Webinars On-Demand

Mastering Independent Review

Overview  

Independent review engagements are a vital assurance service for many entities that do not require a full audit but still need credibility and reliability in their financial reporting. However, confusion often arises regarding the distinction between audit and independent review engagements, the level of assurance provided, and the procedures required under applicable professional standards. 

This webinar highlights the importance of understanding the fundamental differences between audits and independent reviews, and of applying the correct procedures, professional judgement and reporting requirements to perform compliant, efficient and high-quality review engagements. Practitioners will gain clarity on the full engagement lifecycle — from acceptance and planning through to inquiry, analytical procedures, evaluation of evidence and reporting — ensuring that independent reviews are conducted effectively without over- or under-auditing. 

Join Nestene Botha CA(SA) as she provides a practical and technically sound guide to mastering independent review engagements. She will unpack the engagement process step-by-step, clarify common misconceptions, and share practical techniques to improve efficiency while maintaining compliance and professional standards. 

Learning objectives  

Attending this webinar will equip you with the following skills: 

• Understand the key differences between audit and independent review engagements, including objectives, levels of assurance and procedures performed 

• Identify and apply the correct steps in conducting an independent review engagement from pre-engagement to reporting 

• Plan and perform appropriate inquiry and analytical procedures in accordance with applicable standards 

• Evaluate evidence obtained and formulate an appropriate independent review conclusion and report 

• Improve efficiency in performing review engagements while maintaining quality and compliance   

Content 

The webinar will cover the following topics:  

• Comparison between audit and independent review engagements 

• Objectives and level of assurance (reasonable vs limited assurance) 

• Nature and extent of procedures performed 

• Reporting differences and wording of conclusions 

• Regulatory and professional framework governing each engagement 

• Overview of the independent review engagement process 

• Engagement lifecycle and key phases 

• Roles and responsibilities of the practitioner 

• Pre-engagement procedures for independent reviews 

• Client acceptance and continuance considerations 

• Engagement letters and terms of engagement 

• Independence and ethical requirements 

• Planning an independent review engagement and information gathering 

• Understanding the entity and its environment 

• Identifying risk areas relevant to review engagements 

• Designing appropriate inquiry and analytical procedures 

• Inquiry procedures in independent review engagements 

• Structured inquiry techniques 

• Management representations and corroboration 

• Analytical procedures in independent review engagements 

• Ratio and trend analysis 

• Identifying unusual fluctuations and inconsistencies 

• Concluding and reporting on an independent review engagement 

• Evaluating sufficiency and appropriateness of evidence 

• Forming a conclusion 

• Drafting the independent review report 

• Efficiency and effectiveness in performing independent reviews 

• Avoiding over-auditing 

• Documentation best practices 

• Practical time-saving techniques