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.
For cold reviews, we produce a report as follows:
This is then concluded and sent as a completed PDF to the client.
NOTE: This tool is also now available for firms to use when carrying out cold reviews for other firms as part of their Quality Management process (a version for review engagements is also available).
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.