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Practice Support

Hot File Review

A ‘Hot’ File Review of Your Live Audit Work

Depending on your practice, there can be a range of compelling reasons for a hot file review. An independent, assessment of ‘live’ audit work, conducted before forming an opinion and signing off on the report, may be required to comply with restrictions set out by your regulating institute.

Even if this is not the case, the International Standard on Quality Control (ISQC 1) requires an independent hot file review for certain high-profile or high-risk work. This could be due to an ethical risk such as long association or fee dependence. You may require an external review to ensure that it is reasonable to maintain an audit assignment when your independence might be called into question. Or the audit may be for one of your largest clients, and you may want the comfort of a third party reviewing the work. Alternatively, the audit may have been conducted by a new member of the team, and an external review would help with quality control and training.

An independent assessment of ‘live’ audit work may be required for high-profile or high-risk clients or to comply with restrictions set out by your institute

To schedule a Hot 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 hot 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.

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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 hot file review.

On completion, we will provide you with a full written report setting out the key areas that need to be addressed before the audit report is signed.

Benefit From Our Experience

All our practice support executives have significant experience conducting file reviews. In addition to ensuring that your files are compliant with relevant standards, our reviewers may be able to highlight areas where the efficiency and quality of the audit process could be improved across the practice, and our feedback can be used to support the development of your auditing team.

The OmniPro Hot File Review – In Detail

Our review will assess the following issues associated with the client

  • Terms of engagement
  • Presentation of financial statements
  • Legal, tax and ethical compliance
  • 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 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 hot file review starts at €200 per hour, plus VAT, for a single file.

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

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