What are the Quality & Risk Management unit (QRM) and the Monitoring Sub-committee (MSC) roles within the business? We outline the purpose of these units here.
This unit's role is to:
- Determine and implement the overall risk management strategy under the leadership of the National Board of Partners;
- Track changes to the independence rules and other relevant professional standards and updates the CCOI and other Mazars policies and methodologies;
- Inform auditors other professionals of all rule changes and important legal decisions;
- Establish practical tools and guides permitting auditors to identify compliance problems more easily, for example, prohibited services;
- Respond to auditors' questions on acceptance of clients and engagements, and conflict of interest situations; and
- Participate in training auditors on ethics and compliance.
The Monitoring Sub-committee (MSC)
The MSC carries out the following tasks:
- Oversees firm-wide monitoring programs established in compliance with International Standards on Quality Control 1 (ISQC 1);
- Evaluates results and monitors the implementation of remedial action (where applicable) in respect of all internal and external quality control monitoring inspections; and
- Considers the allocation of appropriate resources to the QRM unit in order to fulfill its duties in terms of compliance monitoring.