A cold file review is of a file where the audit report has been signed and the audit documentation has been completed.
It considers your firms compliance with the Audit Regulations and relevant financial disclosure requirements.

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.

Our output

We produce a list of queries on the file reviewed and a report for your records.
We will discuss with you the file findings.

complementary services

In the case of a larger firm we can tailor the dissemination to include a feedback session, typically for all RIs (and, if required all or selected staff).

Where ICAEW requires one as a condition of Registration

This can happen, either as a result of a QAD monitoring visit where the Regulator requires confirmation that processes are improving as a result of their findings; or if you have a newly appointed RI, or a long-existing RI who has signed no audit reports for some while. In both cases we can help.  We draft a report for you to submit to the Regulator. 


We focus on efficiencies when we review your files in order that, if there are things you could do better, smarter or more efficiently, we discuss these with you.  By doing so, we can make the process more cost-effective for you.

Get in Touch

If you'd like to explore this service with us