Responsible Individuals - The Key Traits of a Good RI

Objectives

The course will consider the various aspects of the role of a Responsible Individual (RI) in ensuring the quality and profitability of audit assignments. It will also look at the responsibilities of the RI within the firm’s quality management processes and how the RI can develop the next generation.

Key Topics

• Terminology
• Key RI skills - What do you think?

INTERNATIONAL EDUCATION STANDARD (IES) 8 FOR AUDITORS – WHAT, WHO, HOW?

• Who does it apply to?
• What are the requirements?
• How do I comply?

CPD RULES GENERALLY

• Introduction
• ICAEW
• Key points
• Exclusions for individuals
• Detailed rules
• Requirements per category (for those in practice)
• Which category am I in?
• What is verifiable CPD?
• The end of Reflect / Act / Impact / Declare (RAID)?
• ICAEW monitoring of CPD

ACCA

• Unit route V ACCA Approved Employer route
• Targeting CPD for practising members
• ICAS

QUALITY MANAGEMENT

• Background
• ISA (UK) 220 (Revised July 2021)
• Key requirements in ISA (UK) 220
• Engagement partner responsibilities
• Objective
• Leadership responsibilities for managing and achieving quality on audits
• Relevant ethical requirements
• Engagement resources
• Engagement performance
• Consultation
• Monitoring and remediation
• Taking overall responsibility for managing and achieving quality
• Documentation
• Examples

LEADING THE TEAM

• Setting the culture
• Choosing the team
• Briefing the team
• Team discussions
• Getting the best out of your team discussion
• Other points to discuss

DELEGATION AND DEVELOPMENT

• Effective delegation
• Delegation tips
• Know What to Delegate
• Define the Desired Outcome
• Provide the Right Resources and Level of Authority
• Establish a Clear Communication Channel
• Deliver (and Ask For) Feedback
• Developing the team

PRINCIPLES OF REVIEW

• RI leadership
• What does the RI have to review?
• Planning stage
• Fieldwork stage
• Completion stage
• Effective review
• Practical tips in reviewing a file / section
• Planning review
• Section review
• Whole file review

GETTING THE AUDIT REPORT RIGHT

• Material but not pervasive
• Material and pervasive
• A matter is considered ‘pervasive’ if, in the auditor’s judgement:
• Example
• Qualified ‘except for’ opinion
• Example
• Adverse opinion
• Example
• Disclaimer of opinion

MANAGING EXPECTATIONS

• Making sure we make money
• Managing the client
• Do it early
• Give facts
• Layer it – verbal overview, written detail, offer of discussion
• Be consistent
• Listen to the client
• Consult where necessary
• Stay calm
• Stand firm

A LOOK TO THE FUTURE

Who Should Attend

Any current RI would benefit from the course, as well as those looking to progress into the role of RI in the future.