Business owners are often unsure of when an audit is required and when a financial review will be sufficient. Business owners often do not realise an Independent Financial Review is an alternative to an audit.
Companies Act 2008
With the revision of the Companies Act in 2008 the requirement for certain companies to be audited was removed. A Public Interest Score (PIS) is used to confirm if an Independent Financial Review will suffice.
All businesses need to be audited.
An independent financial review can be conducted as an alternative to an audit based on the PIS calculation.
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Independent financial reviews can only be performed by an accounting team not involved in the preparation of the financial statements. The investigation is less rigorous and provides less details than an audit but is more cost-effective.