On receipt of the individual review reports ( QA, AML, CPD and IB), depending on the grades awarded, the firm may be required to issue a response to the QAE.
The standard CPA template should be used in this regard only, please see link. A copy of this template will also be provided with your reports when issued.
This should include the following;
- Firms detailed response to address each individual weakness identified
- Timeline to address
- Action owner
- Evidence as applicable to confirm actioned
As per section 1496(4) of the Companies Act 2014, where a statutory auditor fails to take all reasonable steps to ensure that recommendations arising from a quality assurance review are implemented within a reasonable period, CPA Ireland shall take appropriate action, including, where applicable, subjecting the statutory auditor to our system of disciplinary actions or penalties referred to in Bye Law 7.
Failure to addressed QAE recommendations within the timeline as set by them may result in the imposition of additional quality control measures such as the shortening of the QA review cycle period for the firm per Bye Law 7.12.2.