Root cause analysis – what do we know?

Wendy Groot ()
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Wendy Groot: Vrije Universiteit , Amsterdam, Netherlands

Maandblad Voor Accountancy en Bedrijfseconomie Articles, 2021, vol. 95, issue 1-2, 87-93

Abstract: Root cause analysis (RCA) provides audit firms, regulators, policy makers and practitioners the opportunity to learn from past adverse events and prevent them from reoccurring in the future, leading to better audit quality. Recently approved regulations (ISQM1) make RCA mandatory for certain adverse events, making it essential to learn how to properly conduct an RCA. Building on the findings and recommendations from the RCA literature from other industries where RCA practice is more established such as the aviation and healthcare industries, audit firms can implement an adequate and effective RCA process. Based on the RCA literature, I argue that audit firms would benefit from a systems-based approach and establishing a no-blame culture.

Keywords: root; cause; analysis; audit; firms; systems; thinking; no; blame; culture (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:arh:jmabec:v:95:y:2021:i:1-2:p:87-93

DOI: 10.5117/mab.95.60778

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