Engagements to review financial statements – how does an independent review differ from an audit?

  • Presenter: Nestene Botha CA(SA)
  • Level: Advanced
  • Study time: 1 hour
  • LIVE EVENT DATE:
    20 APRIL 2023
    08:00 - 09:00
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Course overview
All independent review engagements must be performed in terms of the requirements of the International Standard on Review Engagements (ISRE) 2400. An independent review of a company’s annual financial statements does not constitute an audit and consequentially, no opinion is expressed. An independent review is, however, a type of assurance engagement where the independent reviewer expresses limited assurance about the company’s financial statements. There is a very clear distinction, with several impacts to consider.

It is essential for auditors, independent reviewers, and their clients to understand the important differences between an audit, which can at present only be performed by external auditors registered as members of the Independent Regulatory Board for Auditors (IRBA), and an independent review, that can be performed by many different qualified professionals.

In this learning intervention, join us as we contrast these two different engagements in detail. Gaining an understanding of the requirements of performing independent review engagements and highlighting of very important differences between independent reviews and full external audits, also when looking at the goals and types of activities performed by independent reviewers, makes this a session not to be missed. In attending this session, you will be developing the following professional competencies:
  • Main competency group: Enabling and future competencies
  • Sub-competency group: Decision-making acumen
  • Specific competency/ies: Professional skepticism; Analytical thinking; Critical thinking; Judgement

  • Main competency group: Technical competencies
  • Sub-competency group: Assurance and related services
  • Specific competency/ies: Quality assurance

  • Main competency group: Technical competencies
  • Sub-competency group: Stewardship of capitals: business process and risk management
  • Specific competency/ies: Reporting fundamentals

What's included?

  • 1 Live event
  • 1 Recording
  • 1 Certificate

Corporate governance

Link with SAICA Competency Framework

  • Main competency group: Enabling and future competencies
  • Sub-competency group: Decision-making acumen
  • Specific competency/ies: Professional skepticism; Analytical thinking; Critical thinking; Judgement

  • Main competency group: Technical competencies
  • Sub-competency group: Assurance and related services
  • Specific competency/ies: Quality assurance

  • Main competency group: Technical competencies
  • Sub-competency group: Stewardship of capitals: business process and risk management
  • Specific competency/ies: Reporting fundamentals