Effective control functions help business run better. Our practical suggestions are aimed at strengthening the business, not just looking at process.
We bring something different. Our fully independent evaluations combine many Years of experience in audit, risk & compliance with our boards eye view. We focus on how audit risk and compliance help the business. Yes, it is about meeting standards and working in line with good practice – but that only matters if its helping the organization perform.
We can work with you in several diverse ways full external evaluation, facilitated review or self-assessment.
What is Independent Review?
A review engagement is conducted to provide limited assurance that there are no material modifications that should be made to the financial statements for them to be in conformity with the financial reporting framework.
A review differs significantly from an audit, review engagements provide less assurance to the reader of the financial statements because the CPA does not perform many audit procedures.
The broad review procedures required to be performed by a professional accountant are:
- Inquiries to the accounting practices and principles used by the business
- Procedures for recording and accumulating financial information
- Actions taken at owners or directors meetings
- Written representations from management regarding the accuracy of all information given to the CPA
- Receipt of all relevant information by the CPA
- Managements responsibility to prevent and detect fraud
- Knowledge of fraud
- Information related to any significant subsequent events
- Analytical procedures regarding comparisons
- Expectations developed by the CPA of recorded amounts
- Ratios from recorded amounts
- Plausible relationships of recorded amounts
These analytical procedures provide better understanding of key relationships among certain numbers. This understanding gives more assurance about the reasonableness of the financial condition presented in the financial statements.
Based on the inquiries and analytical procedures, the professional accountant is able to express only limited assurance that there are no material modifications that should be made to the financial statements for them to be in conformity with the applicable financial reporting framework.
Because a review engagement is substantially less intensive in scope than an audit, the professional accountant cannot express an opinion on the fairness of the financial statements taken.