31386 paragraphs found
The matters considered in an inspection of an engagement depend on how the inspection will be used to monitor the system of quality management. Ordinarily, the inspection of an engagement includes determining that responses that are implemented at the …
Individuals Performing the Monitoring Activities (Ref: Para. 39(b)) …
The provisions of relevant ethical requirements are relevant in designing the policies or procedures addressing the objectivity of the individuals performing the monitoring activities. A self-review threat may arise when an individual who performs: An …
In some circumstances, for example, in the case of a less complex firm, there may not be personnel who have the competence, capabilities, time or objectivity to perform the monitoring activities. In these circumstances, the firm may use network services …
Evaluating Findings and Identifying Deficiencies (Ref: Para. 16a , 40-41 ) …
The firm accumulates findings from the performance of monitoring activities, external inspections and other relevant sources. …
Information accumulated by the firm from the monitoring activities, external inspections and other relevant sources may reveal other observations about the firm’s system of quality management, such as: Actions, behaviours or conditions that have given …
The firm exercises professional judgement in determining whether findings, individually or in combination with other findings give rise to a deficiency in the system of quality management. In making the judgement, the firm may need to take into account …
Examples of quantitative and qualitative factors that a firm may consider in determining whether findings give rise to a deficiency Quality Risks and Responses If the findings relate to a response: How the response is designed, for example, the nature of …
Evaluating findings and identifying deficiencies and evaluating the severity and pervasiveness of an identified deficiency, including investigating the root cause(s) of an identified deficiency, are part of an iterative and non-linear process. Examples …