We hope this newsletter finds you well. We wanted to take a moment to share with you the progress we have made and also some of the exciting things we have been working on over the past year to improve Smart Audit and introduce a new product called Compliance Box.

Implementing a quality Management system in the firm can go beyond a compliance exercise. Immense long-lasting benefits can be derived from the optimized processes and quality improvement. Below are some of the reasons ISQM can bring business value in long run and you can make the most out of the time and resources invested in this exercise.

Governance and Leadership serves as the framework for how the firm’s decisions are made. The tone set at the top will drive the firm personnel behavior in every small or bigger decision. How the senior management reacts or act in certain circumstances, will flow into the firm’s culture. Basically the commitment to quality should be reflected in firms’ strategy, operational activities, and business processes.

We heard from many firms about the concern they have in in ISQM Implementation. To some, it feels like an extra compliance requirement which will only take additional hours of their existing resources. While to some partners, this whole concept of Implementation of ISQM feels like a new project.

Biggest bottleneck or limiting factor in a small practice is time. Partners end up spending lot of time in monitoring and reviewing audit work. They hardly get any time to focus on marketing their services. If they decide to actively invest in building a solid middle management layer, they can take out time to actively market and grow their practice.