Qual a diferença entre auditoria financeira e revisão?

Per AICPA's website, a financial audit by an auditor is intended to acquire the highest level of comfort about the fairness and accuracy of the financial statements. An auditor may obtain evidence through various procedures. Generally, the auditor issues a formal report expressing an opinion if financial statements are fairly stated in all material respects in accordance with the applicable reporting framework. Plus, the auditor judges his/ her independence while conducting the audit, assesses fraud risk, and examines internal control especially those around internal reporting. Generally, a financial audit is substantially broader in scope than a financial review.

In the United States, the audit report expresses an opinion on whether the financial statements are "presented fairly, in all material respects, in accordance with generally accepted accounting principles". The opinion does not cover "a true and fair view".

Financial audits are more extensive and provide a higher level of assurance compared to reviews. Reviews, on the other hand, are less costly and time-consuming and may be suitable for smaller entities or situations where a lower level of assurance is acceptable.

A financial audit and a review are two types of financial statement services that are offered by accounting firms. An audit is a comprehensive examination of the financial statements of an organization, with the aim of expressing an opinion on the same. The auditor analyses whether the reports prepared by the entity conform to the financial reporting framework, i.e. GAAP or IFRS. The two basic objectives of an auditor are - Firstly, to determine whether the financial statement represents true and fair view. The secondary objective is to detect if there are any errors or frauds, in the financial accounts of the client.

A financial audit and a financial review are both procedures used to examine a company's financial statements, but they differ in terms of scope, depth, and level of assurance provided. In summary, a financial audit provides a higher level of assurance and involves a more detailed examination of financial statements and internal controls. On the other hand, a financial review is less extensive, providing a moderate level of assurance and focusing on analytical procedures and inquiries rather than detailed testing. The choice between an audit and a review depends on factors such as regulatory requirements, the needs of stakeholders, and the level of assurance required.

Per AICPA's website, a financial review by an auditor includes analytical procedures, inquiries, and other procedures to obtain “limited assurance” on the financial statements and is intended to provide a user with a "certain" level of comfort on their accuracy. In a financial review, the audit firm is expected to obtain knowledge of the business, understand the industry in which the business operates, and accounting principles and practices applicable to that business - sufficient to identify areas in the financial statements where it is more likely that material misstatements may arise. Generally, a financial review is substantially narrower in scope than a financial audit.

A Financial review is a less intensive assessment of financial statements for plausible accuracy. In a review of the financial statement, the auditor is required to undertake the process that is important to give a proper base for obtaining moderate assurance, in essence, no relevant changes are necessary to be made in the financial statements of the company to conform to the financial reporting framework. The assurance level provided by a review is moderate, whereas the assurance level provided by an audit is reasonable.

The decision to conduct a financial audit or review depends on the needs of the organization and the stakeholders involved. An audit is usually required by law for public and private companies in India. An audit provides a higher level of assurance than a review and is more comprehensive in nature. A review is typically conducted when an organization requires a moderate level of assurance on its financial statements. It is less extensive than an audit and is often used by private companies that do not have a legal requirement to conduct an audit. A review can also be used by public companies to provide interim financial information to stakeholders.