Quality Management - Monitoring and Evaluation
All firms performing assurance and related services engagements, are required to have systems of quality management (SoQM) designed, implemented and monitored in accordance with CSQM 1. The evaluation of the SoQM must occur on an annual basis. Unfortunately, many firms are not monitoring their policies effectively and not complying with key elements of CSQM1, which in some cases is leading to partial or full re-inspections.
 
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