For many small and medium businesses, the costs of a statutory audit often outweigh the perceived benefits. However, there are other forms of assurance that are more cost-effective and can be better suited to the needs of smaller businesses.
A review engagement can often offer the solution – meeting the needs of smaller companies without the cost of a full statutory audit. This form of engagement provides less assurance than an audit but still increases the credibility of the financial statements – which is of particular use to securing additional borrowings or investment.
Review engagements are prepared in accordance with international standards (ISRE 2400) and are performed by staff with the expertise to carry out a statutory audit. During the process, issues such as going concern, fraud or non-compliance with laws will be highlighted and assessed. This can give peace of mind to users of the financial statements from the enhanced assurance provided by an objective independent accountant.
Additionally, the review engagement provides the flexibility for us to offer bespoke advice based on your individual circumstances. As part of the engagement we will perform a systems review, which can help to optimise your financial reporting processes and help to improve efficiency – reducing the likelihood of errors occurring. This can provide valuable feedback and assistance to businesses with plans for growth, or for businesses hoping to sell in the future.
As business environments become increasingly decentralised, something we are seeing more and more often is businesses empowering their employees by giving them decision-making responsibilities in regards to the finances of the business they work for. These types of decisions may include the management of cash flow for example, where it has become common practice to […]