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Financial Review Services in Sharjah, UAE
A review of financial statements gives lenders, investors and owners independent comfort on your numbers without the cost and depth of a full audit. It is a recognised assurance engagement: we perform inquiry and analytical procedures and report whether anything has come to our attention suggesting the statements are not fairly presented.
At Hussain Al Shemsi Chartered Accountants, we carry out review engagements for companies that do not need a statutory audit but still want credible financial statements. We also add benchmarking and practical feedback, so the review helps you run the business, not just tick a box.
Review engagements at a glance
- Standard: International Standard on Review Engagements ISRE 2400 (Revised), Engagements to Review Historical Financial Statements.
- Level of assurance: limited assurance, which is lower than the reasonable assurance of an audit.
- Work performed: mainly inquiry of management and analytical procedures, rather than detailed testing.
- Report: a conclusion stated in negative form, i.e. nothing has come to our attention that the statements are not prepared, in all material respects, in line with the framework.
- Not a substitute for an audit where a law, a free zone authority, a bank or the FTA requires audited financial statements.
How can we help you?
Get in touch with Hussain Al Shemsi Chartered Accountants for expert auditing, accounting, tax, and advisory services in the UAE.
- +971 50 3636231
Our Review Services
Review of annual financial statements
An ISRE 2400 review of your year-end financial statements, with a formal review report.
Interim and quarterly reviews
Reviews of half-year or quarterly figures for boards, owners and lenders.
Reviews for banks and lenders
Reviewed accounts to support facility applications, renewals and covenant reporting.
Reviews for investors and partners
Independent comfort on the numbers for shareholders, partners and potential investors.
Benchmarking and performance insight
Comparing your ratios and trends with prior periods and industry norms, with clear feedback.
Moving up to a full audit
Helping you step up to a statutory audit when your size, licence or Corporate Tax position requires it.
Review, Audit or Compilation?
- Audit: reasonable assurance, detailed testing, required by many free zones and for certain Corporate Tax cases. See Statutory Audit.
- Review: limited assurance through inquiry and analysis, suitable when an audit is not required but credibility matters.
- Compilation: no assurance; we help prepare the financial statements from your records. See Compilation.
- Agreed-upon procedures: specific checks agreed with you and the user, reporting findings only.
Who Is a Review Suitable For?
- Mainland companies that are not required to have an audit
- Businesses applying for or renewing bank facilities
- Owners who want comfort on figures prepared by their accountants
- Partners and investors who want independent assurance between audits
- Groups that need interim reviews for subsidiaries
Our Review Process
- Agree terms: we confirm the purpose, the financial reporting framework and the users of the report.
- Understand: we learn about your business, systems and key risks.
- Inquire and analyse: we discuss the figures with management and analyse trends, ratios and unusual items.
- Follow up: where something looks unusual, we ask further questions and obtain explanations or support.
- Report: we issue the review report and share practical observations with management.
Why Choose Hussain Al Shemsi
- Chartered Accountants experienced in audits, reviews and compilations, so you get the right engagement. Meet our team.
- Clear advice on whether a review is enough or an audit is required.
- Practical feedback on performance, not just a report.
- Based in Sharjah, supporting businesses across all seven emirates.
Frequently Asked Questions
What is a review of financial statements?
An assurance engagement under ISRE 2400 (Revised) in which the practitioner performs mainly inquiry and analytical procedures and gives limited assurance that nothing suggests the statements are materially misstated.
How is a review different from an audit?
An audit gives reasonable assurance based on detailed testing and evidence. A review gives limited assurance based mainly on inquiry and analysis, so it is quicker and costs less.
Can a review replace a statutory audit?
No. Where a law, a free zone authority or the FTA requires audited financial statements, a review is not accepted in place of an audit.
Who accepts reviewed financial statements?
They are often accepted by banks, investors, partners and management when an audit is not required, but always check what the user of the report needs.
How long does a review take?
Usually less time than an audit, depending on the size of the business and how ready the records are.
Do we need to have our accounts prepared first?
Yes. Management prepares the financial statements. If you need help, we can provide accounting or compilation support through a separate engagement.
Can you review interim figures?
Yes. We review half-year and quarterly financial information for boards, owners and lenders.
Get Independent Comfort on Your Numbers
Talk to our team about whether a review, an audit or a compilation is right for you.
Official guidance: IAASB, ISRE 2400 (Revised).
