A hot file review is an assessment of the quality of work carried out on a 'live' audit engagement, taking into account the extent of compliance with the International Standards on Auditing (UK), the Ethical Standard and the applicable financial reporting framework.
A hot 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. Hot file reviews can be used to safeguard against significant ethical threats, to support the audit team on a high risk or technically challenging audit assignment, and / or to comply with restrictions placed on the firm by its regulator.
Hot file reviews may be carried out 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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