| Audit
File Cold/Hot Review |
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1
- Send files by post, I review and phone you
with queries, report by email/post. |
or |
2
- I visit you at your office to review and
retrain your audit team at the same time.
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Testimonial
I felt I had lost my way with audits
and found that using "PCACS" was becoming more complex
and time consuming. Time spent with InPractice Hot File Reviews
has helped me to focus on auditing. "InPractice
Audit Manual: The Cost-Effective Method" software proved
to be easier and computer friendly.
Aidan Crilly FCA, Great Bookham
(Regulated by ICAEW) |
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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) |
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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 retraining and audit file
reviewed by you."
- Savage & Co, London
(Regulated by ACCA) |
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Auditing
a client year after year results in the auditor getting
to know their clients in-depth.
However, the problem lies in the Auditor not recording their
audit work in a systematic manner that regulators expect.
Most auditors need retraining for maintaining a balance
between delivering the minimum required by the auditing
standards and staying within the fee budget.
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I
carry out audit file reviews for:
. Sole-practitioners requiring a peer review.
. Auditors mindful of showing their quality control in a
positive light on their annual returns on renewing their
audit license
. Restrictions imposed by audit regulator
. Those who want their audit work to be more profitable |
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File
reviews are carried out by
Mr Jaffer 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.
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, etc and at
a large firm in Bermuda. |
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Our
engagement contract ensures utmost confidentiality with nothing
divulged to your professional body or any third party.
Full day: £700 + vat (+ travel costs)
If your objective is to be released early from Monitoring
Inspector's restrictions, that is what we deliver.
Email or telephone
+44 (0)1323 722 106
for a no-obligation discussion of your requirements. |
Jaffer Manek: "I
will show you how to cut out hours of audit work so
that you can become more profitable and recoup the
cost of my review.
My approach to audit file review:
(1) an engagement letter to you to assure total confidentiality
(no contact with your audit regulator or anyone else)
(2) study your regulator's letter to address all of
their concerns
(3) check financial statements for disclosure
(4) review your Permanent Audit File
(5) review your Current Audit File
(6) issue a report using the standard 14-pages checklist
(7) you pass the report onwards to your audit regulator
with your covering letter about how you resolved the
specific queries raised in the report.
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I do not do audit file reviews for FSA regulated companies,
Banks, insurance companies, Solicitors Accounts Rules
or Charities." |
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My fees are recouped through
(a) technical improvements to audit files and
(b) time saved from adopting more efficient work
methods.
Either a visit to your office or by courier/post:
Visit you: You have files and client's
accounting records to hand. No phone calls or interruptions.
Your audit team to participate to retrain and clear
out specific queries that you cannot ask at CPE
courses.
For the first audit file review, it takes a full
day to (a) properly review the various aspects of
the audit file and (b) discuss and clarify adjustments
to be made in your audit approach and strategies.
You can have a CPE certificate for the hours of
retraining during the audit file review.
Send files by courier/post:
I will contact you by telephone and email. I carry
out the audit file review, draft the report, send
it to you, discuss it with you and then issue the
final version.
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| Main
Features |
• One-to-one attention
• Report of File Review for YOU to send onwards to your
regulator
• Solve your audit regulator'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, Planning, Independence, etc
• How to reduce over-auditing
• How to reduce under-auditing
• CPE certificate for the hours you spent in retraining
• Improve recording of planning and completion
• How to record audit tests
• How to justify no-sampling and so save time
• Enhance the layout of your Permanent Audit File and
Current Audit File
• How using "Points Forward Schedule" can be
a useful efficiency tool
• How to record time budget in ten minutes in planning
section of CAF
• Efficient audit completion
• Carrying out risk assessment without the overkill
• Wording of Letter of Representations reviewed
• Bank request letter subtleties discussed |
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