Review of Financial Statement

Review of Financial Statement

Is review of  financial statement same as a financial audit?


The standards of review of financial statements are not met by financial audit since a review involves the execution of procedures that result in uncertain conclusions. The investigation (gaining knowledge about the nature of the firm and accounting practices) and analytical techniques used on the financial statements are the major steps in a review.


A financial audit comprises knowing the Company’s internal control over financial reporting in addition to learning about the business. Based on this knowledge, the auditor carries out substantive and control examinations to determine if the balances in the financial statements are fairly stated in conformity with current accounting principles. The independent auditor offers an opinion regarding the review of the financial statements in accordance with the applicable accounting rules after completing the audit procedures.


A financial audit requires more involved procedures for giving a judgement on the financial situation and performance of the Company, whereas a review of financial statements offers reasonable assurance regarding the financial statements.


When should you ask for a financial statement review?


When a company is not yet ready to conduct a financial audit because it may have a negative opinion about the financial statements, it may request a review of the financial statements.


The Company will be able to generally enhance its accounting procedures with the help of a review of the financial statements, but it is made clear that accounting errors might exist due to the moderate security.


Download the Brochure: Review of Financial Statement

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