Mandatory Examinations or Audits of Quality Control Assurance Systems.

QUALITY control; QUALITY assurance; AUDITING standards; AUDITING; EXECUTIVES

Examinations or audits of an organization's quality control assurance system (QCAS) are not presently required, despite the fact that defective products or services represent a major risk for any business. Companies are not presently required to examine or audit their quality control assurance systems (QCAS) in order to reduce the chance of defective, and sometimes dangerous, products or services from being sold to their customers. In addition to incorporating the above risk principles into the design of a QCAS, companies should consider also integrating COSO's 2017 Enterprise Risk Management - Integrated Framework, developed to help companies manage risk. One example relates to a consumer products company that had an "enterprise objective" (i.e., mission) of developing "innovative products to meet customer needs" and set up a system to "better identify and manage company-wide risks.". [Extracted from the article]

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