Share your experiences of Practice Review

[Administrator]

Help other practitioners by sharing your PR experiences.

[Carl]

In the past week two firms using AuditMate reported recent passes of practice review - with significant thanks to AuditMate.:D

[jibals]

We recently purchased auditmate in response to a failed practice review last year. We getting another review this year and it will be on a file prepared with auditmate. The main areas that we fell short in the prior review was:
Insufficient documentary evidence of audit procedures
Not applying the investment property standard to property
Not consolidating by relying on the Companies Act exemption for not consolidating
Insufficient link between risk anaysis and audit procedures performed
Link between risk and sample sizes not apparant
Not applying residual values to the fixed assets depreciation
Not disclosing unsecured loans without repayment terms as current
I tell you this, that you learn from our mistakes.
We will let you know how the review goes