Following the easing of COVID restrictions in most countries during 2022, many of our Member Firms pivoted to a hybrid model of working. The evolution of our working environments combined with new or changing regulatory requirements drove significant change projects across the year for RSM – with a focus on maintaining and building upon our high standards of quality.
In April 2022, RSM replaced its global online independence, relationship, and conflict of interest tracking tool with RSM InTrust. The implementation of this new global independence entity management system in all Member Firms was achieved through the collaboration of over 200 Ethics and Independence Champions from across RSM. This was a significant change project involving eight workstreams covering areas such as: business requirements development, reorganisation of client and affiliate data , migration of data, user acceptance testing, training, and implementation support. The key features of RSM InTrust will enable our engagement teams worldwide to move quickly and confidently to client or service independence conclusions.
A further change project in 2022 was the implementation of International Standard on Quality Management 1 (ISQM 1) which became effective on 15 December 2022. A Network-wide approach was developed through a series of internal ISQM 1 Roundtables, which facilitated the development of tools and training to assist Member Firms with their understanding and implementation of ISQM 1. RSM Member Firms have welcomed this important new standard, forming implementation teams that devoted extensive time on enhancing existing systems and controls to meet the requirements of ISQM 1. This involved performing risk assessments, identifying quality risks and then designing and implementing appropriate responses.
“Following the easing of COVID restrictions in most countries during 2022, many of our Member Firms pivoted to a hybrid model of working. The evolution of our working environments combined with new or changing regulatory requirements drove significant change projects across the year for RSM – with a focus on maintaining and building upon our high standards of quality.”
Global Leader, Quality and Risk
Continuing our focus on change and transformation, in 2022, RSM’s Global Audit Centre of Excellence formed agile project teams to develop ideas for new and innovative client service offerings in assurance. Our immediate focus includes ESG Assurance services, Audit Delivery Centres, improved data analytics tools and the training of regional experts to assist audit teams to use these tools effectively. We are also dedicated to enhancing both the effectiveness and efficiency of our solution for auditing shared service centers and improved processes for recruiting and retaining staff with the key skills that we will need in the future. In addition, we continue agile development of our core audit solution, RSM Orb, and our consideration of different technology avenues and options for RSM Orb mark2. Hybrid working requires the evolution of RSM’s training programmes, and we have initiated the development of a suite of online learning modules for launch in 2023 to provide global audit training for staff – whether they be at the start of their careers, taking charge of group audits, or experienced Managers and Partners joining from other organisations. These modules are designed to provide high quality learning that staff and partners can access through our online learning and development portal, RSM Campus, when and where they need it.
As the post pandemic profession adjusts to the new ways of working, RSM continues to respond by developing innovative solutions and enhancing the resources and tools that we provide to Member Firms. Our pursuit of quality is never-ending and, following our achievements in 2022 and the projects that we are planning for 2023 and beyond, I am conﬁdent that our focus and commitment in this area will continue to reap rewards – meeting and exceeding expectations.