Partner responsibility
Direction, supervision and review, with partner involvement in significant risks, judgements and conclusions.
How the work is overseen ↓How we protect audit quality
An audit opinion depends on the evidence obtained and the judgement applied to it. Our approach combines partner responsibility, supervision and review with a continuing programme of monitoring and improvement.
For your organisation, that means attention to significant matters, appropriate challenge and clear communication about what is needed to complete the work.
Three parts of our quality approach
Selected file reviews
Hot and cold reviews of selected audits, with a separate engagement quality review where required.
How reviews support quality ↓Monitoring and improvement
Periodic assessment, action on findings, team training and follow-up to assess whether changes are effective.
How we learn and improve ↓The type and extent of additional review depend on the engagement and our quality policies. Not every audit receives every type of review.
Quality starts before the engagement
Before accepting or continuing an audit, we consider the organisation, its reporting requirements, the risks involved and whether we have the appropriate competence, time and resources. We assess independence and any other services requested, and agree the scope and responsibilities.
Partner responsibility throughout the audit
Asif Rafique leads the audit engagement and retains responsibility for its quality. The team receives direction and supervision appropriate to the work, with partner involvement in significant risks, accounting judgements and conclusions.
Review considers whether the work responds to the assessed risks, whether the evidence supports the conclusions and whether important matters have been resolved. Questions requiring further work are followed through before the audit report is signed.
Engagement quality reviews
Where required by professional requirements or our quality policies, an engagement quality review provides an objective evaluation of the significant judgements made by the audit team and the conclusions reached. The reviewer is separate from the engagement team and must meet the relevant eligibility and objectivity requirements.
This is sometimes referred to by the earlier term “engagement quality control review”, or EQCR. It is completed on or before the date of the audit report and does not replace the engagement partner’s responsibility for the audit.
Hot reviews before completion
Our quality programme includes hot file reviews of selected audits while the work is still in progress. These allow an additional review of the areas selected, with findings addressed as part of completing the engagement.
A hot review and a formal engagement quality review have different purposes and requirements. The nature and extent of review reflect the engagement and the quality programme; not every audit receives the same additional review.
Cold reviews of completed work
Selected completed audit files are reviewed through our annual hot and cold review programme. Cold reviews examine work already completed, including the evidence, documentation and judgements supporting the audit conclusions. The findings inform improvements to future work and any further action needed on the engagement reviewed.
Periodic assessment of our quality system
We periodically assess the quality risks facing the firm and how our policies and procedures respond to them. Our system of quality management is evaluated at least annually, taking account of monitoring findings, changes in the practice and the effectiveness of actions taken.
This assessment considers how we accept work, allocate resources, supervise and review engagements, communicate requirements and maintain professional standards.
Learning from review findings
When reviews identify a weakness, we consider why it arose and whether it could affect other engagements. Actions may include clearer guidance, changes to supervision, additional review or targeted training.
Responsibilities and follow-up are recorded so that actions can be monitored. We assess whether the changes address the underlying issue and whether further work is needed.
Team training connected to the work
Our development programme combines technical updates with practical training informed by audit experience and review findings. It covers the application of professional judgement as well as the quality of the supporting evidence and documentation.
Training is reinforced through supervision, feedback and subsequent review. The aim is to improve how the team plans, performs and explains its work on each engagement.
Independence and appropriate challenge
Objectivity is essential to the value of an audit. We assess independence at acceptance and as circumstances change, including where additional services are requested. Significant judgements are examined critically, and matters affecting the audit are discussed with the appropriate people in your organisation.
What this means for your team
You can expect us to explain significant information requests, discuss issues as they arise and identify matters that could affect completion. We agree a timetable with you while allowing for the evidence and review needed to support the audit opinion.
We are registered as auditors in the United Kingdom by the Association of Chartered Certified Accountants.
Discuss your next audit
Tell us about your organisation, reporting deadlines and any concerns about the next audit. We will explain our proposed approach and the preparation required.