A cold file review with training 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, followed by a detailed debrief to a wider audience.
A cold file review features a detailed review of the working papers and accounts of a fully completed audit engagement, to provide an assessment of and feedback on the quality of audit work, followed by a detailed face-to-face debrief to a wider audience.
A cold file review including training is carried out at your office. As a guide, we typically require half a day per file reviewed (although this is dependent on the size and complexity of the engagements) plus half a day for preparation and delivery of the training / debrief session. The format of the training session can be tailored to your preference but would usually include verbal analysis and feedback on the weaknesses identified in the file reviews and open question and answer sessions on individual files, general procedures or technical matters, in an informal atmosphere.
You will also receive a comprehensive written report on each file reviewed, 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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