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Practice Support

Cold File Review

A ‘Cold’ File Review of Your Completed Audit Work

There are many good reasons to seek an independent cold file review – in other words, a review conducted after the audit assignment has been completed and the audit report signed.

You may want to benchmark the quality of your practice’s audit files and gain insights into the potential to develop staff and improve your procedures. You might want the peace of mind knowing your practice is maintaining ongoing compliance in the face of new auditing standards – or you may want to confirm the independence and integrity of your practice in response to an ethical risk noted on an audit engagement. Alternatively, a cold file review may be required to comply with restrictions set out by your regulating institute.

Our review process encompasses a full review of the statutory financial statements and a detailed audit file review to assess compliance with the latest legislation and standards

To schedule a Cold File Review, email us or call us today on 053-9100000. We look forward to working with your practice.

How We Can Help

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Our cold file review will encompass a full review of the statutory financial statements to assess compliance with reporting standards and legislation and a detailed audit file review to assess the firm’s compliance with auditing standards. The review will look at typical problem areas such as whether the required audit evidence has been obtained and appropriate conclusions drawn, disclosure requirements and the effectiveness of the manager and partner review.

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The review can be completed onsite at your offices – or offsite at our office. The onsite review will allow for a full debrief meeting with the audit partner. The offsite review will be followed up with a telephone call discussing the issues noted in the cold file review. Following your review, you will be provided with a full written report detailing our findings as well as any action points and/or recommendations arising from the review.

Recommendations to Improve Future Audit Work

All our practice support executives have significant experience conducting cold file reviews.

While the primary purpose of our review is to ensure compliance with relevant standards, by analysing how whole audit work is conducted, we can advise on improving the quality and efficiency of future auditing work.

Your written report, provided on completion of our cold file review, will offer practical recommendations to improve audit quality, and it can also be used to update your firm’s quality control standards and determine priorities for staff training and development.

The OmniPro Cold File Review – In Detail

Communication is key to our review process, and our onsite review will start with a face-to-face meeting with the engagement partner to discuss the relevant audit file and client background. Our offsite review will lead with a telephone call with the engagement partner to discuss the relevant file and client backgrond. Our review will assess the following issues associated with the client.

  • Terms of engagement
  • Presentation of financial statements
  • Compliance with ethical requirements
  • Legal, tax and ethical compliance
  • Quality control procedures
  • File structure

The audit work conducted will be reviewed to assess

  • The nature, appropriateness and adequacy of audit planning, verification and other audit tests carried out
  • The nature, appropriateness and adequacy of audit work
  • The documentation of audit work undertaken
  • The appropriateness of audit evidence retained on file
  • The documentation of conclusions drawn and their basis for supporting the resultant audit opinion
  • Communication with those charged with governance
  • Adherence to relevant auditing standards
  • Use of audit programmes
  • File structure and audit trail

Following your review, you will be provided with a full written report detailing our findings as well as any action points and/or recommendations arising from the review.

The price of our cold file review starts at €200 per hour, plus VAT, for a single file.

To schedule a Cold File Review, email us or call us today on 053-9100000. We look forward to working with your practice.

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