File reviews

Through our experience and expertise in the audit of Practices within a wide spectrum of industries and characteristics, including PIEs (Public Interest Entities), and subject to our independence requirements, we can provide the following services:

Audit File Cold Review

A cold file review takes place when the Auditor’s report is signed-off. The purpose of this review is to detect weaknesses in the quality control policies and procedures of the Practice and to take corrective actions. Through our expertise in this area we can assist our clients to comply with relevant auditing standards through the identification of the weaknesses in the way the whole audit work is conducted and how it can be improved through our recommendations for other similar assignments. External Cold File Reviews are compulsory for sole practitioners in order to comply with ISQC 1.

Audit File Hot Review

A hot file review takes place during the audit but before the Auditor’s report is issued and is one of the most significant safeguards against the threats of Auditor’s objectivity and independence. The purpose of this detailed review is to identify any weaknesses in the application of audit procedures, to evaluate the judgements made and conclusions reached by the engagement team and to ensure that the Auditor’s opinion is appropriate.

Engagement Quality Control Review

An Engagement Quality Control Review (EQCR) is a process designed to provide an objective evaluation, on or before the date of the audit report, of the significant judgments the engagement team made and the conclusions it reached in formulating the report. The EQCR process is compulsory for audits of financial statements of PIEs (Public Interest Entities) and for other engagements, for which the Practice has determined that an Engagement Quality Control Review is required.