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Independent reviews
Our assurance teams are specialists in performing independent reviews. With our extensive assurance expertise and skills, we offer unparalleled insights when performing these independent reviews.
Our independent reviews are conducted in accordance with the requirements of ISRE 2400 (Revised). This review is a limited assurance engagement that provides a comprehensive conclusion on your financial statement.
Our specialist team obtains sufficient and appropriate evidence through inquiry and analytical procedures.
An independent review differs from an audit on the following key points
Negative assurance is provided to state that the accountant is not aware of any material modifications that should be made to the financial statements
There is no requirement to obtain an understanding of the entity’s internal control and assess fraud risk
There are no verification and substantiation procedures, other than analytical review and inquiries with management
The cost with an independent review is generally significantly less than with an audit
Frequently Asked Questions
Q. How do I know if my company is required to have an Independent Review done?
If your company is not owner managed it will be subject to an Independent Review. A company that is not owner managed is one where the directors of the company are not the shareholders and vice versa.
Q. What does an independent review entail?
The objective of an independent review of financial statements is to enable a practitioner to state whether or not anything has to come to his attention that causes him to believe that the financial statements are not prepared in all material aspects, in accordance with an identified financial reporting framework and/or statutory requirements. An independent review entails the scrutiny, mostly through analytical analysis and conversations of Financial statements.
Q. What is the benefit of an independent review?
The benefit of an Independent Review instead of an audit is a reduction in fees and management preparation time, as review requirements are far less onerous and rigorous. An independent review can also be expected to take less time than an audit, which means less of your staff time is taken up.
