Review Engagements
Limited assurance engagements under SRE 2400 (Revised) involving inquiry and analytical procedures, concluding whether anything indicates material misstatement.
Audit & Assurance
Reviews & Compilations
Practice01/06
Review Engagements.
Note01Refer — Scope
Inquiry and analytical procedures under SRE 2400 (Revised) for limited-assurance conclusions.
Index06 Practices
Engagement Types
Our review and compilation engagements follow ICAI standards for engagements that differ from statutory audit in scope and assurance level.
Limited Review (Statutory Auditor)
Review of interim financial information under SRE 2410 for entities where we serve as the independent auditor, as required under SEBI regulations.
Compilation Engagements
Engagements under SRS 4410 (Revised) to assist management in presenting financial information without obtaining assurance through verification procedures.
Special Purpose Frameworks
Review or compilation of financial statements prepared under cash basis, tax basis, or other special purpose frameworks as specified by users.
Specified Elements
Review of specific financial statement elements, accounts, or items rather than complete financial statements, as required by stakeholders.
Practitioner's Report
Issuance of the practitioner's report stating the nature of engagement, scope of work performed, and conclusion or findings as applicable.
Review vs. Compilation vs. Audit
These engagements differ from statutory audit in scope and the level of assurance communicated to users of financial statements.
- Statutory Audit: Reasonable assurance through examination, testing, and verification procedures
- Review: Limited assurance through inquiry and analytical procedures without verification
- Compilation: No assurance—practitioner assists in presenting management's financial information
- Review engagements for non-audit clients follow SRE 2400 (Revised)
- Limited review of interim information by statutory auditor follows SRE 2410
- Compilation engagements follow SRS 4410 (Revised) with disclosure of no assurance
Our Engagement Approach
Step 1
Engagement Acceptance
We assess the engagement requirements, applicable framework, and intended users to determine whether a review or compilation engagement is appropriate.
Step 1
Engagement Acceptance
We assess the engagement requirements, applicable framework, and intended users to determine whether a review or compilation engagement is appropriate.
Step 2
Planning & Understanding
We obtain understanding of the entity, its accounting policies, and the financial reporting framework to plan engagement procedures.
Step 2
Planning & Understanding
We obtain understanding of the entity, its accounting policies, and the financial reporting framework to plan engagement procedures.
Step 3
Procedures (Review) or Assembly (Compilation)
For reviews, we perform inquiry and analytical procedures. For compilations, we assemble financial information provided by management into statement format.
Step 3
Procedures (Review) or Assembly (Compilation)
For reviews, we perform inquiry and analytical procedures. For compilations, we assemble financial information provided by management into statement format.
Step 4
Evaluation & Documentation
We evaluate findings from procedures performed (reviews) or document the basis of compilation, including any departures from the applicable framework.
Step 4
Evaluation & Documentation
We evaluate findings from procedures performed (reviews) or document the basis of compilation, including any departures from the applicable framework.
Step 5
Report Issuance
We issue the practitioner's report stating the nature of engagement, work performed, and our conclusion (review) or statement of no assurance (compilation).
Step 5
Report Issuance
We issue the practitioner's report stating the nature of engagement, work performed, and our conclusion (review) or statement of no assurance (compilation).