Audit Quality Outcomes

On this page we summarise the outcome of our cold review process to evaluate the quality of completed audits. 

We use a four-point scoring system:

• 1 – good
• 2 – generally acceptable
• 3 – improvements required
• 4 – significant improvements required

Our target is that 100% of audits sampled should be assessed as 2 - generally acceptable or higher.

Audit of accounts cold review outcomes

The Quality and Assurance Deparmtent (QAD) of the Institute of Chartered Accountants in England and Wales (ICAEW) undertook the cold review programme for 2022-23 audit of accounts. The results of those reviews are presented by financial year of audit.

All audit files reviewed met our quality target and QAD’s overall findings were:

"Overall, the audit work we reviewed continued to be of a good standard, with all engagements reviewed being either good or generally acceptable."

Performance audit cold review outcomes

Performance audit work does not necessarily coincide with a particular financial year. QAD undertook the performance audit cold review programme in 2024. The outcomes of the cold reviews below refer to the calendar years in which the cold reviews were completed. 

All audit files reviewed met our quality target and QAD’s overall findings were:

"The performance audit files reviewed demonstrated a generally good level of compliance with the INTOSAI standards."