In the event of your firm undergoes a CQS audit, it may result in three potential outcomes in accordance with the updated Core Practice Management framework:
(1) Manifestation of complete adherence to CQS standards.
(2) Identification of minor non-compliance issues, with a stipulated 21-day period provided for rectification.
(3) Discovery of major non-compliance issues, accompanied by a grace period of three months for corrective measures.
In practice, it is rare for a firm to demonstrate full compliance with CQS requirements.
Conducted by a CQS assessor, the assessment meticulously examines 40 distinct evaluation criteria spread across the Core Practice Standards . It is crucial to acknowledge that the CPMS does not dictate specific technologies or processes; instead, it highlights how compliance with the assessment requirements can be validated.
Corrective actions may include updating your CQS Policy Library.