During an accounts preparation (compilation) engagement a qualified accountant will ensure that your company’s financial statements are correctly put together.
Unaudited financial statements
Many organisations that are exempt from mandatory audits seek independent assurance of their financial statements. Here ICAEW's Audit and Assurance Faculty provides practical guidance on the different options available, including downloadable leaflets aimed at those considering commissioning assurance services.
During an agreed-upon procedures engagement a qualified accountant will discuss with you and agree a set of procedures to perform that are based on your requirements.
During an assurance review a qualified accountant will review your accounts and investigate any areas of concern. This includes analysing changes from one year to the next and may include further testing of the underlying information if something comes up in the review that catches their attention.
During an audit engagement a qualified accountant examines your accounts. This includes analysing changes from one year to the next, checking to see that your accounting processes are basically adequate, sample testing from the underlying information, and considering the evidence that makes up the audit trail.
ICAEW's assurance resource
This page is part of ICAEW’s online assurance resource, which replaces the Assurance Sourcebook.