Cold and Hot audit file reviews

The cold audit file review will check that your audit file(s) is compliant with International Standards on Auditing (ISA) and the financial statements comply with the disclosure requirements of applicable accounting standards such as new UK GAAP (for example FRS 102) and/or any relevant Statement of Recommended Practice (SORP).

Unlike the cold audit file review, the hot audit file review features a detailed review of the accounts and audit working papers before the file has been fully signed off. The purpose of the hot audit file review is to identify any key issues which need to be addressed before final completion. Commonly firms request an external hot audit file review to safeguard against threats to independence, or where the audit is technically complex or in compliance with restrictions placed on the firm by its audit regulator.

At the end of each review, we will discuss our findings in detail with you and issue you with a clear report containing our findings and recommendations for improvement.