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Difference between a hot review and a cold review

A hot review is the review of working papers that is performed by more senior member of staff during the course of the audit, and is usually performed soon after the work is completed.the reviewer will indicate that he has performed the review by dating and initialling the piece of work. The review should ensure that the work has been performed in line with the audit program and that the conclusions are consistent with the result obtained

A cold review, on the other hand, is one that is performed at the end of the audit – usually by audit manager or partner. This will be done before the audit report is signed off and will comprise a review of the whole file together with the financial statements. The purpose of this review is to ensure that the audit work has been fully completed and that the results and conclusions for the entire audit are consistent.

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