|
Benefits
♦ Cut over-auditing
= be more profitable
♦ Cut under-auditing
= keep regulator happy
♦ Discuss your regulator's report to devise solutions to remove the expensive hot file reviews
♦ Comply with Clarity ISAs to record your audit work in 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 more than 7 years
♦ Mention in your annual return (to renewing audit license) that your audit file review was carried out by an external reviewer
♦ Peer reviews for sole practitioners
♦ 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
- auditor has acted for 7+ years
- auditor is a sole practitioner with a delicate client situation.
Cold File Review is carried out after the Auditor's Report is signed.
This applies where: t
- the auditor would like to have their audit staff's work reviewed
- demonstrate that they maintain high standards for P.I.I. purposes
- smoothen their audit license renewal.
Year after year, the auditor deveops deeper knowledge about the client's operations, performance and weaknesses.
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
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 InPractice Audit Manual: The Cost-Effective Method. The difference is in the extensive experience.
♦ Auditor since the 1970s, audited at sole practitioners, medium-sized practices and a Big4 firm
♦ 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, wholesalers, real estate rentals, real estate developers, exporters, manufacturers and more.
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.AuditManual.com |
|
http://www.AuditWork.co.uk |
|
http://www.AuditFile.co.uk |
|
IT'S WHAT THE CUSTOMERS SAY THAT COUNTS!
|
|
"Just to let you know I had a letter from ICAEW lifting all restrictions on my firm's audit registration. Going forward I need to have one cold file review per year, starting in 2013, as part for my firm's normal annual ACR. Thanks for all your help to date with you audit file reviews."
- Julian Arnold ACA, John Davis & Co, Bristol, U.K.
|
|
|
|
|
|
|
"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) |
|
|
|
|
|
"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 we are finding the time spent with the reviewer beneficial in gaining knowledge, particularly with respect to improving our audit documentation. I look forward to receiving the results of the next hot file review, which will hopefully demonstrate that further improvements in our audit work have been achieved and that the improvements already made have been sustained and built upon."
- Letter received by an over-joyed auditor who has hot file reviews by InPractice Software |
|
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 Thursday, 07 February 2013 07:10 |
