Audit and Review

  • These two financial statements are commonly used in the accounting field. An Audit refers to an intelligent and methodical examination of the books of accounts of an entity to check if they are true and fair. A review, on the other hand, is similar to an audit but the difference is that it's not as thorough, it's an evaluation to see if there is room for modification. They can’t be used interchangeably. However, some companies prefer using the term ‘review’ when they’re actually talking about an audit.

  • There are some reputable auditors present in the market that get hired by big companies.
    Some of them along with rating are listed here:

    As many companies are multi-national these days, hiring these auditors is very easy.

    On the other hand, a review can be internal or external.

    Every auditor and reviewer has to earn some certificate that he is recognized to perform the audit or review as per latest industry standards.

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