In this engagement, users of the report draw their own conclusions from the findings. Checking loan covenants, verifying grant expenditure or reviewing royalty calculations are typical examples.
As the scope is flexible, it offers a fast and targeted solution.
Source: İHS 4400
Related terms
Assurance engagementAn engagement providing assurance, against specified criteria, on a subject matter other than an audit or review of historical financial information.Independent auditReasonable assurance provided by an independent auditor on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework.Adverse opinionThe opinion in which the auditor states that the financial statements are not presented fairly, where misstatements are both material and pervasive.Analytical proceduresThe evaluation of financial information through analysis of plausible relationships among financial and non-financial data.Audit committeeA committee of the board of directors responsible for overseeing financial reporting, internal control, internal audit and the independent audit.Audit documentationThe full set of working papers recording the audit procedures performed, the evidence obtained and the conclusions reached.
Last updated: October 22, 2026 · This definition is for general information only.