QARs in my company record FDR data only- there is no voice element. QAR data is ALL downloaded and analysed, but by the safety department- management have no access.
If an exceedance or incident is highlighted (and not already reported by the crew) then the safety department will contact the pilots directly.
Incidentally, many of the pilots in my company know how to disable the QAR- in fact, in a previous job, the company issued a memo threatening immediate dismissal for anyone who did so- along with a description of how it is done!
I have never seen it done, or done it myself... but our engineers assure me it works.