Overview of financial statements is an audit, as a result of which the auditor expresses his confidence that the information, that is the subject of the review, does not contain material misstatements. When conducting a review, the auditor is guided by the same general professional principles and judgments in expressing audit opinion on financial statements as in an audit. The review of financial statements is carried out for the quarter, semester and nine months (interim financial statements).
Unlike an audit, the review is not intended to provide reasonable assurance that the interim financial information (financial statements) does not contain material misstatements.
The review involves the fulfillment of requests mainly to persons responsible for financial and accounting issues, and the use of analytical and other review procedures. A review may draw the auditor’s attention to important issues that affect interim financial information, but a review does not provide all the evidence that an audit would require.
The objective of the review of financial statements is to enable the auditor to conclude on the basis of the review whether any fact has drawn his attention that gives him reason to believe that the financial statements are not prepared in all material respects in accordance with the applicable financial reporting conceptual basis.
Analytical procedures are performed to identify the relationship of individual articles that seem unusual. These procedures include:
HLB Tajikistan provides services for the review of financial statements prepared in accordance with IFRS, in accordance with the requirements of ISRE 2400, ISRE 2410.
The review report
Contains the auditor’s opinion regarding the receipt of limited assurance that the financial statements do not contain material misstatements, or a description of circumstances identified during the audit that distort the understanding of the state of the company due to a violation of the accounting and financial reporting process