CORAA University · Tool

Where are the gaps in your SQM 1 readiness?

Evaluates a firm across all eight ISQM 1 (SQM 1) components based on firm size, client count, listed clients and current quality-management system, producing a compliance score, a gap summary by component and a prioritised action list ahead of the April 2026 deadline — the assessment to run before the implementation checklist.

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Firm profile

Firm size

Number of audit clients

Listed clients

Current quality system

Component assessment

Rate each question from 1 (Not Started) to 4 (Fully Implemented).

1

Governance & Leadership

Has your firm designated a quality management leader?

Does leadership actively promote a quality-first culture?

Are partner responsibilities for quality documented?

2

Ethical Requirements

Do you have a documented independence policy?

Is independence monitored for all engagements?

Are ethical breaches tracked and remediated?

3

Acceptance & Continuance

Is client acceptance based on documented risk assessment?

Do you reassess client relationships annually?

Are high-risk engagements flagged for additional review?

4

Engagement Performance

Do you have standardized audit methodologies?

Is engagement quality reviewed before report issuance?

Are consultation policies documented and followed?

5

Resources

Is staff competency assessed and documented regularly?

Do you use technology tools for audit execution?

Are training programs aligned with engagement needs?

6

Information & Communication

Is there a system for internal quality communication?

Are external reporting obligations tracked?

Is audit documentation accessible and organized?

7

Monitoring & Remediation

Do you conduct internal quality reviews (cold reviews)?

Are root causes of deficiencies identified?

Are remediation actions tracked to completion?

8

Risk Assessment Process

Have you identified quality risks specific to your firm?

Are quality objectives documented for each component?

Do you reassess risks when circumstances change?

Close the gaps

Close the SQM 1 gaps - ISQM 1 implementation, accelerated.

Coraa's quality-management tools accelerate ISQM 1 implementation. Map controls, monitor engagements, track remediation.

Next

After the gaps - track the implementation.

Start the free trial Try the implementation checklist