Strategic and commercial quality management
The consultancy we provide is targeted at facilitating the audit firm's attainment of enhanced audit quality in combination with increased earnings.
The advisory services and consultancy provided by Inspicio to audit firms are of a strategic as well as a commercial nature. The following is an outline of a few of the many services we provide.
Initiatives providing quality and efficiency within the scope of declaration engagements
The provision of high audit quality is not a matter of putting considerable hours into the audit engagement. Very frequently, the introduction of just a few measures may mean enhanced audit quality as well as improved case economy. Inspicio provides services within, for instance:
- Project management – the definition of milestones within the firm and within the scope of the concrete declaration engagement.
- Causal analyses (”Root Causes”) of inefficiency or errors and omissions at firm and engagement levels combined with the introduction of action plans in respect of future remedial measures.
- Professional interviews concerning the declaration engagement, comprising the definition of risk and materiality levels together with the nature and scale of such concrete audit procedures as are required to meet the defined risks.
- Education and training of staff members.
Implementation of a quality-promoting culture and the realisation of a ”tone at the top”
The audit firm shall be under an obligation to establish such policies and procedures as are designed for the purpose of promoting an internal culture that recognises the fact that quality in the execution of engagements is of decisive importance. Inspicio can, for instance, provide assistance in respect of:
- The clarification of the firm's current culture and an assessment thereof.
- The design, implementation and continuous monitoring of culture-enhancing initiatives targeted at the achievement of improved audit quality.
- The establishment of policies and procedures for performance rating, remuneration and promotion (comprising incentive systems) in respect of staff members.
- The communication of the importance of high quality and policies and procedures within the area.
- The organisation of the functioning and development of Risk-Management, documentation and support of the firm's quality-management policies and procedures.
We have a profound insight into the culture and business model relative to audit firms and, hence, we can swiftly and efficiently establish a general overview of your requirements – long term as short term.