Review

With new Auditing Act Amendment Act to be adopted in 2010 the lower limits of auditing shall be increased and the obligation to audit annual accounts shall be substituted partially by the obligation to review of annual accounts.


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.

Contact


Enre Oru, Partner
enre.oru@btb.ee