FRS 102 tailored audit compliance reviews

Practice Consulting offer our clients something they can’t get elsewhere: a combination of compliance and strategy consulting expertise, a proven track record of delivery, with excellent technical resources and experience across the small to medium sized practice industry. Our experienced team of chartered accountants will undertake an independent assessment of your audit procedures, audit files and will issue recommendations on any suggested improvements. They can also assist members with the implementation of improvements and new procedures in their firms. In addition the team can assist you in adjusting to FRS 102 by providing you with advice on how a number of any accounting issues identified should be treated under FRS 102. Practice Consulting work closely with our clients to develop practical strategies and to assist you in overcoming real challenges so as you can provide a quality, compliant and efficient service to your client base.

Our FRS 102 compliance audit compliance review would include:

  • Assessment of the firm's audit procedures including ISQC1, Audit working papers, Letters of engagement templates, etc.
  • Review of financial statements presentation, disclosures, directors report, audit report and other information that may be presented with the financial statements. Includes review of abridged "filleted" accounts filed with CRO/Companies House also.
  • Cold file reviews on a sample of audit files selected categorising issues as critical, important and those that need improvement.
  • Discussing matters with partners and/or delegated staff and providing suggested solutions to assist firm in improving or increasing efficiency.
  • Providing advice and insight into how certain matters should be dealt with under FRS 102 and how the firm should deal with this in the following years audit.
  • Preparing, on request, a final report on the assignment that forms part of the firm’s records and satisfies compliance with audit regulations in relation to audit compliance reviews.
  • The service can be extended at the request of the firm to also incorporate anti-money laundering, investment business or Insolvency compliance reviews or to avail of an in-house training workshop tailored for the firm on any matter be it compliance, practice management/development or FRS 102.

This service is flexible and scalable. Contact a member of the Practice Consulting team to discuss your practice needs and how this service can be tailored for your firm.

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