Reviews of financial information

… is a limited assurance engagement performed by an auditor in accordance with the Auditing Activities Act and the standard on review engagements approved thereunder.

The procedures performed in a review are substantially less than those performed in an audit. In a review, an auditor primarily makes inquiries and applies analytical procedures to express a conclusion on the reviewed financial statements, taken as a whole, that have been prepared by management in accordance with the applicable financial reporting framework.

The auditor’s conclusion is designed to enhance the degree of confidence of the intended users. It therefore includes a description of the nature of a review engagement as context for the readers of the report to be able to understand the conclusion. The conclusion is expressed in the form of a negative assurance statement – “Based on our review, nothing has come to our attention that causes us to believe that these financial statements do not present fairly, in all material respects, the financial position of the entity as at the reporting date, and its financial performance and (if applicable) its cash flows for the year then ended, in accordance with the applicable financial reporting framework.”