Audit
Reasonable assurance, expressed through an audit opinion. High, but not absolute.
Assurance
The right level of comfort for the purpose
Not every situation needs an audit. It depends on who will rely on the report and what they need it to say.
Key point
Audit, review and agreed-upon procedures: what each report provides
Ask the party requesting the report what it needs to say. Choosing the wrong engagement costs time.
Review
Limited assurance, expressed through a review conclusion. Mainly enquiry and analysis.
Agreed-upon procedures
No assurance. A report of the procedures performed and the findings.
Review engagements
An independent review of financial statements providing limited assurance.
When you need it
A lender, investor or shareholder wants independent comfort, but an audit is not required.
How we help
We make enquiries of management and analyse the figures, and follow up anything that looks inconsistent.
What you receive
A review report with a limited assurance conclusion, not an audit opinion.
BasisISRE 2400 (Revised) · ISRE 2410 for interim financial information reviewed by the entity's own auditor
Agreed-upon procedures
Specific checks on figures or terms, agreed in advance.
When you need it
A funder, franchisor, counterparty or authority asks an independent accountant to check specific figures or terms.
How we help
We help you and the requesting party agree procedures that fit the purpose, then perform exactly what was agreed.
What you receive
A report of factual findings for each procedure. It gives no opinion or assurance; users draw their own conclusions.
BasisISRS 4400 (Revised)
Other assurance engagements
Assurance on matters other than historical financial statements.
When you need it
An agreement, scheme or regulator asks for an independent report on, for example, compliance with funding conditions.
How we help
We agree the subject matter and the criteria it is measured against, and accept only where both are suitable.
What you receive
An assurance report setting out the subject matter, the criteria used, the work done and our conclusion.
BasisISAE 3000 (Revised)
Connect with us
Tell us about your audit, assurance, tax or advisory requirements.