An assurance review engagement is a service that can be offered as an alternative to audit for audit exempt organisations.
Inquiries of management and sophisticated analytical review techniques allow a chartered accountant to assess the financial statements at a high level. Further sample testing and additional procedures are called upon only to address identified concerns. The report concludes on whether any evidence has been found in the course of this work that the accounts are not true and fair.
In many countries, reviews are mandatory for some or all audit exempt companies. In the Jersey and the UK, no mandatory requirement has been introduced, so all assurance reviews are voluntary engagements.