Financial Review Engagement Agreement

Below, the main parties to an audit mandate and the roles they place in the process are as follows: since the financial statements have already been reviewed and certified, the statutory auditor is responsible for providing negative assurances that the audited financial statements comply with the applicable reporting standards and whether they are free from essential false information. Financial statements are considered to be grossly erroneous when they contain errors, fraud or omissions that may influence the user`s economic choices. During the audit, the accountant performs analytical procedures in order to obtain a better understanding of the figures. An audit mandate is less intense with regard to the procedures carried out by the accounting officer. As a result, the accountant is not in a position to provide an opinion on the fairness of the financial statements.