Inspection and monitoring of quality control by a firm of auditors involves both in-house and external procedures. The internal procedures include the post-audit review, sometimes known as a ―cold review‖. The external procedures are sometimes known as ―external practice inspections‖ or ―peer reviews‖.Required:Write explanatory notes on the ―cold-review‖

Cold review is the review done by an audit review department. This team has the job of reviewing in detail the work performed by an audit group and ensuring that the audit has been conducted in accordance with the firm‘s standard.

It is done as a quality control procedure to ensure that every audit team has adhered to the firm‘s standards as a way of minimizing exposure to negligence claims regarding the work done by the audit firm.

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