QA Quality Assurance review the QA Cycle Every year Firms - - PowerPoint PPT Presentation

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QA Quality Assurance review the QA Cycle Every year Firms - - PowerPoint PPT Presentation

May 04, 2023 522 likes •793 views

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

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Quality Assurance review

QA

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the QA Cycle

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Every year Firms complete QA self-assessment Questionnaire

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air.mgiworld.com

QA & AIR secure website

Quality Assurance Audit Independence Register

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Every year Firms update Audit Independence Register (AIR)

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Every 3 years Firms receive onsite peer review

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January Technical Committee announces Firms for review July to June

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February to May Pre-review questionnaires

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March to May Reviewers allocated, timings agreed, reviewer training

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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

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July 2018 to June 2019 Reviews take place

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July 2018 to June 2019 Reviews take place

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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.

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Up to one year later Level 3 and some Level 2 firms receive follow up review

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the QA Cycle

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Every year – firms complete QA self-assessment 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 May to June Review categories agreed by TC July to June Reviews take place September to August Review results

Review

March to May Reviewers allocated, timings agreed

Summary

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