Review
We stand for sustainable, trust-based relationships. In collaboration with our partners, we take care of the review engagements for your company. This means you can rest assured that your company’s financial administration meets all the requirements.
We work together with a partner office for these review engagements. We focus on the administrative and/or compilation activities that in many cases are considered a preliminary process in the review engagements. We know you best and can therefore prepare these activities the most efficiently.
We take control and maintain contact with the partner office and thus manage the review process. That way you do not have to invest extra time and energy in this. Your peripheral matters are our main business.
What is a review report (beoordelingsverklaring)?
A review report is an auditor’s report concerning a review of a statement of historical financial information. This overview is often an annual report, but it can also be another overview. For a statement other than an annual report, you can think of the insured interest or a statement of income and expenditure, such as a subsidy statement. The boards of companies, foundations, and other organizations are responsible for drawing up the overview. The auditor assesses this and reports on this using a review report.
Broadly speaking, there are three types of auditor’s reports:
- A review report with an unqualified opinion
- A review report with an adverse opinion
- A review report with a qualified opinion
The opinion in a review report is formulated negatively: “it has not been found that…”. With this statement, the auditor states that given the procedures he has performed – performance assessments, interrelationship audits, and detailed checks – he has not found anything that calls into question the true and fair view of the annual report. However, because the auditor has not tested the operation of the administrative organization, inaccuracies that arose during the preparation of the information may go unnoticed.
The review report is especially useful for households that are understaffed for the necessary segregation of duties between competencies. In that case, it is of no use to test the operation of the administrative organization. Without such assessment, the degree of assurance that is necessary for an auditor’s report cannot generally be obtained. In that case, a review report offers a suitable alternative.
Despite a properly conducted review, there may still be concerns about accountability or other uncertainties in the review. These uncertainties or concerns fall into two categories: material and pervasive. Material means that it influences the reader’s judgment of a statement, while pervasive means that the statement does not give a true and fair view. If, after review, the uncertainty or concern proves to be material, but not of pervasive influence, the auditor provides a report with a qualified opinion. If the (remaining) uncertainty in the review proves to be of pervasive influence, then a review report will follow in which no assurance is given. When concern about accountability has pervasive influence, a review report with an adverse opinion will follow.
A client may not disclose the provided review report unless the auditor has given explicit permission for this.