Many practitioners asked me to assist them with a review of their firm’s risk register. Seeing that I cannot assist everybody with their requests, I will present an information session to take you through the latest IRBA findings.

This workshop aims to provide you with an opportunity to update your risk register while I discuss all the findings and the reasons for the findings and provide you with practical examples of possible responses to the risks to implement in your firm.

Please note the following about the requirements in ISQM1

Leadership and those delegated to manage quality management in the firm should always remain up to date on the inspection process and any possible reportable deficiencies.

The next step in the Quality Management Implementation journey is for firms, and firm leadership in particular, to ensure that all deficiencies identified and reported on during a firm or an engagement file inspection are promptly addressed throughout the entire firm.

It is therefore expected that where improvements are required, these are promptly addressed by all engagement teams across the firm on all audits.

Firms are strongly encouraged to pay close attention to the analysis of the IRBA findings to ensure that they are able to implement processes and controls that address these deficiencies in a sustainable manner.

• IRBA mandate and inspection process
  
• Inspection approach
  
• Types of reports
  
• Reportable findings
• At firm level
  
• At engagement level
  Most common reasons for findings
• Measures to address deficiencies