Independent Reviews, explained.

What is an Independent Review?

An Independent Review is an engagement in which an independent practitioner provides limited assurance on a company’s financial statements.

The work primarily involves making enquiries and applying analytical procedures. Additional procedures may be needed where matters suggest the financial statements could be materially misstated.

Limited assurance, not an audit

A review involves substantially fewer procedures than an audit and provides a lower level of assurance. It does not result in an audit opinion and cannot replace an audit where one is required.

When might a review be needed?

Some South African companies that are not required to have an audit may need an Independent Review. The applicable requirement depends on the company’s circumstances, governing documents and relevant legal requirements, including any exemptions.

Our Independent Review assessment uses your company’s circumstances to indicate whether an audit, Independent Review or owner-managed exemption may apply.

A company may also seek a review voluntarily or to meet a stakeholder’s requirements. AMB Advisory will confirm whether a review is appropriate before accepting the engagement.