and the resourcing and structure of engagement teams as they relate to audit

And the resourcing and structure of engagement teams

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and the resourcing and structure of engagement teams, as they relate to audit quality. Results were fed back to the AQB for further action, as necessary. 2. Investment in people The processes outlined below seek to ensure that the professionals working on our audit engagements have the necessary knowledge, capabilities, experience and competence to deliver work of the highest quality and that they are appropriately supervised by skilled partners and managers. Recruitment During the year ended 31 May 2016 we recruited 754 people to our Audit & Risk Advisory graduate and school leaver programmes. We maintain the high calibre of our people through a rigorous recruitment process, including skills assessments and competency-based interviews. 2.1 Delivering quality audits 5 Audit Transparency Report 2016
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Measuring and rewarding performance We create an environment where achieving high quality is valued, invested in and rewarded. An Audit Quality & Compliance Dashboard is produced for all audit partners and staff at manager grade and above. This dashboard measures results from internal and external reviews, updates of personal independence and continuing professional development records, and timely completion of essential professional updates and other e-learning, where applicable. Dashboards are discussed at appraisal meetings and form an integral part of each person’s performance assessment for the year. Individual appraisals include feedback provided on specific engagements from fellow team members and from partners, to provide a rounded view of individuals’ performance and development needs. The evaluation of professionals for promotion involves a detailed scrutiny of personal performance, with quality at its core, linked to our competency model. This year we introduced team and individual awards for audit quality, to highlight success and to share the stories from the shortlisted and winning teams as role models for outstanding audit quality across the audit practice. The nominees were either self-nominated or nominated by another practitioner, and were evaluated centrally. Recognition was given in three areas: applying the global audit imperatives, exercising professional scepticism and a focus on auditing internal controls. We also use the annual bonus scheme to recognise the demonstration of exceptional audit quality. Each audit partner and signing director receives an Audit Responsibility Rating, reflecting the level of risk, complexity and public scrutiny they shoulder in their roles, including as Engagement Quality Control Reviewer on audit engagements. This recognises the levels of responsibility and required performance on audit engagements as key drivers in the reward and promotion of our audit partners and staff.
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