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Review Engagement vs Audit – what’s the difference?

Anyone who has been audited or who carries out audits know that there has been significant creep in requirements and subsequently costs over the least decade or so. This has made the other alternative – the Review Engagement – an alternative worth considering. What is a Review Engagement? It is a high-level assessment of financial statements by […]

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Special Purpose Reporting – what’s the right audit opinion?

What is the issue here? When a casual reader reads an audit report they expect to see a phrase that says something like “true and fair” or the more recent “fairly presented”. These are the words that indicate a “clean” report – so no need to read all the other boring detail! The problem is […]

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Emerging External Reporting (EER) – what is it and why should we care?

What is EER? The IAASB says: …EER refers to emerging forms of external reporting by entities that increasingly provide non-financial information that goes beyond the traditional (financial statement) focus on the entity’s financial position, financial performance and impact on its financial resources. More and more entities are broadening out on what they report in their annual […]

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What are agreed upon procedures engagements and when may they be used?

Just the facts! As the name suggests a type of assurance engagement that focusses on factual findings, and as such is probably the simplest form of assurance. The practitioner is asked to verify a question of fact, and their work simply answers that question.  IFAC notes that:  …the objective of an AUP engagement is to carry […]

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