AUDIT FILE REVIEW - InPractice Software audit manual accounts

Main Features2

• 14-page structured report prepared (for you to send to your regulator if necessary)

• Engagement letter to assure confidentiality (no contact with your audit regulator or anyone else)

• Doubles as training and discussion for a your udit team

• We study your audit regulator's letter to address all of their concerns

• Disclosure in financial statements double checked

• Review your Permanent Audit File

• Review your Current Audit File section by section

• Queries solved at meeting, by telephone and by email

• Your doubts on audit work explained: Related Party, Risk, Materiality, Planning, Independence

• Using your own audit file, see how to reduce over-auditing

• Using your own audit file, see how to reduce under-auditing

• Show you how to avoid time-consuming sampling

• Time you spent in file review constitutes CPE

• Show you how to record audit tests in an optimal way

• Show you how to use "Points Forward Schedule" as an efficiency tool

• Show you how to record time budget in ten minutes

• Retraining on how to do audit completion without too many queries hanging

• Settle in risk assessment without overkill

• Tighten up the wording of your:
- Industry Inherent Risk
- Entity Risk
- Know your client notes

• Tighten up the wording of your:
- Audit Planning Memorandum
- Audit Planning Meeting Notes

• Tighten up the wording of your:
- Letter of Representations
- Audit Findings Letter
- Stock certificate

• 14-page report discussed before final version is issued

• Follow-up queries welcome for 2 weeks

AUDIT FILE REVIEW

Written by Jaffer

Wednesday, 11 May 2011 15:14

Benefits ♦ Cut over-auditing to be more profitable ♦ Cure under-auditing problem areas ♦ Discuss your regulator's report to devise solutions to lift the expensive restriction of hot file reviews ♦ Comply with Clarity ISAs for your audit completion recording on your audit files ♦ On spot training by using your own audit file instead of talking about generalised situations at CPD courses ♦ Discuss and clear out audit cobwebs ♦ Continue auditing a company you have audited for 7+ years ♦ Mention in your annual return for renewing audit license that your audit file review was carried out by an external reviewer ♦ Peer reviews for sole practitioner ♦ Form good habits to overcome common errors and faults ♦ Tighten up the wording of your: - Letter of Representations - Audit Findings Letter - Audit Planning Memorandum - Audit Planning Meeting Notes - Stock certificate - Industry Inherent Risk - Entity Risk - Know your client notes	Information Hot File Review is carried out before the Auditor's Report is signed. This is required for regulator's order or situations such as the auditor has acted for 7+ years or the auditor is a sole practitioner with a delicate client situation. Cold File Review is carried out after the Auditor's Report is signed. This is usually done where the auditor would like to have their audit staff's work reviewed or demonstrate that they maintain high standards for PII purposes and smooth practice license renewal. Year after year, auditing a client results in the auditor getting to know that client in-depth. However, the problem lies in the auditor not recording the audit work in a systematic manner in the way that audit regulators require. Most auditors need re-training for maintaining a balance between delivering the minimum required by the auditing standards and staying within a competitive audit fee budget. SEND FILES BY COURIER Review queries discussed by phone, report by email/post FEE: £650 + VAT + postage VISIT TO YOUR OFFICE Review audit file with you and your audit staff; constitutes 7hrs CPD FEE: £750 per day + VAT	Reviewer Your audit file review is carried out by a highly-experienced auditor, lecturer and author of an audit manual. The difference is in the extensive experience. ♦ Auditor since the 1970s, audited at sole practitioners, medium-sized practices and a Big4 ♦ Author of Audit Manual: The Cost-Effective Method ♦ Statutory Senior Auditor at partner level ♦ Vast experience including audit of traders, service companies, real estate, fashion, media, bookshop chain, PLCs, manufacturing, farms, Lloyds of London syndicates, underwriters, brokers, names agents and offshore insurance captives If your objective is to upgrade your audit files and so be released early from your regulator's expensive restrictions, that is what we deliver! Email Phone +44 (0)7 500 222 008 for a no-obligations chat
http://www.AuditFileReview.co.uk	http://www.HotFileReview.co.uk	http://www.ColdFileReview.co.uk
	http://www.AuditWork.co.uk	http://www.AuditFile.co.uk
IT'S WHAT THE USERS SAY THAT COUNTS!

"Further to my email of (date-2011), the results of the hot file reviews have now been considered by (name of audit regulator's department).
   We are pleased to note that the second hot file review identified fewer areas for improvement than the first hot file review and that you are finding the time spent with the reviewer beneficial in gaining knowledge, particularly with respect to improving your audit documentation.
   I look forward to receiving the results of the next hot file review, which will hopefully demonstrate that further improvements in your audit work have been achieved and that the improvements already made have been sustained.
   If you have any questions please contact me and I will be happy to help."
- Letter received by an over-joyed auditor who has hot file reviews by InPractice Software

"I felt I had lost my way with audits and found that using PCAxxS was becoming more complex and time consuming. Time spent with InPractice Hot File Reviews has helped me to focus on my auditing. InPractice Audit Manual: The Cost-Effective Method" software proved to be easier and computer friendly."
- Aidan Crilly FCA, Great Bookham, Surrey, U.K. (Regulated by ICAEW)

"I prefer you to carry out a Hot File Review in a meeting so that I can make file improvements on spot and retrain before signing the audit report, instead of posting my audit file to someone anonymous whose report says all my work was faulty." - Auditor in N.W. London (Regulated by ICAEW)

"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 review by you."
- Savage & Co, London (Regulated by ACCA)

"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, Middx (Regulated by ICA Scotland)

"Thank you for agreeing to help me with the hot file reviews. I am much more at ease having your involvement."
- Julian Arnold ACA, John Davis & Co, Bristol, U.K.

Audit Manual Software efficiency Clarity International Auditing Standards ISAs hot cold File Review Financial Statements accounts efficient ETB Exempt checklist Report New Client IR35

Last Updated on Monday, 28 November 2011 11:34

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+ 44 (0)1323 722106 +44 (0)7 500 222 008

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