Review is the lighter version of audit. In this case the aim is not to provide absolute verification of the accuracy of the report, but to assure that no significant deficiencies were detected upon review of the report. Review provides less assurance than audit, and thus it takes less time and is less expensive.
What is the difference between audit and review?
Statutory audit provides owners and creditors with greater assurance than review. While audit answers the question: “IS the report correct to significant extent?”, the review allows the auditor to confirm that in review did NOT reveal any circumstances that may give reason to believe that the report IS NOT correct to significant extent.
Unlike audit, review does not provide in-depth testing of information recorded in accounting or verification procedures used in preparing the report. Review is limited to the analysis of report indicators and interviews with key persons.