The
number of financial reporting and auditing standards along with the expected level
of compliance are constantly increasing. This imposes a greater burden on accountancy
practices that are competing to provide cost-effective audits while maintaining
full compliance with audit regulation and standards. We
can assist accountancy practices to ensure that compliance issues are dealt with,
while at the same time providing a cost-effective audit for clients. We
can conduct the audit compliance review or ISQC 1 review on your behalf, enabling
you to comply with the audit regulation requirement for an annual review. The
review will consider whole-firm procedures on audit matters, and the quality and
cost-effectiveness of audit files. During the course of the review, we will de-brief
partners and staff as necessary. We
will then follow-up with a detailed report. Areas
of particular concern will be highlighted to you by way of specific recommendations
on key areas where improvement is necessary.
The report will include comments and suggestions on the following areas: | o | Quantity
and quality of CPD. |
| o | Completeness
of technical library. |
| o |
Adaptation of audit approach under differing circumstances. |
| o | Eliminating
over auditing. |
| o | Quality
of audit planning independence. |
| o |
Effective use of analytical review. |
| o |
Techniques to ensure that sufficient audit evidence can be found on the files. |
| o | Other
improvements to audit files and procedures. |
| o | Checks
to ensure disclosure requirements are being complied with. |
A
comprehensive set of notes on each audit file reviewed will be included as an
appendix to the report.
We can follow up our visit with a specific training session for the partners and
staff on any areas of weakness. | 
