Independence Review
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
£900 (£800*)
*Special discounted price to Mercia members.
All prices are stated exclusive of VAT and travelling expenses (where applicable). If you would like further details contact David Southern. If you would like to book a review contact Jane Purple.
