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pre and post-issuance reviews

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AA Exams › pre and post-issuance reviews

  • This topic has 3 replies, 2 voices, and was last updated 4 years ago by Kim Smith.
Viewing 4 posts - 1 through 4 (of 4 total)
  • Author
    Posts
  • June 30, 2021 at 5:56 am #626665
    Jiya024
    Member
    • Topics: 168
    • Replies: 56
    • ☆☆☆

    Dear professor,

    The hot and cold reviews can be performed by the same person?

    if not then who perform the cold reviews?

    P.S.- something very silly, but is there any reason, as to why they pre and post issuance reviews are named as hot and cold reviews respectively?

    June 30, 2021 at 8:14 am #626686
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8304
    • ☆☆☆☆☆

    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.

    July 1, 2021 at 1:26 am #626751
    Jiya024
    Member
    • Topics: 168
    • Replies: 56
    • ☆☆☆

    You are hands down the best Professor!

    July 1, 2021 at 7:24 am #626764
    Kim Smith
    Keymaster
    • Topics: 134
    • Replies: 8304
    • ☆☆☆☆☆

    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.

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    Posts
Viewing 4 posts - 1 through 4 (of 4 total)
  • The topic ‘pre and post-issuance reviews’ is closed to new replies.

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