How to Create a Management Review for Accounting & Finance
A procedure for conducting regular management reviews of the quality management system to evaluate its effectiveness, suitability, and alignment with strategic objectives.
Purpose
To ensure senior management evaluates the performance of the quality management system, makes informed decisions on improvement, and allocates resources to maintain and enhance quality.
Scope
Covers the entire quality management system including policy, objectives, process performance, audit results, customer feedback, corrective actions, and improvement initiatives.
Prerequisites
- Compiled quality performance data and reports for the review period
- Completed internal audit results and status of corrective actions
- Customer feedback summary and trend analysis
- Previous management review minutes and action status
Built with ASIC regulatory requirements, AML/CTF compliance, Tax Practitioners Board obligations, and APES standards in mind.
Step-by-Step Procedure
Schedule the Review
Set the date, agenda, and attendees for the management review client meeting, ensuring all required participants are available.
- 1.1Schedule the review according to the annual management review calendar
- 1.2Prepare the agenda covering all required input topics
- 1.3Send client meeting invitations to senior management and department heads
Prepare Review Inputs
Compile all required input data and reports for the management review including performance metrics, audit results, and feedback summaries.
- 2.1Gather quality performance metrics and trend data
- 2.2Compile internal and external audit results and corrective action status
- 2.3Prepare customer feedback summary and escalation analysis
- 2.4Review status of actions from the previous management review
Present and Discuss
Conduct the management review client meeting, presenting each input topic and facilitating discussion and decision-making.
- 3.1Present each agenda item with supporting data and analysis
- 3.2Facilitate discussion on the effectiveness of the quality management system
- 3.3Identify opportunities for improvement and resource needs
Record Decisions and Actions
Working paper all decisions made, actions assigned, and resource allocations agreed during the review.
- 4.1Record decisions on quality policy, objectives, and system changes
- 4.2Assign improvement actions with responsible owners and deadlines
- 4.3Working paper resource allocation decisions
Distribute Client meeting Minutes
Finalise and distribute the management review minutes to all participants and relevant stakeholders.
- 5.1Finalise the client meeting minutes with all decisions and actions
- 5.2Obtain approval of the minutes from the client meeting chairperson
- 5.3Distribute the approved minutes to all participants
Track Actions to Completion
Monitor and track all actions assigned during the management review through to completion.
- 6.1Enter actions into the action tracking system
- 6.2Follow up with action owners at regular intervals
- 6.3Report action status at the next management review
Quality Checkpoints
Common Mistakes to Avoid
Expected Outcomes
Percentage of scheduled management reviews conducted on time, indicating commitment to the process.
Percentage of management review actions completed by their assigned deadline.
Percentage of quality objectives achieved within the review period, reflecting the effectiveness of the QMS.
Frequently Asked Questions
What topics must be covered in a management review?
Required topics typically include status of previous review actions, changes in internal and external context, quality performance data, audit results, customer feedback, non-conformance and corrective action status, and opportunities for improvement.
Who should attend the management review?
Senior management including the managing director or CEO, department heads, and the quality manager should attend. Subject matter experts may be invited to present specific topics.
How often should management reviews be conducted?
Most organisations conduct management reviews at least annually, with many preferring quarterly or semi-annual reviews. The frequency should be sufficient to maintain oversight and drive timely decisions.
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