ISQM Post Implementation Reviews

The purpose of this review is to consider how the firm has responded to ISQM 1. The review will look at the firm’s Whole-Firm Audit Risk Assessment, the responses and procedures dealing with the quality risks identified in the risk assessment. We will consider the firms monitoring and remediation process including root cause analysis (RCA).

It will include discussions with appropriate personnel within the firm and a review of any other such documents needed to understand the structure of the firm, its client base, any other matters relevant to assessing quality risks, process for cold file reviews and outcomes of RCA. The review will not extend to considering if the firm is complying with all aspects of its procedures on an ongoing basis. Due to the nature of this review, it is recommended that it is performed on site.

You will receive a comprehensive written report as standard. This will offer key practical recommendations for you to improve quality management. Where necessary, the report will highlight areas where compliance with the relevant rules can be improved.