What are a ‘Hot’ and a ‘Cold’ file Review?
As discussed in this post titled “Who Inspects the Auditor’s work to ensure that they are doing it correctly?“, audit firms are frequently subjected to mandatory reviews of their audit work by either their professional body regulatory inspectors [The Audit Oversight Board (“AOB”)] or both. In addition, the audit firm may either be forced to […]
Improving Audit Quality 1: An Overview
Back to N Years Ago When I was younger (wow, this makes me feel so old), audit quality was not really a “thing.” I watched my superiors perform audits they believed to be sufficient, and my colleagues and I were taught to follow in their footsteps. We conducted what we believed to be good audits […]
