RIAM:Overview: Tactical Quality Assurance Strategy (TQAS)

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Quality assurance is a significant part of RIAM. Quality commences with product definition in accordance with the client's specifications and progresses through the process with methods and review. As with any control system, Quality Assurance is seen to include Preventive, Detective, Corrective & CONTROLS. (Just like the systems, you audit!)

Preventive control features in the quality assurance program include:

  • Institute of Internal Auditors membership;
  • Thorough training;
  • Thorough planning;
  • Standard working papers;
  • Standard methodologies;
  • Standard report formats; and
  • Thorough senior review.

Detective and corrective controls commence with our checklists, cross referencing, and three layers of file and report review - Dual Manager and Partner. All corrections, changes and additions are routed back through the layered review structure. We must not waste the client's time with our errors.

Ultimately, quality is assured during the execution of the project. This is achieved by:

  • A high level of senior partner and manager involvement;
  • Thorough planning of the project;
  • Establishing and documenting standardised procedures;
  • Identifying milestones and critical points;
  • Evaluating performance against assessment criteria at each milestone or point;
  • Training;
  • Ensuring continuity of staff throughout the engagement and that reporting deadlines are met;
  • Compliance with relevant legislation;
  • Efficiency through reliance on systems that reduce risk; or reliance on focused substantive tests;
  • Peer and senior reviews at all levels;
  • Use of standard forms and check lists;
  • Issuing draft reports for client comment before finalisation;
  • Regular interim reporting; and
  • Evaluating all errors detected by considering the potential for further error and quantifying the likely amount of error.

A key aspect of Internal Audit’s quality assurance program is the use of specialist staff at all stages of the project. Typically, Internal Audit should have a strong field of specialists covering such areas as:

  • Management Consulting and Business Planning
  • Organisation Structures and Staffing
  • AD Audit
  • Information Technology
  • Internal Audit methods
  • Financial Systems

A model for quality assurance in large national and international audit teams is provided in:

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