Understanding this service.
Audit and assurance engagements address financial information or other defined subject matter within an agreed scope. The applicable framework, intended users and purpose of the report help determine the nature of the work.
An audit does not guarantee that information is free from every error, detect every fraud or remove business risk. Responsibilities, limitations and reporting requirements need to be understood at the outset.
When businesses typically need this.
- An entity or stakeholder has asked for an audit or assurance report.
- You want to understand which information and reporting framework an engagement would address.
- You need to distinguish an independent assessment from the preparation of financial records.
What to discuss with us.
- The entity, its activities and the period concerned.
- Who requires the report and the purpose it is intended to serve.
- The financial information or other subject matter involved.
- Existing professional engagements and any independence considerations.
Frequently asked questions.
Is an audit the same as preparing accounts?
No. Preparing financial records and accounts is different from expressing an independent audit opinion. The responsibilities and scope of each engagement must be established separately.
Does an audit identify every error or fraud?
No. Audit work has inherent limitations. It should not be understood as a guarantee of complete accuracy or the detection of every instance of fraud.
Can audit and advisory services be combined?
That depends on applicable independence requirements and the circumstances of the engagement. Some combinations may be restricted or inappropriate.