Audit File Hot Review

Audit File Cold Review
www.ColdFileReview.co.uk 
 
    www.AuditFileReview.co.uk
          
www.HotFileReview.co.uk 

Testimonial
"The Monitoring Inspector was able to go through my audit file very quickly and was out of our office in half a day, thanks to the audit file reviewed by you." 
- Savage & Co, London
(Regulated by ACCA)
  Testimonial
"I would like to thank you for your time, patience and professional service. I gained a tremendous amount from your review. The presentation of my files has improved considerably."  
- Ruby Marlane Barton & Co, Twickenham
(Regulated by I.C.A. Scotland)


After carrying out audit work year after year, most auditors get to know their clients' systems very well. They are normally good at spotting anything materially adrift in their clients' financial statements, especially when the auditor prepared the financial statements.

The main weakness lies in auditors NOT recording their audit work in a clear and systematic manner i.e. a structured layout that
Monitoring Inspectors look for.

In the public interest, audit files are required to provide a clear trail if the auditor is indisposed (e.g. stuck in a hurricane), especially if the audit file is urgently needed by the authorities or the court. Besides, audit staff who work on the audit file may leave for another job and some migrate.

  Since your audit fees are set competitively, there is hardly any budget left to accommodate audit work inefficiencies.

Most auditors need retraining about maintaining a balance between delivering the minimum required by the auditing standards and remaining cost-effective.

We carry out audit file reviews for: 

• Sole-practitioners requiring a peer review

• Restrictions imposed by audit regulator

• Those who want their audit assignments to be more profitable

• Auditors who wish to show their quality control in a positive light on their annual returns to renew audit license


                

 During our Audit File Reviews, weaknesses are 
             identified
               discussed and 
                  explained sympathetically 
                     on a one-to-one basis with the auditor in charge.
 An audit file review is a great way to clear out your audit queries,
     while developing efficiency for a better profitability.
 You get a CPE certificate for the hours of retraining during the file review.

File reviews are carried out by
Mr J. Manek FCCA, the lead author of 
Audit Manual: The Cost-Effective Method 

He has been carrying out hot/cold reviews of audit files for many years for auditors regulated by ICAEW, ICAS, ICAI, ACCA and other audit regulators. 

Since the 1970s, he has worked for various audit firms from sole practitioners, medium sized practices to the largest international audit firm. He has audited traders, service companies, PLCs, Lloyds of London underwriters, Lloyds brokers and names agents and also insurance captives in Bermuda.
  Our engagement contract ensures utmost confidentiality with nothing divulged to your professional body or any third party.

Half day: £550 + vat (you at my office)
Full day: £850 + vat (+ travel costs to you)

If your objective is to be released early from Monitoring Inspector's restrictions, that is what we deliver. 

Email or telephone 01323 722 106
or 020 8445 2223 for a
no-obligation discussion of your requirements.


Mr Manek says: "I will show you how to save hours of audit work so that you can become more profitable and so recoup the cost of my review.

"To strengthen your audit files, face-to-face reviews are essential:

(a) you pull out the right papers from your audit file to save review time

(b) we discuss improvements to your file recording

(c) you see how to exclude over-auditing from the audit file being reviewed

(d) you enhance your techniques for the right audit approach to use in your future audit work.

I approach the audit file review in the following stages:

(1) an engagement letter ensuring total confidentiality (no contact with your audit regulator or anyone else)

(2) study monitoring inspector's letter so that all of their concerns are addressed

(3) check financial statements for adequacy of disclosure

(4) review your Permanent Audit File

(5) review your Current Audit File

(6) issue a report using the dozen-pages checklist for you to pass on to your audit regulator.
 

"I recognise that whilst auditors are expert professionals with integrity, they sometimes take short cuts and do not always "dot all the i's and cross all the t's".

My fees are recouped through technical improvements to audit files and time saved from adopting more efficient work methods.

Most auditors prefer the review to be carried out at their office premises since you would have your papers, files and client's accounting records to hand. But, no phone calls or interruptions.

You may want some of your colleagues and assistants to participate to get retraining in certain areas of audit work.

For my first audit file review, you should allow a full day since it takes time to properly review the various aspects of the audit file. You will also need time to discuss and clarify adjustments to be made in your audit approach and strategies.

If your audit file recording needs major improvements at a Hot Review, a follow up visit might be necessary to review completion of outstanding matters before issuing the Hot Review report.

I do not do the following:
- review of files sent by post
- Banks, FSA-regulated companies, Solicitors Accounts Rules."

Main Features

• One-to-one attention

• Report of File Review for YOU to send onwards to your regulator

• Solve Monitoring Inspector's list of concerns 

• Improve recording of planning and completion

• Disclosure on your financial statements double checked

• Doubts on audit work explained: Related Party, Risk, Materiality, etc

• How to reduce over-auditing

• CPE certificate for the hours you spent in retraining

• One-to-one attention

• Report of File Review for YOU to send onwards to your regulator

• Solve Monitoring Inspector's list of concerns 

• Improve recording of planning and completion

• Disclosure on your financial statements double checked

• Doubts on audit work explained: Related Party, Risk, Materiality, etc

• How to reduce over-auditing

• CPE certificate for the hours you spent in retraining

• One-to-one attention

• Report of File Review for YOU to send onwards to your regulator

• Solve Monitoring Inspector's list of concerns 

• Improve recording of planning and completion

• Disclosure on your financial statements double checked

• Doubts on audit work explained: Related Party, Risk, Materiality, etc

• How to reduce over-auditing

• CPE certificate for the hours you spent in retraining

• One-to-one attention

• Report of File Review for YOU to send onwards to your regulator

• Solve Monitoring Inspector's list of concerns 

• Improve recording of planning and completion

• Disclosure on your financial statements double checked

• Doubts on audit work explained: Related Party, Risk, Materiality, etc

• How to reduce over-auditing

• CPE certificate for the hours you spent in retraining

• One-to-one attention

• Report of File Review for YOU to send onwards to your regulator
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