Grant Thornton releases cloud-based tool for ISQM 1 compliance

Top 10 Firm Grant Thornton has announced the release of a new application, “qm.x,” which is meant to help accountants meet the compliance requirements of the International Auditing and Assurance Standards Board’s new International Standard on Quality Management 1.

ISQM 1 was released late 2020. Taking effect this December, the standard encourages firms to design a system of quality management that is tailored to the nature and circumstances of the firm and engagements it performs.

The cloud-based application allows for the design and documentation of the quality management process, thereby creating a framework for quality. Among other features, the software:

  • Can use relationships to connect quality objectives, risks and responses;
  • Allows users to make custom reporting and visualizations of risk levels and relationships;
  • Offers interactive user dashboards;
  • Integrates with Microsoft tools like Power BI;
  • Allows for data governance and access controls;
  • Facilitates testing, monitoring and remediation of quality management systems; and,
  • Provides a continued development and enhancement roadmap.

The application had originally been designed in-house for Grant Thornton’s own internal use before being released to the accounting community as a whole.

“This is the only ISQM 1 application on the market built by accountants for accountants,” said Joseph Brown, national managing partner of market innovation and release management. “It’s unique, it’s powerful and it’s ready now to help firms prepare for the important changes ahead.”

The firm expects to eventually expand the qm.x application beyond the ISQM 1 standard and into future quality frameworks coming from standard-setting bodies beyond the IAASB.

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