As audit firms strive to deliver high-quality audits, the challenge of balancing efficiency, compliance, and client satisfaction is ever-present. While internal processes play a critical role, sometimes a fresh, independent perspective is exactly what’s needed to take things to the next level.

That’s where an external audit quality review (or cold file review) comes in. These reviews aren’t just about finding faults—they’re an opportunity to enhance audit quality, drive efficiency, and ensure compliance in a supportive, constructive way.

In this post, I’ll explain the three key benefits of a cold file review and how it can help your firm improve audit outcomes and build confidence in your processes.

“ISA ISA Baby” is a monthly blog series focused on each of the UK ISAs: their key features, our own musings and some of the pitfalls we see through our audit file reviews and technical query FAQs. Oh and to keep your interest, each blog will end with an ‘interesting’ fact about the one and only Vanilla Ice…..

Today marks the end of the comments period for the FRC’s proposal to revise ISAs (UK) 250 Section A and Section B. In case this consultation has passed you by in the pre-Christmas rush, we’ll summarise what’s (likely) changing and how it might affect your audits when effective.