Audit of financial statements – The objective of an audit of financial statements is to enable the auditor to express an opinion whether the financial statements are prepared, in all material respects, in accordance with an applicable financial reporting framework.
Audit of financial statements services include:
Review of financial statements – enabling an auditor to state whether, on the basis of procedures which do not provide all the evidence that would be required in an audit, anything has come to the auditor’s attention that causes the auditor to believe that the financial statements are not prepared, in all material respects, in accordance with an identified financial reporting framework.
A review provides a moderate level of assurance that the information subject to review is free of material misstatement; this is expressed in the form of negative assurance.
Review of financial statements services include: