A cold file review is an assessment of the quality of work carried out on a fully completed audit engagement, taking into account the extent of compliance with the relevant International Standards on Auditing, the relevant Ethical Standard, and the applicable financial reporting framework.
A cold file review involves a detailed examination of the working papers and accounts from a fully completed audit engagement, providing an assessment of and feedback on the quality of the audit work.
Cold file reviews can be conducted either at your office or remotely. As a guide, we can typically review two single-entity files in a day, although this will depend on the size and complexity of the assignments.
The review will include a discussion of key findings and areas for improvement, either face-to-face (for reviews at your office) or by telephone/video call (for remote reviews). You will receive a comprehensive written report offering practical recommendations on how to improve audit quality, and where applicable, this will also highlight areas where audit efficiency may be improved.
While we're on site, we can carry out multiple reviews—giving you more value from our experts in one visit.
Most of our reviews can also be completed remotely, get in touch to discuss how we can help you
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