Engagement
Limited Assurance Review
A review engagement that provides limited assurance on interim or annual financial information when a full audit is not required.
A limited assurance review sits between management’s own close process and a full statutory audit. We perform inquiries of finance staff and analytical procedures over significant balances to identify whether anything has come to our attention that suggests the financial information is materially misstated.
This engagement suits companies preparing interim packs for a parent company, lenders requesting periodic comfort, or boards that want an external set of eyes without commissioning a full audit year.
Scope and limits
Review procedures do not include detailed substantive testing of the kind required for an audit opinion. The report expresses limited assurance in the form customary for review engagements. If we encounter issues that require deeper testing, we discuss whether to expand into an audit engagement.
Timing
Most reviews for a single reporting period complete within three to five weeks once draft figures and supporting schedules are available.