Audit or review?
Differences between audit and review in Estonia
Review is one type of assurance giving engagement, which is in volume smaller than the regular audit and because of that provides lower confidence that the financial information audited by an auditor is in accordance with established requirements. Purpose of Review is to provide reasonable assurance to financial information user that such significant misstatements are not detected during the Review.
Voluntary audit or review
Audit or review can also be carried out for financial information prepared for the purposes of consolidation in case such information will be submitted by foreign subsidiaries and their local accounting framework differs from the parent company (i.e. from Estonian GAAP or IFRS) and the group auditor decided that this information should be audited or reviewed.
Larger corporate groups and listed companies may also carry out reviews of interim report in accordance to the applicable rules and regulations.
Auditor's reports about the results of audit and Review
- The result of audit will be a “positive opinion”, i.e whether audit results confirm or not confirm that the financial statements present financial information is in accordance with the stated requirements.
- The result of review will be expressed in the form of “negative opinion” – based on the results of the review nothing come to the attention of the auditors that causes them to believe that the financial statements are not in compliance with stated requirements
Check your obligations for audit or review based on numbers :
Sales revenue or income
Assets
Number of employees
Result :
