Compliance with regulation is only one reason to have an audit. Many exempt organisations will still want an audit, and others will want some other work done to build confidence in their financial statements.
There are four options available for building confidence in a set of company financial statements. The table below summarises the key features of each option and the links below it provide more detail.
| Level of comfort provided | Non-technical pros and cons | Technical reference (UK) | Case study | Technical reference (international) | |
|---|---|---|---|---|---|
| Audit | **** | Credible choice leaflet | Auditing standards | Auditing standards | |
| Assurance review | *** | Credible choice leaflet | TECH09/13AAF |
Reeves & co and BSL Gas Technologies Ltd |
International Standard for Review Engagements (IRSE) 2400 |
| Agreed-upon procedures | ** | Credible choice leaflet | TECH10/12AAF |
James Cowper LLP and Relcross Ltd |
|
| Accounts compilation | * | Credible choice leaflet | Technical release AAF 02/10 |
