Audit Compliance

SERVICES

Audit Compliance

Cold file reviews

• Postal Review (cheque with order).
• One detailed on-site cold file review.
• Detailed file review, and two summary reviews encompassing planning, completion and compliance with procedures. Closing meeting and report.
• Time spent by you and your staff in assisting with the process counts as structured audit/accounting CPD.
• For more see our blog – Getting Your Triennial Cold File Review Right

Hot file reviews

Independent Hot File Reviews or Engagement Quality Control Reviews (EQCR) are recommended for high risk, technically challenging assignments or indeed to address one of many ethical concerns. The reviews may also be used as a safeguard when a partner has not rotated off a non-listed audit client.

This service may also be advisable if the audit fee represents a substantial proportion of an individual partner’s total gross fee income. The review is most effectively carried out at your offices but you may prefer to send the file(s) by post to us for review. The service includes the following:

• A detailed review of the accounts and working papers before the file has been fully signed off.
• A written report that will identify any weaknesses as well as the key matters to address before the audit opinion is issued.
• The report will be addressed to your firm and to your professional body, if required for regulatory purposes.

Each review will include a verbal de-brief meeting with the partners and managers involved in the assignment.

This is an important part of the service and will highlight the key points arising from the reviews as well as the recommended action to be taken. Any comments of the partners and managers will be incorporated into the report as appropriate. If files are reviewed via the postal service, we will follow up the written report with a telephone call to explain the key matters arising and discuss any action points to be taken.

It may be possible to confine the review to that single issue or issues giving rise to concerns.

Time spent by you and your staff in assisting with the process counts as structured audit/accounting CPD. Written report with comments is e-mailed to you on the same day as the review.

Audit Compliance Review

Typically this is a one day assignment. Opening meeting to discuss risk, review of whole firm procedures, including up to four file reviews, closing meeting with you and your staff. Written report with comments and Grade is e-mailed to you on the same day as the review. Time spent by you and your staff in assisting with the process counts as structured audit/accounting CPD.

Regulatory Risk Review

Half day review of regulatory compliance risks affecting your practice, with a discussion and a brief report. Includes review of your engagement letters.