Applying Root Cause Analysis in a System of Quality Management

All firms engaging in audits, assurance, or related services, are required to have implemented Auditing Standard 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 (ASQM 1). To comply with the standard, these firms must have a robust system of quality management in place.

Firms are required to monitor the system of quality management and identify appropriate remediation for any deficiencies. If a deficiency is identified in the system of quality management during the monitoring process, firms must undertake a systematic process to identify the root cause of the deficiency identified. This process is called a root cause analysis.

This course will provide you with an overview of ASQM 1, how it applies to audit and assurance engagements, and the six core components that must be addressed by a system of quality management.

You will learn the processes and tools used to uncover the underlying causes of deficiencies through root cause analysis, and how to conduct an analysis using the Five Whys technique.

You will also learn how to implement a planning/change management system in your firm to monitor and manage the system of quality management on a continuing basis, and how to embed root cause analysis in your system of quality management and review its effectiveness.

Key topics:

• Root cause analysis and your firm
• Root cause analysis and your system of quality management
• Implementing root cause analysis

This course consists of one online course, a downloadable PDF learning manual and one online assessment.