31386 paragraphs found
The objective of investigating the root cause(s) of identified deficiencies is to understand the underlying circumstances that caused the deficiencies to enable the firm to: Evaluate the severity and pervasiveness of the identified deficiency; and …
The nature, timing and extent of the procedures undertaken to understand the root cause(s) of an identified deficiency may also be affected by the nature and circumstances of the firm, such as: The complexity and operating characteristics of the firm. The …
In investigating the root cause(s) of identified deficiencies, the firm may consider why deficiencies did not arise in other circumstances that are of a similar nature to the matter to which the identified deficiency relates. Such information may also be …
Identifying a root cause(s) that is appropriately specific may support the firm’s process for remediating identified deficiencies. Example of identifying a root cause(s) that is appropriately specific The firm may identify that engagement teams …
In addition to investigating the root cause(s) of identified deficiencies, the firm may also investigate the root cause(s) of positive outcomes as doing so may reveal opportunities for the firm to improve, or further enhance, the system of quality …
The nature, timing and extent of remedial actions may depend on a variety of other factors, including: The root cause(s). The severity and pervasiveness of the identified deficiency and therefore the urgency with which it needs to be addressed. The …
In some circumstances, the remedial action may include establishing additional quality objectives, or quality risks or responses may be added or modified, because it is determined that they are not …
In circumstances when the firm determines that the root cause of an identified deficiency relates to a resource provided by a service provider, the firm may also: Consider whether to continue using the resource provided by the service provider. …