Page 75 - Microsoft Word - 00 IWB ACCA F7.docx

Planning

Firms should carry out post-issuance or 'cold' reviews to ensure that quality control
procedures are adequate, relevant and operating effectively.

Post-issuance (cold) review

Purpose To assess whether the firm's policies and procedures
were implemented during an engagement and to identify
any deficiencies therein

When After the auditor's report has been signed

Which files A selection of completed audit files

Conducted by A dedicated compliance or quality department / a
qualified external consultant / an independent partner

Matters considered Working papers should demonstrate that:

 Sufficient appropriate evidence has been obtained

 All matters were resolved before issuing the
auditor's report

 All working papers should be:

 On file

 Completed

 Signed as completed

 Evidenced as reviewed

Outcomes A report of the results will be provided to the partners of
the firm flagging deficiencies that require corrective
action. Recommendations will be made including:

 Communication of findings

 Additional quality control reviews

 Training

 Changes to the firm's policies and procedures

 Disciplinary action

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