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.

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. 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.