An audit is an examination of accounting data and the financial statements of a business entity, performed by an auditor in order to form an independent opinion on the validity of the information presented in all material respects, and its compliance with the requirements of Ukrainian legislation, accounting principles (standards) or other rules (internal regulations of a business entity) according to user requirements.

A review audit is an examination of financial statements without dipping into a detailed analysis of the internal control system of a client, an examination with no need to pursue comprehensive procedures as in the case of a full-scale audit.
A review audit includes a restricted spectrum of procedures and activities compared with the audit, and it is aimed to “review” the analysis of an auditable object.
A review involves the assurance by the auditor with a smaller level of certainty concerning the auditable item than an audit.
Based on the examination results an auditor’s opinion is provided in the negative form, containing the thesis: “during the examination, there were no circumstances under which it can be concluded that the presented statements do not present a fair view of the financial position, financial results and financial flows of the enterprise”.

A review of financial statements is not an audit, but it is in demand among our clients. Among the indisputable advantages of a review audit are:

• Lower cost compared with the audit (due to shorter duration, lower labour costs, smaller range of procedures)

• Sufficiency of review audit results for management decision-making

• Opportunity to identify during the review the most “painful” areas with the purpose of preparation for the annual statutory audit