A Review provides some assurance for companies that are not required to file audited financial statements. Here, the objective is to ascertain whether the financial statements are plausible. This is done through analytical procedures, enquiry and discussion.
No opinion is provided in a review engagement; however, negative assurance is provided. An unqualified opinion will state that nothing has come to the accountants’ attention that would lead them to believe that the financial statements are not, in all material respects, in accordance with generally accepted accounting standards.