Do you understand the difference between an independent review and an audit? On 1 May 2011 the new Companies Act 2008 (Act) introduced the concept of an Independent Review as an alternative form of external independent assurance of financial statements, creating a need for more Independent reviews. Unfortunately, trainees only study the auditing standards and are at a disadvantage when they start their traineeship with regards to these Independent reviews. They don’t know what exactly an Independent Review is and what are the procedures that must be performed by a practitioner during the independent review. They are also unaware of how these procedures differ from audit procedures. The purpose of this training is to provide delegates with the practical knowledge of how to perform an Independent review in terms of ISRE 2400, using the Draftworx software and methodology.
