Financial Audits & Review Engagements
Assurance services, such as an independent financial audit, entail providing an external, independent opinion that confirms the accuracy and completeness of your financial statements.
Review Engagement Uses
Review Engagements are most commonly used during the process of a commercial lending situation. Usually this type of independent opinion is requested by the financial institution to ensure that the company financial health is adequate, and that the business is viable.
A clean audit opinion is often a condition of receiving government grants and other forms of funding. This is to ensure that the grant will be utilized by the business, as intended by the government.
Meanwhile, Assurance may be a requirement during the purchase or sale of a business. This is to ensure that a fair market value for the business is paid, as the seller of a business will typically want a high price, while a buyer will want a lower price.
How Insight Online Accountants Can Help
We can assist you in organizing your accounting records, preparing working papers and providing all the necessary information to an external auditor.