Our file review work is run through our separate ICAEW-registered accounting practice, Insight Compliance Services Limited.
We have a team of reviewers and a central co-ordinator who manages the process. Our reviewers are hand-picked for their expertise, technical knowledge and pragmatic approach. We conduct reviews on-site or remotely, depending on the client’s preference. We always carry out a debrief on the day of the review, or as soon as possible afterwards. A full written report is then provided within five working days.
We often recommend bespoke whole-audit team training to feed back findings and suggested improvements.
Our Supplier Quality Statement can be downloaded here.
Each review is conducted using a standard file review checklist. As well as identifying deficiencies in audit work performed and documented, we seek to provide feedback on steps that we feel could be taken by you to improve audit efficiency (including better use of audit software). We always seek to provide pragmatic feedback and practical ways to improve audit efficiency (including better use of audit software).
Firms require hot file reviews for various reasons. Whether it’s for ethical safeguards or required by your regulatory body, Insight Training can provide a practical, reliable hot file review service. We provide support in submitting required information to your professional body and always seek to provide an efficient service, tailored to your requirements.
Running an accounting practice these days is challenging as there are a wide range of rules and regulations to address before even contemplating fee-earning work. Our Whole Firm Compliance Reviews focus on aspects that we know firms get challenged on regularly during ICAEW, ICAS and ACCA inspections visits.
We perform financial statements reviews for accounts prepared under UK GAAP or IFRS to firms requiring one-off or on-going assistance with specific technical areas of accounting and auditing. We have a team of consultants who specialise in a range of areas. We provide a written response but are happy to discuss responses by telephone. We always aim to give a practical, definitive response without sitting on the fence!
We have been carrying out audit cold file reviews since 2017 for Lambert Chapman LLP, a 7-partner Braintree-based accountancy practice. The review findings are cascaded to and discussed with members of the wider audit team through regular follow-up training workshops delivered face to face.
A big focus during the workshops we deliver for the firm is balancing audit efficiency and effectiveness and optimising use of the firm’s paperless audit system.
“We have engaged services with Insight Training for both cold file reviews and training over the last 5 years. We are pleased with the direct feedback provided to our managers and the specific training provided to focus on key areas that are important to us along with mandatory updates for changes in legislation.”
Sean Wiegand
Partner, Lambert Chapman LLP
“Audit quality at Armstrong Watson is a key focus for the Audit Board. We are continuously looking to improve the quality of what we do. We value the feedback we receive from Insight and use this as part of our ongoing training and development programme”
Melvin Leech
Technical & Compliance Director, Armstrong Watson
Armstrong Watson is a top 40 accountancy practice with 18 offices largely spread across the north of England and Scotland. Insight Compliance Services has been performing audit cold file reviews for Armstrong Watson since 2020.
File reviews are conducted remotely, leading to individual face to face debriefs with engagement partners and audit managers. A key issues summary based on reviews performed across all the firm’s offices provides a tool for root cause analysis within the firm. This is discussed with the Audit Compliance Principal and their team at the end of each review cycle.
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