Our file review service helps users identify areas where they could be using Audit Assistant more efficiently. This service also helps smaller firms meet their quality control requirements.
A file review usually takes 1.5-3 hours depending on complexity.
We can do either a 'hot review' i.e. prior to the signoff of the file, in which case we add review notes directly into the file and sign off the Quality Control Reviewer page, or a 'cold review' where we produce a report containing:
- A checklist of how the file meets various key criteria
- Feedback and recommendations for improvement, pointing out features the firm may not be aware of, providing links to notes and suggesting further training options
- The internal logic of the work in terms of how well the approach adopted supports the opinion
- How the audit work complies with the auditing standards and general auditing principles
- Tips for improving your audit work as a whole.
Note that while this is helpful for training and routine quality control, we are not “qualified auditors” so we do not look at more complex work - i.e. Tier 1 and 2 jobs.
We also provide specific advice where a second opinion is required on some specific aspect of a job.
We provide a turnaround of under two weeks to do these jobs.
We charge for this work at an hourly rate.
Some feedback from a recently reviewed firm: "Thanks Clive, very useful and practical feedback. I'll ensure we apply your recommendations to all jobs (as applicable) going forward."
Please contact us if you would like to book a review or to find out more.