Grant Thornton’s qm.x application customizes and automates quality-management processes ― eclipsing basic spreadsheets and off-the-shelf software
Johnson Global Accountancy bolsters its services to identify, assess and respond to quality risks
CHICAGO AND LOS ANGELES — Johnson Global Accountancy has entered an agreement with Grant Thornton LLP to be a reseller of Grant Thornton’s qm.x application. The qm.x application uses cloud-based technology to help accounting firms implement a new quality standard known as the International Standard on Quality Management 1, or ISQM 1.
The ISQM1 standard was developed by the International Auditing and Assurance Standards Board (IAASB) to strengthen the approach to quality management at organizations that perform audits, review financial statements and provide other assurance and related services. To meet the standard, which takes effect in December 2022, accounting firms often need to create new quality-management processes, frequently based on cumbersome ad hoc systems and dated technologies, such as basic spreadsheets and inventories of files.
Grant Thornton’s qm.x application helps accounting firms to leapfrog commonplace quality-management processes through an integrated and customized system using a unified interface. And the application aids firms in designing and documenting quality-management processes for their evolving needs, while also helping to increase efficiency and automation.
The qm.x approach stands in contrast to more manual practices, such as using basic spreadsheets, because qm.x allows accounting firms to document, test and monitor their unique objectives, risks and responses — which vary for every firm and cannot be easily handled with commonly-used off-the-shelf software.
At the core of the alliance, Johnson Global Accountancy will help accounting firms with all aspects of qm.x deployments, including implementation, testing and monitoring.
As a result, firms can enjoy a marriage of consulting know-how from Johnson Global Accountancy and technology from Grant Thornton.
For Johnson Global Accountancy, qm.x represents a significant addition to its suite of quality management services for accounting firms worldwide. These services help clients meet a range of quality-management standards from bodies such as the IAASB, the American Institute of Certified Public Accountants (AICPA), and the Public Company Accounting Oversight Board (PCAOB).
According to Jackson Johnson, president of Johnson Global Accountancy: “We have been advising our U.S. and international clients on improving and monitoring their systems of quality management since 2017 ― and we’ve seen the struggles firms face designing, documenting and monitoring quality requirements. Collaborating with Grant Thornton takes our proven expertise and adds a potent new technology. For our clients, this will open new doors to meeting the ISQM 1 standard.”
Sara Ashton, a managing director in the Audit Methodology and Standards practice at Grant Thornton, describes the alliance this way: “Our qm.x application works by following a simple adage: To standardize quality, make it efficient ― build it in. Grant Thornton’s alliance with Johnson Global Accountancy only serves to underscore this adage; accounting firms can now more easily and efficiently take advantage of qm.x, and also benefit from Johnson Global Accountancy’s broad knowledge about how to meet quality guidelines.”
Johnson Global Accountancy and Grant Thornton expect to extend their agreement to help accounting firms meet future quality standards coming from other bodies and regulators: “This agreement is designed to keep pace with the new industry standards and allow accounting firms to effectively identify, assess and respond to quality guidelines – no matter where they come from,” said Johnson.
For example, the qm.x application has the ability to map documentation for multiple standards from different bodies, such as the IAASB, the AICPA and the PCAOB. This will help accounting firms get the most out of the efficiency and automation improvements they stand to gain from qm.x.
To learn more about qm.x, visit www.grantthornton.com/services/audit-services/qm-x. To learn more about Johnson Global Accountancy’s quality management services, visit www.jgacpa.com/services/quality-management-services
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