Parents and lenders sometimes ask for “an audit” when a review would satisfy the covenant language. The reverse also happens: a review is commissioned where only an opinion will do.
Limited assurance in plain terms
A review is inquiry and analytics. We do not observe inventory or vouch the same depth of transactions. The report says so. If a bank letter requires “audited financial statements,” a review will not substitute.
Speed and cost
Reviews finish faster and cost less because the procedures are lighter. Use that advantage for half-year packs — not as a shortcut around a statutory requirement written into your articles or facility agreement.