An audit provides the highest level of assurance, the primary objective of which is to develop an opinion on the fair presentation of the financial statements.
Wessels & Co utilises a risk-based audit approach to develop an audit strategy and comply with Australian auditing standards and objectives.
Our work includes gaining an understanding of your business, including internal controls, testing selected transactions and communicating with third parties. Based on our findings, we issue a report on whether the financial report is fairly stated and free of material misstatements. As part of the audit process, we will communicate to management and those charged with governance any deficiencies in internal controls as well as make recommendations to strengthen your company’s operational efficiency.
The objective of a review engagement is to obtain limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in accordance with the applicable financial reporting framework.
A review is less extensive than an audit, but more involved than a compilation engagement. A review engagement consists primarily of analytical procedures and enquiries of management. If the financial statements or supporting information appear inconsistent or otherwise questionable, we may need to perform additional procedures.
A review does not entail an in-depth evaluation of the entity's internal controls or verification of data with third parties.
