i dont really understand what these is all about. please can you edify me on this, so that i can clearly differentiate the two, and to be able to tell who is carrying out the review, and for whom;
i mean hot review and cold review
hot review is when the review takes place BEFORE the auditor forms the audit opinion. Typically, there’s an increased degree of risk involved in the audit ( for any one of a number f reasons )
Cold review takes place AFTER the audit report has been finalised and, typically, the fin stats have been filed with the relevant government department.
Cold reviews are to ensure that the quality of the audit work meets acceptable standards established by the audit firm
Hot review= Before the firms report is issued, enhances quality of assurance work, very risky so review is taken by an independent partner.
Cold review= It acts as a Quality monitoring process and to identify deficiencies from audit, and it covers reviews of all audit working papers that has been gathered at the finalization of audit.
Is that not what I said?
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