QA Quality Assurance review
the QA Cycle
Every year Firms complete QA self-assessment Questionnaire
Quality Assurance Audit Independence Register QA & AIR secure website air.mgiworld.com
Every year Firms update Audit Independence Register (AIR)
Every 3 years Firms receive onsite peer review
January Technical Committee announces Firms for review July to June
February to May Pre-review questionnaires
March to May Reviewers allocated, timings agreed, reviewer training
May to June Review categories agreed by Technical Committee Category 1 – ½ day to 1 full day Category 2 – 1 full day, 1 full cold file review Category 3 – 1.5 to 2.5 days, 2 to 3 cold file reviews
July 2018 to June 2019 Reviews take place
July 2018 to June 2019 Reviews take place
September 2018 to August 2019 Review results 1. Reviewer report discussed with SWAT 2. Reviewer report sent to firm for comments 3. Final reviewer report sent to Technical Committee 4. QA scores and improvement plans, if any, sent to firms Level 1 – very good or excellent quality . Some minor deficiencies may need remediation. Level 2 – adequate quality . Reasonable quality assurance systems are in place but some significant deficiencies require remediation. Level 3 – poor quality . Quality assurance systems are substantially deficient and require significant effort and investment of resources to remedy.
Up to one year later Level 3 and some Level 2 firms receive follow up review
the QA Cycle
Every year – firms complete QA self-assessment Summary Every year – firms update Audit Independence Register Every 3 years – receive onsite peer review January TC announces firms for review February to May Pre-review questionnaires March to May Reviewers allocated, timings agreed Review May to June Review categories agreed by TC July to June Reviews take place September to August Review results
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