Quality Management Standard – SQMS 1 Monitoring: Scalable approaches for Firms with Smaller Teams

SQMS 1 applies to every firm subject to peer review, regardless of size. Navigating and implementing a monitoring & remediation framework that allows for your firm’s scalability can be difficult. Scalability isn’t necessarily doing less, Firms need to design a monitoring and remediation approach that fits the nature and circumstances of their practice and engagements, focuses on where risks may occur, so that they can demonstrate a risk based approach to their peer reviewer.

In this session, we discuss the range of monitoring approaches available to firms with smaller teams, what drives the choice between them, and how to build a plan that holds up to scrutiny from both internal stakeholders and reviewers. 

Learning Objectives:

• Identify what SQMS 1 actually requires of firms with smaller teams, versus what gets assumed 
• Evaluate monitoring plan approaches and match them to your firm's engagement mix and risk profile 
• Weigh the tradeoffs between approaches so you can choose the one that works best for your implementation

1 hour