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The firm should communicate to relevant engagement partners and other appropriate personnel deficiencies noted as a result of the monitoring process and recommendations for appropriate remedial action. ISQC 1 (82) OUR POLICIES •Findings from inspections are notified promptly to those involved on the assignment. •Areas for improvement are notified to all staff. OUR PROCEDURES •The Partners will communicate to engagement partners and other appropriate personnel deficiencies noted as a result of the monitoring process and make recommendations for appropriate remedial action. The Partners will: •Determine whether corrective action and improvements to the system are needed. •Communicate the following to appropriate firm personnel: oWeaknesses identified in the system. oThe level of understanding of the system. oThe extent of compliance with the system •Ensure that any necessary modifications are promptly made to the firm’s quality control policies and procedures. The firm’s evaluation of each type of deficiency should result in recommendations for one or more of the following: •Taking appropriate remedial action in relation to an individual engagement or member of personnel; •The communication of the findings to those responsible for training and professional development; •Changes to the quality control policies and procedures; and •Disciplinary action against those who fail to comply with the policies and procedures of the firm, especially those who do so repeatedly. ISQC 1 (83)
15 OUR POLICIES •The findings from monitoring reviews are considered as part of the annual evaluation process. •Where matters identified as part of a monitoring review are best dealt with by training, these are communicated to the partner with responsibility for training. OUR PROCEDURES •Those responsible for the monitoring review make available the findings of individual reviews to those with responsibility for the evaluation of staff and partners. •Where the need for changes in procedures are identified these are communicated to those responsible who are asked to provide a timetable for implementation. Where the results of the monitoring procedures indicate that a report may be inappropriate or that procedures were omitted during the performance of an engagement, the firm should determine what further action is appropriate to comply with relevant professional standards and regulatory and legal requirements. It should also consider obtaining legal advice. ISQC 1 (84) OUR POLICIES •In the rare circumstances that a monitoring review indicates the possibility of an inappropriate report having been issued this matter is immediately bought to the attention of the engagement partner and [the senior partner].