COLD FILE REVIEW
Why do you need one
ICAEW’s Audit Regulations suggest that an external cold file review for a practice with a sole RI should be at least every three years.
ICAEW does check with sole RIs that they have had this review at least every third year.
For larger firms, we recommend an annual compliance review covering each RI.
It can be carried out internally but we find clients benefit from it being done externally as we have the expertise and it can be cost effective.
In the event that you have been associated with the client for a long time, the FRC Ethical Code requires that you safeguard this by extending the cold review sample. There can be other reasons.
We will discuss with you the file findings.