Quality Policy Review — Accounting & Finance Edition
A procedure for periodically reviewing and updating the organisational quality policy to ensure it remains relevant, aligned with strategic direction, and understood by all employees.
Purpose
To maintain a quality policy that accurately reflects the organisation commitment to quality, drives appropriate quality objectives, and complies with the requirements of the quality management system standard.
Scope
Applies to the organisation quality policy working paper, its communication to staff, and its alignment with quality objectives and strategic direction.
Prerequisites
- Current quality policy working paper
- Understanding of the organisation strategic direction and context
- Quality performance data and management review outputs
Built with ASIC regulatory requirements, AML/CTF compliance, Tax Practitioners Board obligations, and APES standards in mind.
Step-by-Step Procedure
Schedule the Review
Plan the quality policy review in accordance with the review schedule, typically aligned with management review or strategic planning cycles.
- 1.1Confirm the review date and participants
- 1.2Gather the current quality policy and relevant strategic documents
- 1.3Prepare a briefing note summarising the current context and any triggers for policy change
Assess Current Policy Relevance
Evaluate whether the current quality policy remains appropriate given changes in organisational context, strategy, and stakeholder expectations.
- 2.1Compare the policy against the current strategic direction and business context
- 2.2Review whether the policy framework supports the current quality objectives
- 2.3Identify any gaps between the policy and actual practice
Draft Policy Revisions
If changes are needed, draft revised policy wording that addresses identified gaps and aligns with the strategic direction.
- 3.1Draft revised policy statements addressing identified gaps
- 3.2Ensure the policy includes commitment to customer satisfaction, continual improvement, and compliance
- 3.3Circulate the draft to senior management for input
Approve Updated Policy
Obtain formal approval of the revised quality policy from the highest level of management.
- 4.1Present the revised policy for senior management approval
- 4.2Record the approval with the date and approver identity
- 4.3Issue the approved policy through the working paper control process
Communicate the Policy
Communicate the updated quality policy to all employees and relevant external parties. Ensure understanding through training and awareness activities.
- 5.1Distribute the updated policy through internal communication channels
- 5.2Conduct awareness sessions or briefings for all staff
- 5.3Display the policy in common areas and on the company intranet
Verify Understanding
Confirm that employees understand the quality policy and their role in supporting it through spot checks, surveys, or audit interviews.
- 6.1Conduct random spot checks with staff to assess policy awareness
- 6.2Include policy understanding as a topic in internal audits
- 6.3Address any gaps in understanding through additional communication
Quality Checkpoints
Common Mistakes to Avoid
Expected Outcomes
Whether the quality policy is reviewed within the scheduled timeframe, indicating governance compliance.
Percentage of employees who can articulate the key elements of the quality policy when asked.
Frequently Asked Questions
Who is responsible for approving the quality policy?
The quality policy must be approved by top management, typically the managing director, CEO, or equivalent senior leader. This demonstrates management commitment to quality.
What should a quality policy include?
A quality policy should include commitment to client meeting customer requirements, commitment to continual improvement, a framework for setting quality objectives, and commitment to applicable statutory and regulatory requirements.
How often should the quality policy be reviewed?
The quality policy should be reviewed at least annually and whenever there are significant changes to the organisation strategic direction, context, or stakeholder requirements.
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