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An Independence Review is an important safeguard against conflict of interest or independence issues that may arise in certain situations. A typical example is where a single audit client represents a substantial proportion (usually 10% or more) of total practice income or where a single audit client represents a substantial proportion of an individual partner’s total portfolio income. The review is more extensive than an individual Hot File Review and will include the following:

• A review of the firm’s procedures to identify conflicts of interest on any matters likely to jeopardise independence.
• A review of independently selected files to ensure objectivity and independence in the performance of audit procedures, particularly at the planning and completion stages.
• An assessment of internal procedures to address similar issues.
• An interview with partners, managers and independently selected members of the audit team.
• A verbal debrief meeting at the completion of the visit.
• A written report of key findings. This includes conclusions on the adequacy of internal procedures and highlights any areas in which safeguards can be improved.

Cost
£1,150 per day

All prices are stated exclusive of VAT and travelling expenses (where applicable).

If you would like further details or would like to book a review contact Brian Mailey.