TIQK uses a proprietary algorithm and multiple data sources to audit whether each "attribute" of an SoA is compliant with relevant obligations.
An SoA documents "attributes" range from things as straightforward as the document's title ("Statement of Advice"), to more complex attributes that consider things like an Authorised Representative's current Authorisations or the presence of any recommended financial strategies.
For each attribute, TIQK's proprietary algorithms analyse the content in the SoA against all obligations relevant to that attribute. When complete TIQK will return an audit result for each attribute. There are four (4) possible audit results for each attribute in an SoA:
- Potential issue
For each of Non-compliant, Potential Issue, and Advice results, TIQK provides the following detailed information:
- A Plain-English commentary explaining the reason for the result
- Traceability data: the relevant obligation (law, regulation, guide) name, version, effective date, and specific section and clause number.