Herbert M. Chain
Shareholder, Mayer Hoffman McCann P.C. Deputy Technical Director, Global Audit Group, Kreston Global
Herbert M. Chain is a highly experienced auditor and is a financial expert with over 45 years of experience in business, accounting, and audit, having served as a Senior Audit Partner at Deloitte. He holds certifications from the National Association of Corporate Directors and the Private Directors Association, with knowledge of private company governance and effective risk management. He has extensive knowledge in the financial services sector, including asset management and insurance. Herb is a member of MHM’s Audit Methodology Steering Committee.
Contact Herb here
As Kreston Global’s Director of Quality and Professional Standards, Jenny oversees the onboarding process of prospective member firms. She is in charge of the quality standards for all member firms and within that standard setting, works with members to identify priority areas for professional development and training. In addition, Jenny works with Kreston’s Quality Group to review standards across the network.
International Quality Management: The path to excellence in accounting networks
November 29, 2023
Embracing international Quality Management in accounting networks
Excellent international Quality Management is a cornerstone for the success of global accounting networks, offering numerous benefits including enhanced efficiency, productivity, and a competitive edge. Establishing excellent International Quality Management is explored in a recent article by Jenny Reed, Director of Quality and Professional Standards at Kreston Global, and Herbert M. Chain, Director at CBIZ Marks Paneth and Shareholder at Mayer Hoffman McCann P.C., published in the International Accounting Bulletin. Read the full article here, or the summary below.
Establishing a culture of quality
Leadership’s role in cultivating Quality: The success of Quality Management initiatives heavily relies on leadership’s commitment. This includes establishing a quality-oriented culture, setting high standards, and leading by example to ensure adherence to these standards across all levels.
The challenges in Quality Management
Navigating resistance and standardisation: Resistance to change is a common hurdle. Effective change management and the harmonisation of standard practices are critical for achieving consistency in service quality, especially in a network of independent firms.
Training and continuous improvement: Ongoing training and development are essential for upskilling professionals and fostering a culture of continuous learning and improvement.
Key Performance Indicators (KPIs): Implementing KPIs aids in measuring and enhancing quality across the network, encompassing both qualitative and quantitative aspects.
Client engagement and feedback: Establishing mechanisms for regular client interaction and feedback is pivotal for continuous improvement and maintaining high service standards.
Leveraging technology and automation: The integration of advanced technologies and automation tools is crucial for enhancing efficiency and service quality.
Monitoring and review processes: Regular assessments and peer reviews are vital for maintaining accountability and continual enhancement of quality standards.
Constraints in a global context
Dealing with diversity and resource allocation: Addressing the challenges posed by geographical and cultural diversity, and the unequal distribution of resources is essential for consistent quality management.
Compliance and regulatory challenges: Understanding and adapting to varied compliance requirements and regulatory frameworks is key to maintaining quality standards.
Technology maturity of firms: Bridging gaps in technological maturity among member firms is crucial for effective quality management.
Conclusion
In conclusion, the journey towards implementing a robust quality management system in a global network, while challenging, is vital for enhancing reputation, client satisfaction, and competitive positioning. With committed leadership and a collective approach, these challenges can be successfully navigated.
To speak to one of our team about international Quality Management, please get in touch.
