An independent review also provides assurance on your financial reporting. However, a review is less detailed than an audit providing "limited" assurance.
WHY GET A REVIEW?
While providing less assurance than an audit, there is still value added by a review, as it ensures a second pair of eyes (from a qualified professional) has reviewed the financial report.
A review especially helpful for smaller not-for-profit organisations where the assets being managed are modest, and where there is only a sole charge Treasurer. This is especially true if you are a Registered Charity, with the changes in the Charities Act requirements for financial reporting.
A review is commonly undertaken in any of the following circumstances:
REPORT PROVIDED
A review report provides negative assurance report along the lines that "nothing has come to our attention" to suggest that financial statements are not valid and reliable. In this limited review we undertake mainly the following procedures:
APPLICABLE STANDARDS: ISRE (NZ) 2400: Review of Historical Financial Statements Performed by an Assurance Practitioner