A review is narrower in scope than a full audit. The auditor states that nothing has come to their attention to indicate that the financial information is not presented fairly in all material respects; this is called negative assurance.
The six-month interim financial statements of listed companies are generally subject to review. Having it performed by the same team as the year-end audit reduces the year-end workload.
Source: SBDS 2410
Related terms
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.Limited assuranceA level of assurance based on narrower procedures than reasonable assurance and expressed in negative terms.Interim financial reportingReporting covering complete or condensed financial statements for a period shorter than a full financial year.Analytical proceduresThe evaluation of financial information through analysis of plausible relationships among financial and non-financial data.Adverse opinionThe opinion in which the auditor states that the financial statements are not presented fairly, where misstatements are both material and pervasive.Agreed-upon proceduresAn engagement in which the practitioner performs procedures agreed with the entity and, where relevant, a third party, and reports only the findings without providing assurance.
Last updated: October 22, 2026 · This definition is for general information only.