File reviews

Drawing on our experience and expertise in auditing practices across a wide range of industries and characteristics — including Public Interest Entities (PIEs) — and subject to our independence requirements, we provide the following services:

Audit File Cold Review

A cold file review takes place after the auditor's report has been signed off. Its purpose is to detect weaknesses in the practice's quality control policies and procedures and to identify corrective action. Our expertise in this area helps clients comply with the relevant auditing standards by identifying weaknesses in how audit work is conducted, and recommending improvements for future assignments. External cold file reviews are compulsory for sole practitioners under ISQC 1.

Audit File Hot Review

A hot file review takes place during the audit, before the auditor's report is issued, and is one of the most important safeguards against threats to auditor objectivity and independence. This detailed review identifies weaknesses in the application of audit procedures, evaluates the judgements and conclusions reached by the engagement team, and confirms that the auditor's opinion is appropriate.

Engagement Quality Control Review (EQCR)

An EQCR provides an objective evaluation — on or before the date of the audit report — of the significant judgements and conclusions reached by the engagement team. It is compulsory for audits of financial statements of Public Interest Entities (PIEs), and for other engagements where the practice has determined that a review is required.