Integrated in-house example: Alpha & Co
Integrating review, training and support is, in our view, the best approach to transforming your team’s audit quality.
Here’s a real-life example based on one of our clients (who we’ll call ‘Alpha & Co’)…
It all started with ISA (UK) 315…
Although both Julie and Jez had previous contact with Alpha & Co some years ago, the firm wasn’t a recent client. However, Alpha approached us in 2022 to arrange training for their audit team on the incoming revision to ISA (UK) 315.
Jez discussed the content with the firm and tailored a half-day training session using some of the firm’s audit methodology to illustrate how the revised Standard would affect their typical audit clients.
Jez delivered the training in-person at Alpha’s offices in late 2022, generating lots of positive feedback and some follow-up discussions on how to apply the changes for specific sectors.
Jez then agreed to perform early planning reviews in the first weeks of 2023, focusing on how teams had addressed the revised forms within the firm’s paperless audit system. The reviews revealed some encouraging early signs but also highlighted areas where teams were struggling to interpret and apply the enhanced risk requirements.
A couple of weeks later, Jez delivered a further training session. Using excerpts from the planning reviews, Jez explained how to tackle the new forms successfully, as well as emphasising how the revised fraud ISA (UK) 240 needed to be addressed.
Through the rest of the year, Alpha arranged file reviews to be undertaken both by Julie and another external review provider. With the latter’s permission, the summary of file reviews were sent securely to Jez for analysis, as the basis for tailored training on the key themes raised in the reviews. Jez presented the feedback face-to-face with the audit team, recording the session so that absent colleagues could catch up with the key points.
Now in 2024, Apex and Alpha have arranged further combined reviews and training sessions including some practical workshops using detailed case studies for analysis and to develop teams’ interviewing and audit management skills.