M6 Independent review

Question 1

What materiality is used in an independent review?

Answer 1

only one materiality figure, not possibly 3 like an audit

Question 2

What do their procedures consist of?

Answer 2

Primarily Analytical and inquiring procedures, however if something is discovered which could point to material misstatement, then further procedures can be performed

Question 3

What are the opinions you can give on an independent review?

Answer 3

• unmodified opinion
• “nothing has come to out attention that causes us to believe that the financial statements are not prepared, in all material respects in accordance with IFRS”
• nothing bad was found (materially)
• modified opinion(s)
• same as the audit ones