Financial Information Review

A financial information review is a service under which the practitioner obtains limited assurance about whether the financial statements as a whole are free from material misstatement, thereby enabling the practitioner to express a conclusion on whether anything has come to the practitioner’s attention that causes the practitioner to believe the financial statements are not prepared, in all material respects, in accordance with IFRS.

Sounds less relieving than an audit, right? A financial information review, however, is the best option for you if you’re looking for a fast cost-efficient solution.

Why choose Al-Sharid to provide you with a financial information review?

We’ve got a well-versed team of assurance practitioners that have broad experience across many different industries which means our team will really understand your business. You’ll notice this in the time-efficient work done and the quality of our work.

Our financial information review services are of great value for your interim reports and other types of financial reports. You won’t have to wait until the end of the year to get assurance from an independent practitioner

Our approach in financial statements audit services

It all begins with matching you with the financial information review team that is most experienced in your industry. Our team then arranges to meet your personnel to learn more about your business. You’ll love talking to our team who have been contributing to the success of other businesses within your industry. Enquiry is key to the success of a financial information review.

Then we will conduct a comprehensive analysis of the financial information that we’ve been provided with, which in return, tells us if there’s anything that has come to our attention that is inconsistent with our understanding of your business for the current year.

We conduct our review engagements according to the International Standard on Review Engagements (ISRE) 2400 (Revised) in alignment with implementing world-class best practices and the IESBA’s Code of Ethics.

Our firm strives to be among the best public accounting firms in the UAE and we have designed our review engagement processes in compliance with International Standard on Quality Control (ISQC) 1 and world-class best practices to ensure our clients are getting the best value of our work.

Our team of experts has the right experience and knowledge to help your company achieve its objectives

Does my company have to get its financial statements reviewed?

There is no law provision in UAE that enforces this type of assurance upon your financial statements. You might request a financial statement review based on your needs.

Are there any benefits of getting my financial statements reviewed?

Sometimes, the management might want to ensure the interim financial statements are faithfully presented. Or, some parties you might contract with might request to review your financial statements. They will only depend on them if they were audited or at least reviewed by a public accountant. A financial statement review will be of a great value for interim reports as it will be cost-efficient.

Can you also compile the financial statements for my company upon which you will give limited assurance?

According to the R601.5 paragraph of the International Code of Ethics for Professional Accountants which also applies to review engagements, “A firm or a network firm shall not provide to an audit client that is not a public interest entity accounting and bookkeeping services including preparing financial statements on which the firm will express an opinion or financial information which forms the basis of such financial statements…” unless certain strict conditions are met. Also, the 601.5 A1 paragraph, includes some exceptions under which we might be able to provide you with a compilation service, this is however a matter of discussion. Give us a call so we can discuss your situation.