Webinars On-Demand

Independent Reviews and Financial Reporting – Part 1

Overview 

Independent reviews and financial reporting are essential for corporate governance and financial transparency. For small to medium-sized enterprises (SMEs), an independent review provides a cost-effective alternative to an audit, offering moderate assurance on financial statements while ensuring compliance with accounting frameworks and regulatory standards. This process helps businesses demonstrate financial reliability to stakeholders without the complexity of a full audit. 

Financial reporting, meanwhile, is fundamental to presenting an entity’s financial position and performance accurately. Understanding these processes is key to maintaining compliance, enhancing transparency, and meeting stakeholder expectations. 

Join Lettie Janse van Vuuren CA(SA) as she unpacks the key principles of independent reviews and financial reporting. Gain expert insights, practical guidance and the tools needed to ensure compliance and financial integrity. 

Learning objectives 

Attending this webinar will equip you with the following skills:  

• Understanding the purpose and scope of independent reviews. 

• Differentiating between independent reviews, audits, and compilations. 

• Recognising the responsibilities of management and independent reviewers. 

• Understanding how to apply and comply with ISRE2400. 

• Identifying key regulatory requirements governing independent reviews, including access to essential resources. 

Content 

The webinar will cover the following topics:   

• Companies Act requirements: Section 29. 

  •   Audit vs Independent review 

  •   When is an independent review is required? 

• Who can perform an Independent Review? 

  •  What is meant by the word independent? 

  •  Who is an accounting professional? 

•  The Independent Review Process 

• Reportable irregularity i.r.o. Regulation 29 of the Companies Act 

•  Complying with ISRE 2400’s requirements: 

  •   Effective date 

  •   Ethical requirements 

  •   Professional scepticism and professional judgement within the review engagement 

  •   Engagement Level Quality Management 

  •   Acceptance & continuance of client relationships & review engagements 

  •   Communication with Management and TCWG 

  •   Performing the Engagement - focus on Enquiries & Analytical Review 

  •  Subsequent Events 

  •  Going concern conclusion 

  •  Written representations 

  •  Evaluating evidence obtained from the procedures performed 

  •  Forming the practitioner’s conclusion on the financial statements 

  •  The practitioner’s report 

    •    Appendix 1 – Letter of representation 

    •    Appendix 2 – Illustrative practitioners’ review reports: 7 Illustrative reports for both Modified & Unmodified conclusion