A review engagement is a type of financial statement review that provides limited assurance on the accuracy of a company’s financial statements. It is more in-depth than a compilation engagement but less detailed than a full audit. In a review engagement,  we perform analytical procedures and inquiries to verify that the financial statements are plausible and free from material misstatements, without conducting a full audit.

In performing a review the accountants would must be independent from the clients and have sufficient knowledge of the industry which the business operates. They would acquire sufficient knowledge of the client’s business to make intelligent enquiry and assessment of the information obtained, with the limited objective of determining the plausibility of the information reported on. The review should entail enquiries, analytical procedures and discussion with responsible client officials.

This degree of assurance is less than that resulting from an audit and is expressed as either:

• The negative assurance that nothing has come to the accountants' attention that would indicate the financial information is not presented in accordance with generally accepted accounting principles, or
• A reservation together with appropriate disclosure and explanation of the reservation.

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