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Audit Quality Report

RSM’s commitment to audit quality and innovation

August 28, 2024

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SEC matters Audit PCAOB matters
Lease accounting Financial reporting Revenue recognition AICPA matters

The foundation of RSM audit quality

Audit quality at RSM is built on a foundation of integrity, competence, objectivity and independence, essential elements that instill confidence and drive our commitment to excellence. Delivering high-quality audit services involves more than just adhering to rigorous standards; it requires a comprehensive approach that integrates effective governance, ethical adherence, client engagement management, and robust monitoring systems. At the core of this commitment is our people—their knowledge and dedication to upholding the highest principles of integrity and independence are crucial to our audit quality. As gatekeepers for the public trust, quality is job one as our auditors prioritize their professional responsibilities and uphold the values of our profession.

Quality, excellence and insights driven by RSM Luca

Central to our strategy for enhancing audit quality is our focus on continual innovation. RSM continually invests in audit technology to perform audits as efficiently and effectively as possible. A key element of this strategy is RSM Luca, our global digital audit ecosystem. RSM Luca is designed around four key pillars—automation, analytics, artificial intelligence and digital experience. These pillars enhance our audit processes by increasing efficiency, minimizing disruption, and delivering insights tailored to our clients’ needs. By leveraging RSM Luca, our audit and assurance professionals are equipped with cutting-edge tools that allow us to meet and exceed client expectations while maintaining rigorous quality standards.

Planning and performing the audit

Our audit approach emphasizes a comprehensive understanding of the client's business environment, including financial reporting and internal controls. We use a global methodology to tailor audit procedures to our clients’ specific risks and complexities, ensuring consistency and quality. The audit plan is aligned with risk assessments, and procedures are adjusted as needed based on changes in risk factors. Our team leverages specialized knowledge and consults with subject matter experts and our National Professional Standards Group (NPSG) to enhance audit quality. Advanced tools are utilized to prepare detailed documentation, support the audit opinion and facilitate an effective review.

Adherence to quality management frameworks

Our commitment to quality is reflected in our adherence to established quality management frameworks. Effective Dec. 15, 2022, we adopted the International Auditing and Assurance Standards Board’s (IAASB) International Standard on Quality Management 1 (ISQM1) and the AICPA Statement on Quality Management Standards No.1 (SQMS1). We are also preparing to integrate the PCAOB’s forthcoming quality control standard QC 1000. Taking a proactive, risk-based approach ensures that we address emerging risks and adapt to changes in the auditing and regulatory landscape. Our annual evaluations confirm that our quality management system effectively supports our quality objectives, reinforcing our dedication to continuous improvement.

Audit quality is deeply embedded in our culture

Leadership at RSM plays a critical role in embedding quality into our organizational culture. Our governance structure, including a board of directors and a Risk Oversight Committee, oversees risk management and ensures adherence to policies. Our managing partner and chief executive officer, Brian Becker, alongside a dedicated leadership team, emphasize that quality management is integral to the firm’s strategy. Responsibilities are delegated to specialized groups, such as the Office of Risk Management and NPSG, which focus on maintaining high standards in auditing and compliance.

Delivering innovative audit services through a commitment to continuous improvement

At RSM, our commitment to audit quality is demonstrated through adherence to rigorous quality management standards, our innovative approach driven by RSM Luca, and a leadership team dedicated to maintaining the highest standards of excellence. Quality is woven into every aspect of our practice, ensuring that we deliver exceptional, industry-tailored audit services while continuously advancing our methods and tools.

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