pre and post-issuance reviews

The purpose of pre- and post- reviews are different:
Pre …. focuses on the audit opinion before the financial statements are published
Post … is more concerned with reviewing the conduct of audits.

Pre may be required – e.g. EQCR for a listed entity is a specific example (Chapter 24 s.5 of the notes).

Many audit firms have no listed clients – but as part of a system of QC should have reviews. Smaller firms might operate as a network or consortium which would facilitate peer reviews and sharing of best practice.

“Hot” and “cold” just conveys timing/urgency – “hot” (like “hot off the press”) is urgent because the financial statements and auditor’s report thereon can’t be published until the review is completed – “cold” (like “cold case”) is a review after the event.

Thank you for your kind words but all the tutors here give a huge amount of their time to these forums – I just don’t have any students posting to AAA at the moment so I spend more time here on AA.