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Review – Limited Assurance

A review provides an organisation with a report on anything that has come to the attention that would indicate a material misstatement.

The objective of a review differs significantly from that of an audit, however both engagements are carried out according to Australian Auditing Standards. A review of a financial report does not provide a basis for expressing an opinion, nor does it obtain reasonable assurance that the report is free from material misstatement. A review consists of making enquiries of those charged with financial and accounting matters, and applying analytical and other procedures. A review may bring significant issues in the report to the auditor’s attention but does not provide all the evidence required in an audit.

The benefits of a review engagement include:

  • provides an overall review of the financial statements and highlight area(s) for management’s attention
  • delivers a cost-effective solution
  • quicker process than conventional audit

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