The Quality Review Program (The Program) is an integral component of Chartered Accountants Australia and New Zealand’s professional compliance framework. The Program is designed to assess whether Australian members who hold a Certificate of Public Practice have implemented appropriate quality management policies and procedures in their practices. 

CA ANZ has collated the data from the latest review period of the most common findings from The Program so you can self-assess your practice or prepare for an upcoming quality review. 

While there are some changes to the most common findings each year the top two we typically find are a lack of/incomplete System of Quality Management (SOQM) and Risk Management Framework.

System of Quality Management

Maintaining a SOQM in compliance with APES 320 Quality Management for Firms that provide Non-Assurance Services and/or ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements is mandatory for all firms regardless of engagement type or practice size. 

The Quality Review team, in collaboration with practitioners, has produced three pro-formas to download and tailor to your practice:

• Pro-forma document toolkit for small to medium sized firms (Assurance)
• Pro-forma document toolkit for small to medium size firms with staff (Non-assurance)
• Pro-forma document toolkit for sole practitioners with no staff (Non-assurance)

Risk Management

Under APES 325 Risk Management for Firms, members who are principals in firms are required to implement, document and monitor a risk management framework to embed a risk culture, assist in providing quality and ethical services in the public interest, and to meet their business objectives. This includes the development of policies and procedures that extend beyond those developed to address quality relating to engagement risks, as required by both APES 320 Quality Management for Firms that provide Non-Assurance Services and/or ASQM 1 Quality Management for Firms that Perform Audits or Reviews of Financial Reports and Other Financial Information, or Other Assurance or Related Services Engagements.

Use the following links to learn more about a risk management framework and to access useful tools and templates.

Midsize Firms

• Risk Management Framework
• Risk Appetite

Sole Practitioners & Small Firms

• Risk Management Framework

Common findings

We have also detailed resources applicable to each common finding to assist your practice with ongoing compliance with quality management standards.