An independent review is a type of assurance engagement that offers a different level of assurance compared to a traditional audit. While an auditor provides reasonable assurance on the accuracy of annual financial statements, in an independent review, the assurance provided is limited. This means that while a review involves a thorough examination of financial statements, including inquiries and analytical procedures, the depth of scrutiny is not as extensive as in an audit. Independent reviews are often chosen by entities seeking a less costly alternative to an audit or where regulatory requirements permit a lower level of assurance.

Topics Discussed:

• Regulatory framework – Companies Act (Act 71 of 2008)

• Review engagements- basics

• Key differences between Independent reviews and Audit engagements.

• Nature of review engagements

• Accepting review engagements

• Planning the review engagement

• Setting materiality

• Review procedures

• Documentation and evaluation of results

• Reportable irregularity

• Conclusion and reporting

The Presenter:

Daniel van Tonder

I completed my B- Compt degree in Financial Accounting while I was still busy with my articles at Diemont, Zimmerman & Bolink Auditors in Polokwane.

After my articles, I entered the private sector to gain valuable experience as a Group Finance manager and Group Internal Tax Practitioner.

I'm currently busy with my post graduate diploma in taxation through Unisa.
I am a registered tax practitioner and a proud member of the South African Institute of Taxation.