It’s hard to ignore the noise around artificial intelligence (AI) right now. Whether it's being used to draft emails, automate processes, or simply create fun AI generated toy dolls of ourselves, AI has found its way into the audit profession — and it looks like it’s here to stay.

But rather than simply fall into the shiny new object syndrome, it’s important we cut through the hype and take an objective look at what AI can realistically offer UK audit firms… and where it might create more problems than it solves.

As audit firms strive to deliver high-quality audits, the challenge of balancing efficiency, compliance, and client satisfaction is ever-present. While internal processes play a critical role, sometimes a fresh, independent perspective is exactly what’s needed to take things to the next level.

That’s where an external audit quality review (or cold file review) comes in. These reviews aren’t just about finding faults—they’re an opportunity to enhance audit quality, drive efficiency, and ensure compliance in a supportive, constructive way.

In this post, I’ll explain the three key benefits of a cold file review and how it can help your firm improve audit outcomes and build confidence in your processes.

“ISA ISA Baby” is a monthly blog series focused on each of the UK ISAs: their key features, our own musings and some of the pitfalls we see through our audit file reviews and technical query FAQs. Oh and to keep your interest, each blog will end with an ‘interesting’ fact about the one and only Vanilla Ice…..