The culture change of ISQM 1

“For ISQM 1, I spoke to people I had never spoken to before, as I needed to get some new information.”

Sara Ashton

Grant Thornton Audit Managing Director

This may require collaboration with industries not traditionally involved in quality assessments. To be successful, teams will need to develop and nurture relationships with people who have many competing demands on their time. Ashton recalled that “For ISQM 1, I spoke to people I had never spoken to before, as I needed to get some new information.”

Once you understand the risks specific to your business, there is still a lot to do. This can mean tracing these risks across all departments and charting their possibility of occurrence – and if they do occur, the magnitude of their effect. This framework can then be used for ongoing monitoring, testing and reporting.

A permanent culture

ISQM 1 will drive deeper engagement in your business as it emphasizes active ownership of the quality agenda. “It really extends to the culture of the company,” Ashton said. “I think it’s something very unique that’s been introduced into this standard, something that you wouldn’t have thought of from a quality control perspective in the past.”

Your quality management system should include continuous monitoring that can lead to conclusions about your quality management. You should be able to visually represent your risk-response relationships, as well as key outcomes, for discussion.

Steve Villani, Country Managing Partner of Grant Thornton Audit Risk Management, said, “You need an observable and repeatable process to meet the standard, and the process needs to continually evolve. It’s very difficult to manage this using spreadsheets, because of all the relationships, scope and scope. »

The key to successful preparation for ISQM 1 is enjoying and adapting to the challenge the new normal presents.

Helen D. Jessen