Review of Financial Statements

Is your organisation not yet subject to a statutory audit, but do you expect this to change as your business grows? Or do you require more assurance than a compilation engagement provides? A review of your financial statements can be an appropriate next step.

A review of the financial statements provides greater insight into the quality of your financial reporting and internal controls. At the same time, it helps identify areas that may require attention if your organisation becomes subject to a statutory audit in the future.

When is a review of financial statements relevant?

Organisations can have their financial statements prepared or examined in different ways:

• compilation of the financial statements
• review of the financial statements
• audit of the financial statements

For medium sized and large organisations, an audit is often a statutory requirement. Many smaller organisations opt for a compilation engagement. A review engagement can be a logical next step when:

• your organisation is growing rapidly
• lenders require additional assurance
• you want to prepare for a future statutory audit
• you want to further improve the quality of your financial processes
• What does a review engagement involve?

During a review engagement, we analyse the financial information and assess whether there are indications that the financial statements contain material misstatements.

We consider areas including:

• the financial figures and disclosures
• the financing structure of the organisation
• the design of internal processes and controls

A review engagement provides insight into the quality of your financial reporting and helps prepare your organisation for a future statutory audit.

Our approach

We work with dedicated team members who get to know your organisation. This provides continuity, clear communication and an efficient process.

During the review, we look not only at the financial statements but also at the development of your organisation. Where necessary, we discuss areas for improvement that contribute to effective preparation for a future audit.

Ready for the next step?

Would you like to have your financial statements reviewed or find out whether a review engagement is appropriate for your organisation? Our Assurance specialists are happy to discuss your situation and advise you on the form of assurance that best meets your organisation's needs.

For more information, please contact: