1, to ensure continuous improvement and effective management of quality within the firm.

Monitoring

• Purpose: we regularly assess the effectiveness of the QMS and identify areas for improvement.
• Processes:
  • Ongoing Monitoring: we continuously review and oversight of engagements and practice units.
  • Periodic Inspections: we schedule audits and reviews to evaluate the QMS performance.
  • Feedback Mechanisms: we collect input from staff, clients, and stakeholders to identify potential issues.
• Tools and Techniques: we use data analytics, checklists, internal audit software, and surveys to gather and analyze information.
• Outcome: we identify deficiencies, ensure compliance, and maintain high-quality standards.

Remediation

• Purpose:  we address, and correct deficiencies identified during the monitoring process.
• Processes:
  • Root Cause Analysis: Investigating the underlying causes of deficiencies.
  • Action Plan Development: Creating detailed plans to rectify identified issues.
  • Corrective Actions: Implementing measures to address deficiencies.
  • Follow-up and Verification: Ensuring the effectiveness of corrective actions through ongoing reviews.
• Documentation: we keep detailed records of identified deficiencies, action plans, and corrective measures taken.
• Continuous Improvement: we use the insights gained from remediation to enhance the QMS and prevent future issues.