ISQM (UK) 1 Root Cause Analysis Tool
Get the ICAS developed tool to help you carry out root cause analysis required under ISQM (UK) 1.
To undertake an audit in accordance with the ISAs (UK) audit firms must first comply, on a firm-wide basis, with the International Standard on Quality Management (UK) 1 (ISQM (UK) 1). This requires, amongst other things, firms to evaluate and identify deficiencies and investigate the root cause of such deficiencies through a process of root cause analysis. ISQM (UK) 1 however does not set out how or what methodology should be used to carry out root cause analysis.
ICAS has developed an excel based tool which, if used as suggested, provide a structured approach to investigate the root cause of deficiencies identified in a tried and tested manner, and to document the process undertaken.
This RCA tool is set up to be used with 'The 5 Whys' methodology. 'The 5 Whys' method allows uncovering the root cause of a problem by simply asking "Why" multiple times. This interrogative technique is one of the most effective tools for root cause analysis and is likely to be proportionate and easily implemented, particularly in smaller and medium sized firms.
