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
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.
