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 relevant financial disclosure requirements.
We review a file prior to you signing the audit report. The purpose of this review is to address specific risks or provide appropriate safeguards if you have independence conflicts.
The whole-firm review considers the appropriateness of your Professional Indemnity Insurance cover in relation to the requirements of the Professional Indemnity Insurance Regulations.
We find that some of our clients find an in-house dissemination presentation is useful to feed back to staff key messages and topical thoughts following our cold file reviews.
This is a review of matters covered by ICAEW’s Practice Assurance Standards.
This is a review of matters covered by ICAEW’s Designated Professional Body investment license Handbook.
It is a review of your client bank accounts, trust status letter/s with the bank/s, reconciliations, and a review of a sample of client files where client money transactions have occurred and a review of your Client Money procedures notifying staff as to how Client Monies are to be handled.
The 5th AML Regulations introduced the requirement for annual compliance reviews (previously it was periodic which was interpreted as annual). We can help by providing this service.
Some firms require a more detailed service. This might involve a pre-agreed compliance service, including Audit cold-file reviews, whole-firm reviews, Practice Assurance reviews and ongoing ad hoc technical services, including hosting the periodic Technical meetings. It might also include providing staff with ad hoc training (although we do not provide in-house audit updates).
There are many different reasons you might want us to help you with our support for your strategic planning
Are you thinking of taking on a new partner and want to discuss valuation or funding?
Are you thinking of selling and are unclear on how to go about it? We can hold your hand but do not act in the M&A market; we can help you find an adviser.
We visit you or discuss the services you provide, the way you provide them, who does the work and your profitability, efficiency, cash-flow and general satisfaction with what you are doing.
For accountants in practice, occasionally either the Institute, the Association of Chartered Certified Accountants, the FRC or a court raises a complaint (or court case).
Focusing on ICAEW/ACCA disciplinary or investigation committee hearings, it is likely that you will require an expert report on the issue, focusing on your compliance with the relevant Ethical and/or Auditing Standards requirements.
Certain situations arise where forensic accountancy support is required. You may have suffered a potential loss or worry that something unusual has happened which requires an expert to analyse your records. You may wish for a detailed review to take place.
We do not become involved in Corporate Finance due diligence; our assistance for forensic accounting is of an investigatory nature and the scope of our assignment is agreed in advance.
We can provide facilitation where there is a need to have an independent, experienced, Chartered Accountant who understands the issues facing you as principals holding the space to enable you all to contribute to ensure that the best solution for your firm is arrived at. This can necessitate meeting you all individually to understand your individual needs and preferences before holding the facilitation meeting; or it can be a less extensive exercise. It rather depends on the issue and your requirements.
We are able to provide you with ad hoc technical, risk-management and consultancy services.
We normally act for practising firms of accountants to provide support, advice and compliance assistance on their regulatory requirements. However, with this comes a level of experience which can help businesses in mentoring, facilitation, strategic planning and we are happy to help.
Please note that we do not compete with the services provided by any of our clients.