Many smaller companies and unincorporated entities, which are exempt from audit, choose to have an assurance review. Although the process is less rigorous than an audit, it is a value for money option which provides a significant level of assurance to managers and business owners.
It provides assurance that the financial statements have been drawn up in accordance with legal requirements and are fairly presented. It additionally provides added value benefits, such as the identification of internal control weaknesses.
Our assurance reviews are carried out in accordance with the International Standard for Review Engagements (ISRE) 2400. In accordance with this standard:
- We obtain an understanding of the organisation’s activities and organisation
- We examine the accounting records and the systems of internal control
- We make enquiries of management
- We carry out analytical techniques and targeted testing procedures
We check to make sure that accounting estimates are reasonable, the accounting policies are appropriate and all the required disclosures are included in the financial statements. Our work also includes an assessment of the organisation’s financial position, including its ability to continue as a going concern, and the risks of fraud and non-compliance with laws and regulations. Overall, it provides owners and managers with peace of mind that the financial statements and the underlying financial records have been expertly reviewed by an independent, experienced accountant.
To find out more information about our assurance report service, please contact one of our expert team below.