Saudi Arabia
United Arab Emirates
Qatar
United Kingdom
Ireland
What do quality reviewers look for in an audit file?
Reviewers test whether the audit evidence on file supports the opinion issued. Common findings include weak risk assessment, insufficient testing of revenue and inventory, unsupported going concern conclusions, missing documentation of partner review and poor engagement quality control review.
Having reviewed more than 30 firms during our ICAP tenure, we know which deficiencies lead to unsatisfactory ratings and how to correct them in practice.
How do we prepare a firm for a QCR or ACCA visit?
We review a sample of completed files and the firm's quality management system, rate the findings as a reviewer would, and help the firm fix both the files and the underlying methodology before the inspection.
- Mock quality control reviews
- ISQM 1 and ISQM 2 implementation
- Audit methodology and template updates
- ISA and IFRS technical consultation
- Audit file preparation on behalf of firms
- Staff training on documentation
Have firms improved their rating with this support?
Yes. We have supported Deloitte member firms in Pakistan, Saudi Arabia and Qatar, Nexia International in Pakistan, and ACCA firms in Ireland and the United Kingdom. Both ACCA firms had previously received unsatisfactory ratings and achieved satisfactory outcomes after our engagement.
How does the audit quality review for firms engagement process work at WDS?
Every engagement follows a defined sequence agreed in the engagement letter, so you always know what happens next and who is responsible.
- 1
Initial assessment
Free review of the firm's last inspection results.
- 2
Mock review
Sample files reviewed against ISA and ISQM 1.
- 3
Remediation
Methodology, templates and training updated.
- 4
Pre-visit check
Final review shortly before the inspection.