Monitoring and Remediation

Purpose

The purpose of the monitoring and remediation process is to

• provide relevant, reliable, and timely information about the design, implementation, and operation of the system of quality management
• take appropriate action to respond to identified deficiencies so that they are remediated on a timely basis

The monitoring process includes the ongoing review of office-level responses to quality risks and the inspection of engagement files to assess the implementation and operation of those responses.

Annual monitoring report

Annually, the Auditor General uses the information from the monitoring team’s assessments and other relevant data to evaluate the system of quality management and conclude on whether it provides reasonable assurance that the system’s objectives are being met.

Engagement inspections

Engagement inspections are a crucial element of the monitoring process. They allow us to assess the effectiveness of the OAG’s system of quality management in ensuring that engagements are conducted in accordance with professional standards and that issued engagement reports are appropriate. File inspections help identify weaknesses that could put the quality of our audits at risk so that they can be remediated on a timely basis.

As required by professional standards, inspections are cyclically performed on a risk-based sample of completed engagements. This inspection regime can be supplemented by additional inspection activities depending on the level of risk that has been assessed.