SoAQM – System of Audit Quality Management
IDI's System of Audit Quality Management (SoAQM)
What is a SoAQM?
An SoAQM is a system which the SAI designs, implements and operates at the organisational level. It supports the achievement of objectives and enables the SAI and its personnel to conduct high quality audits, fulfil their responsibilities in accordance with professional standards and applicable legal and regulatory requirements, and contribute value. The components of the SoAQM include: (1) Quality risk management process; (2) Governance and leadership; (3) Relevant ethical requirements; (4) Acceptance, initiation and continuance; (5) Performing audits (6) SAI resources; (7) Information and communication; and (8) Monitoring and remediation process.
Why is there a need for SoAQM?
Prior to the introduction of SoAQM, SAI has been operating the quality control system which may have been established through different policies and procedures for each element of the system. These may have remained static after they been developed, and some of these may not totally fit with the needs and structure of the SAI. To address the peculiarities among SAIs, the SoAQM focuses on key processes in quality management, rather than on defining what should be on specific components of the system. These processes include quality risk management, monitoring and remediation, and evaluation which provide scalable solutions to SAIs. Setting up the SoAQM does not end after development of the initial policies and procedures identified during the SAI’s needs analysis – supplemental policies and procedures, or enhancement of the existing ones, may be determined throughout the operation of the system.
CONTACT US
For any questions, please contact us at soaqm@idi.no