File Reviews
We can undertake “hot” file reviews and engagement quality control reviews of live assignments, and “cold” file reviews of completed assignments, whether they involve audit or non-audit work. These can either form part of your periodic compliance reviews, or be carried out on an ad-hoc basis.
Certain regulated engagements, such as the audit of a listed entity, are required to be subjected to an engagement quality control review before the opinion is signed. Firms are also required to put in pace a policy to determine whether any other audit engagements require such a review.
In addition, it may be sensible to obtain a “hot” review of other assignments (whether audit or non-audit) to determine whether the correct judgements have been reached and the quality of the work is adequate. This may be the case where complex accounting treatments are involved, or significant uncertainties exist over matters such as going concern.
Periodic “cold” file reviews are also a requirement in regulated areas such as audit or Designated Professional Body investment business. Again, it may be sensible to carry out such reviews in non-regulated areas to make sure that the firm;s procedures are being applied correctly and the quality of the work is adequate.
We offer a file review service which deals with all of the above situations, and can undertake this work either on a one-off basis or as part of a regular compliance programme.