Regulatory Compliance and Quality Review Programme 2019

Appendix 3 – Summary of QRP improvement actions BDO

Key messages from file reviews

File reviews this year have identified recurrence of significant issues, particularly the audit of property valuations and defined benefit pension arrangements.

Firms should:

  • complete Root Cause Analysis (RCA) as applicable the identified improvement areas;
  • determine the actions required to address the common weaknesses identified; and
  • prioritise actions required to address the significant recurring matters raised including consideration of a formal action plan response and monitoring of its application at a local level.

Firm response
We use root cause analysis as part of our ‘Cycle of Continuous Improvements’ on a regular basis to address issues in relation to audit quality.

We will undertake a RCA to consider these significant issues in order to identify lessons we can learn and any actions to undertake. This will be led by our central RCA team. Any actions resulting from this process will be put in to place for 2019/20 audits which will include incorporation into the public sector technical training schedule as appropriate.

Monitoring the implementation of actions arising from the process will be undertaken by the Quality and Technical leads, Lisa Clampin and Janine Combrinck and reported to the Audit Stream Executive.

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