QUALITY VISION
- To build a professional Firm with flexible policies,
- To create an environment for innovation and development,
- With customer focus, leader ship, involvement of people,
- With a process and system approach to management, continual improvement,
- With factual approach to decision making and
- Creating mutually beneficial Client relationships
The Policy for Quality process has been designed to:
- Emphasize independence of mental attitude in training programs and in supervision and reviews of audits.
- Inform personnel on a timely basis of these entities to which independence policies apply.
- Prepare and maintain for independence verification purposes, a list of the Firm’s client and of other entities (client’s affiliates, parents, associates, and so forth) to which independence policies apply.
- Make the list available to personnel (including personnel new to the firm or to an office) who need it to determine their independence.
- Establish procedures to notify personnel of changes in the list.
- Monitor compliances with the policies and procedures relating to independence, integrity, objectivity, confidentiality and professional behavior.
- Obtain from personnel, periodic written representations, ordinarily on an annual basis, stating that:
- They are familiar with the Firm’s policies and procedures.
- Prohibited investments are not held and were not held during the period;
- Prohibited relationships do not exist, and transactions prohibited by The Firm’s policy have not occurred
- That do not have any conflicting interests ,in any business of the Firm
- Assign responsibilities for resolving exceptions to a person or group with appropriate authority.
- Assign responsibilities for obtaining representations and reviewing independence compliance files for completeness to a person or group with appropriate authority.
- Review periodically the Firm’s association with Clients to ascertain whether any areas of involvement may or may be seen to impair the firm’s independence.
- The Firm further ensures that there is a continuous and ongoing attempt to improve the quality of Assurance services of the Firm, strengthening the internal processes and controls, review and monitoring mechanisms and ensuring compliance with statutory and legal requirements.
- The Firm has established qualifications deemed necessary for the various levels of responsibility within the firm.
- The Firm has prepared guidelines describing responsibilities at each level and the expected performance and qualifications necessary for advancement to each level, including
- Titles and related responsibilities; and
- The amount of experience (which may be expressed as a time period) generally required for advancement to the succeeding level.)
- Identify criteria which will be considered in evaluating individual performance and expected proficiency, such as
- Technical knowledge;
- Analytical and judgmental abilities;
- Communication skills;
- Leadership and training skills;
- Client relations;
- Personal attitude and professional bearing (character, intelligence, judgment and motivation); and
- Qualification as a professional accountant for advancement to a supervisory position.
Use a personnel manual or other means to communicate advancement policies and procedures to personnel.
Evaluate performance of personnel and advise them of their progress.
Gather and evaluate information on performance of personnel
The Firm also periodically has the system of personnel evaluation and counseling is reviewed to ascertain that:
- Procedures for evaluation and documentation are being followed on a quarterly basis
- Requirements established for advancement are being achieved
- Personnel decisions are consistent with evaluations
- Recognition is given to outstanding performance
- Professional education programs are monitored and that appropriate records are maintained, both on a firm and on individual basis.
- Information is made available to personnel about current developments
- Professional technical standards and materials containing the firm’s technical policies and procedures are also made available
- Personnel are encouraged to engage in self- development activities.
- Personnel are provided with professional literature relating to current developments in professional technical standards.
- A library is maintained containing professional, regulatory and Firm literature relating to professional and technical matters.
Identify evaluation responsibilities and requirements at each level indicating who will prepare evaluations and when they will be prepared.
Instruct personnel on the objectives of personnel evaluation.
Utilize forms, which may be standardized, for evaluating performance of personnel.
Review evaluations with the individual being evaluated.
Require that evaluations be reviewed by the evaluator’s superior.
Review evaluations to determine that individuals worked for and were evaluated by different persons.
Determine that evaluations are completed on a timely basis.
Maintain personnel files contacting documentation relating to the evaluation process.
Periodically counsel personnel as to their progress and career opportunities.
Review periodically with personnel the evaluation of their performance, including an assessment of their progress with the firm. Consideration would include the following:
- Performance;
- Future objectives of the firm and the individual;
- Assignment preference; and
- Career opportunities.
The Partners review periodically (annually) the system of personnel evaluation and counseling to ascertain that:
- Procedures for evaluation and documentation are being followed on a timely basis;
- Requirements established for advancement are being achieved;
- Personnel decisions are consistent with evaluations; and that
- Recognition is given to outstanding performance.
- Assign responsibility for making advancement decisions
- Assign responsibility to designated persons for making advancement and termination decisions
- Conducting evaluation interviews with persons considered for advancement, documenting the results of the interviews, and maintaining appropriate records.
- Evaluate data obtained giving appropriate in advancement decisions to the quality of the work performed,
The approach is to also study the Firm’s advancement experience periodically to ascertain whether individuals meeting stated criteria are assigned increased degrees of responsibility