Monitoring is the process of assessing whether or not a firm’s engagements are being conducted and documented in accordance with professional standards, and alongside a firm’s policies and procedural requirements.
When done right, monitoring can be a value-add to your firm in a number of ways, but it takes a thoughtful, planned and thorough approach to ensure you get the most from your efforts.
There are a number of key considerations to contemplate before you implement your monitoring process. Here are a few to help get you started:
What types of monitoring are required?
There are two types of monitoring required by CSQC 1: ongoing monitoring and cyclical completed file monitoring. It is important to brush up on both types of monitoring so you know what need to be done.
Who should perform monitoring and when?
Your firm’s size and capacity will impact who performs monitoring. For example, sole practitioners cannot conduct their own monitoring and will need to seek external support. However, a firm with a few partners could appoint one partner to lead the monitoring process internally.
Meanwhile, the timing of your monitoring process will depend on the characteristics of the firm and the policies you adopt.
What do you do with the results?
While the monitoring results must be documented and shared within the firm, it’s important to think about how you will implement the remedies to the findings. Simply capturing them in a document or report likely isn’t enough to help you see real progress. It’s important to think about how you can execute on your monitoring results in a way that improves your firm’s performance.
Keeping these key considerations in mind while you build a plan for monitoring will help ensure you make the most out of your monitoring efforts.
Looking for more information on monitoring? Click here to download Clearline Consulting’s Special Report: The 5 W’s of Monitoring.