April | 2022
A message from the Global Leader, Quality & Risk 2021 saw the continued development of new ways of working that may have seemed temporary during the early days of the pandemic, but which are increasingly becoming permanent as the business environment is transformed. Despite the many challenges that this transformation has provided, RSM remains committed to quality across all of our service lines. Quality is the foundation of the RSM Network and a common foundation across all RSM Member Firms. RSM continues to focus on ensuring Member Firms have the common methods and processes required for the ongoing enhancement of the quality of the services they deliver.
Development of RSM Orb RSM Orb, RSM’s Optimal Risk-Based audit solution, which is translated into several languages, supports RSM Member Firms in delivering a consistently high standard of auditing and is critical in delivering The Power of Being Understood. Member Firms use a consistent core audit methodology, software and tools which can be adapted for local regulatory requirements. In 2021, to further enhance quality, several improvements were made to RSM Orb based on feedback from users, most notably, the development of a solution for ‘Micro’ and ‘Dormant’ entities. This enables RSM auditors to perform quality audits by focusing directly on the requirements of International Standards on Auditing that are relevant to these entities.
A new Independence system Being independent is fundamental to RSM’s ability to act as trusted business advisers. RSM has invested in the development of RSM InTrust, a new integrated global independence, entity management and service authorisation system for the RSM Network, phase one of which will go-live in April 2022. RSM InTrust is a response to the increasing regulatory requirements and will enhance RSM’s global independence processes. Its entity management and service authorisation modules will enable timely and informed data-driven decisions by using intelligent technology and automation. Ultimately, it will assist RSM’s client service teams in identifying potential independence issues, in responding accordingly and in moving forwards with confidence.
International Standards on Quality Management (ISQMs) RSM believes that the ISQMs are the basis for continuing the transformation of audit quality in the profession, and both the RSM Global Executive Office and Member Firms have been preparing for the implementation of these new standards on 15 December 2022. This poses a considerable challenge for assurance firms, and the RSM Global Executive Office has provided tools and training to assist RSM Member Firms with their implementation process. These activities will continue throughout 2022 as we approach the implementation date.
10 RSM AND THE TRANSFORMATION ERA
RSM International Transparency Report | 2021
