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 Management (ISQM 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.
Take control of your live audit work with our comprehensive Hot File Review.
Ensure compliance with reporting standards and legislation, while assessing your firm’s adherence to auditing standards. Don’t miss this opportunity to elevate your practice – schedule your Hot File Review today.
(Pricing based on a single file. Custom quotes available for multiple file reviews.)
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The complete OmniPro experience — all products, one powerful subscription.
Take control of your live audit work with our comprehensive Hot File Review.
Ensure compliance with reporting standards and legislation, while assessing your firm’s adherence to auditing standards. Don’t miss this opportunity to elevate your practice – schedule your Hot File Review today.
The OmniPro Hot File Review – In Detail
Our review will assess the following issues associated with the client.
The audit work conducted will be reviewed to assess
Terms of engagement
Presentation of financial statements
Legal, tax and ethical compliance
File structure
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
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.
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.
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