In other words, such engagements can generate much more value for the directors than just the assurance report itself. Review engagements, like audit engagements, may help the accountant to report weaknesses and other issues that come to their attention to the directors. Significant, unusual or complex transactions or events. Non-compliance with laws and regulations The nature of the client’s business and its organisational structures Consider and make enquiries of management about factors which might lead to increased risk that the financial statements may contain material misstatements or be non-compliant such as:.Review all material items in the financial statements.To be able to do this the chartered accountant will: management is aware of its responsibilities for producing the accounts.the financial statements comply with the chosen financial reporting framework and give a true and fair view and.ISRE 2400 (Revised) requires the chartered accountant to make enquiries of management, and others, and to carry out analytical procedures to gain a degree of assurance that: ![]() What is an assurance review engagement?Īn assurance review engagement is carried out in accordance with the International Standard for Review Engagements (ISRE) 2400 (Revised). The accountant considers: does anything they have seen during the review suggest a problem in the financial statements that needs further checking to sort out?Ī conclusion is presented in a report which is appended to your financial statements so that everybody who reads them can see that an independent review has taken place. This includes analysing changes from one year to the next and may include further sample testing and additional procedures to address identified concerns. Assurance: Review leaflet Download nowInquiries of management and sophisticated analytical review techniques allow a chartered accountant to assess the financial statements at a high level.
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