Our audit quality commitment
We are dedicated to the delivery of consistently high-quality work and a culture of challenge.
Our quality assurance framework
We utilise a robust quality assurance framework to deliver high-quality work to our clients. Our approach is holistic; we ensure quality before the engagement through our talent acquisition, during the engagement with consistent communication and feedback and even after the engagement with independent audit file reviews.
1. People
We recruit highly skilled colleagues through a rigorous, merit-based selection procedure and then deliver effective training to enhance their skills.
2. Leadership and governance
The board of RSM UK Audit LLP has overall responsibility for audit procedures and policies. The Head of Audit Quality attends the Audit Board meetings, presenting on quality actions and future initiatives, alongside reporting from the National Compliance Partner and National Audit Technical Services (where applicable).
3. Values and behaviours
All partners and staff are provided with access to the employee guide, which sets out the firm’s code of conduct. They are required to adopt RSM’s ethics policies. Our leaders foster a culture of openness and a commitment to quality that feeds through to all our work.
4. Support and training
The firm has a dedicated National Audit Technical Department that is responsible for the technical quality of the firm’s audit operational procedures and providing technical support services to client facing personnel.
5. Methodology and technology
Our audit methodology and the tools that support the teams in the delivery of engagements, such as our robust data analytics tools, are often bespoke and are constantly being adapted to changes in regulation, technological developments and our continual commitment to improving audit quality.
6. Quality monitoring
Our annual quality control overview programme reviews the audit teams to ensure full compliance with the firm’s policies and procedures, and the International Standards on Auditing (ISA UK).
As required under ISQM1 we have reviewed our approach in a number of areas and put in place a dedicated system of quality management from 15 December 2022. The application of the standard enables a more structured quality monitoring process and associated reporting tools reinforcing the proactive quality management ethos of the standard.
We endeavour to positively engage with our regulators. We value the insights and thought leadership they offer. Regulatory findings are assessed as part of firm-wide improvements, and our teams share the key messages and learning points across the audit business stream.
Over the past year we have had visits from the Audit Quality Review Team and Institute of Chartered Accountants of Scotland (ICAS). We are not subject to a public firmwide report by the Financial Reporting Council, but our Head of Audit Jonathan Ericson would be happy to discuss our individual audit reviews with you.
7. Quality risk mitigation
A Risk Assurance Management Plan is approved before any new audit client is taken on. This ensures that only those individuals with the prerequisite skills and training can undertake such specialist audits.
