Many firms are interested in whether they are using Audit Assistant in the best possible way. We have provided our file review service as a way to meet this need. Our service also helps firms with meeting their quality control requirements.
Users let us know the job they wish us to review, and if all data is uploaded (i.e. paperless file) we review online. The process usually takes 2-4 hours depending on complexity. Preferably the jobs are as complete as possible and include attachments uploaded including financial statements. At the end of the process we produce a written report detailing:
- How you are using Audit Assistant-
- positive feedback and recommendations for improvement,
- pointing out features that you might not be aware of and suggesting further training or access to notes
- The internal logic of your work - how well your approach supports your opinion
- How your audit work generally complies with the auditing standards and general auditing principals
- Tips for improving your audit work as a whole.
Please note that while this is a helpful training and quality control, we are not “qualified auditors” and where Practice Review specifically require a member to have an independent review due to quality issues we usually specify that it is by a “qualified auditor”. However this is not a requirement for routine quality control reviews.
We charge for this work at an hourly rate. We provide turnaround of under two weeks to do these jobs.
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 find out more.