Conduct an independent review
$115
Delivery in
3 days
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What you get with this Offer
An audit is probably the most common form of assurance worldwide but it’s not the only one, and in some cases, it might not be the right one.
Small- and medium-sized entities (SMEs) are often not required by legislation to have an audit. Lacking the complexity of their larger counterparts, an audit doesn’t necessarily make sense for an SME, and the costs may outweigh the value added for these small operations.
There are other forms of assurance that may be more cost-effective and better suited to meet their needs.
SMEs can look to their accountants and their statement users to help them determine what level of assurance on their financial statements is most appropriate.
A review engagement, for example, is another form of assurance that can meet the needs of some SMEs without putting an undue strain on time and other resources.
What is a Review Engagement?
A review is a limited assurance engagement. It provides less assurance than an audit but more than a compilation engagement, which offers no assurance. The practitioner conducts neccessary tests on the subject matter in order to get limited assurance that the subject matter is free from material misstatement.
Merits of a Review Engagement
SMEs that are not required by law to have an audit may still want some level of independent assurance to increase the credibility of their financial statements, for example, when seeking a loan from a bank. In these cases, a review can be an ideal solution. Additionally, since the work effort involved in performing a review engagement is generally less than that in conducting an audit, a review should be a more cost-effective option while still involving the financial reporting expertise of an independent professional accountant.
What you get with this hourlie
-A review of a subject matter which can consist of financial projections / financial statements / management accounts
-A report providing an opinion as to whether the subject matter is free from misstatements and is in line with the applicable reporting framework.
Small- and medium-sized entities (SMEs) are often not required by legislation to have an audit. Lacking the complexity of their larger counterparts, an audit doesn’t necessarily make sense for an SME, and the costs may outweigh the value added for these small operations.
There are other forms of assurance that may be more cost-effective and better suited to meet their needs.
SMEs can look to their accountants and their statement users to help them determine what level of assurance on their financial statements is most appropriate.
A review engagement, for example, is another form of assurance that can meet the needs of some SMEs without putting an undue strain on time and other resources.
What is a Review Engagement?
A review is a limited assurance engagement. It provides less assurance than an audit but more than a compilation engagement, which offers no assurance. The practitioner conducts neccessary tests on the subject matter in order to get limited assurance that the subject matter is free from material misstatement.
Merits of a Review Engagement
SMEs that are not required by law to have an audit may still want some level of independent assurance to increase the credibility of their financial statements, for example, when seeking a loan from a bank. In these cases, a review can be an ideal solution. Additionally, since the work effort involved in performing a review engagement is generally less than that in conducting an audit, a review should be a more cost-effective option while still involving the financial reporting expertise of an independent professional accountant.
What you get with this hourlie
-A review of a subject matter which can consist of financial projections / financial statements / management accounts
-A report providing an opinion as to whether the subject matter is free from misstatements and is in line with the applicable reporting framework.
What the Freelancer needs to start the work
An a applicable subject matter has to be handed over, this is literally the information on which the opinion will be provided.
The final user of the report that is to whom the assurance report need to be addressed.
Various information to substantiate the information in the subject matter (evidence). This will vary depending on the review engagement required.
Other information as may be required to arrive at the appropriate opinion.
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