TRANSPARENCY REPORT | AUDIT QUALITY
A major initiative for 2021 is to increase the
linkage between quality, progression, recognition
and reward at all stages of the career lifecycle at
RSM. Quality has always been an integral part of
our appraisal processes; however, we are focusing
on the formalisation and documentation around
these quality assessments.
As part of our coaching and development
culture, all employees will continue to have an
annual appraisal and a half-year review. The
appraisal form requires all team members to
incorporate reference to any QAD and external
regulator findings through the year and action
is taken in relation to these. Individuals are also
expected to provide their line manager with a
copy of their CPD record. Feedback is not limited
to appraisals. As well as on the job coaching,
there are audit assignment feedback forms.
At the point at which employees are nominated
for promotion to Director or Partner, further
references are sought from QAD and NATS.
No nomination is progressed to formal
assessment unless it receives support from
Audit partner appraisal
In audit partner appraisals, audit quality criteria
must be considered, both in the review of past
performance and in the objectives for the
following year. Other criteria included within the
appraisal system are business development, client
development, technical skills, management skills,
staff development and financial performance.
The relative importance attached to each of
these criteria is dependent upon the partner's
role within the firm but the appraisal system and
the partner's objectives are designed to play to a
partner's particular strengths.
For audit partners, success in selling non-audit
services to the entities they audit is specifically
excluded from performance evaluation
criteria and from decisions on remuneration.
Contributions to improving audit quality, on the
other hand, are specifically included in the criteria
for assessing and remunerating audit partners.
It is vitally important that staff and partners are
recognised and rewarded for their contributions
Nationally, RSM has an instant recognition
scheme: High Fives, given to staff when
they demonstrate RSM's five core values,
including excellence and integrity. RSM 's bonus
programme rewards those employees who
consistently perform and make a significant
impact on the business. The messaging from
RSM UK Audit LLP's management and the PIC are
that recognition and reward should be given for
delivering high audit quality above all else.
In the Autumn of 2021 RSM UK Audit LLP is
introducing audit quality awards to reward not
only audit outputs but also good behaviours.
This will further strengthen the linkage between
quality and recognition and demonstrate the
commitment of management to a quality culture.