Other Assurance Services
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Other Assurance Services
Audit is only one of several assurance services. The alternatives to audit provide lower levels of assurance. Some, like independent examination for charities are required by law or regulation, others are elective. Examples of the types of other assurance services are:
- Limited Assurance Reports (ISAE 3000)
- Agreed Upon Procedures (ISRS 4400)
- Review Engagements (ISRE 2400)
- Independent Examinations (Charities – CC32)
We provide all forms of assurance, to international standards, including audit, and would be happy to discuss with you the framework that best meets your requirements.
Limited Assurance Reports (ISAE 3000)
Whereas audit designed to give ”reasonable assurance”, limited assurance reports give ”limited assurance”. In many respects they could be seen as ”audit-lite” since they follow many of the principles of audit but not to the same depth as an adult. In particular, there is little or no emphasis on internal controls and testing of systems and transactions. To some extent it is scalable to a client’s requirements which will be confirmed in a Letter of Engagement.
Agree Upon Procedures (ISRS 4400)
As the title suggests we agree with you the specific procedures you require us to undertake. This might be appropriate for certain forms of reporting to third parties (such as the MoD for Commercial Exploitation Levies) or to investigate specific aspects of an entities transactions, records or balances, perhaps where there is perceived to be high level of risk of misstatement.
Review Engagements (ISRE 2400)
A review engagement is an even lighter touch approach to assurance than a limited assurance report. It requires us to state whether, on the basis of procedures that do not provide all the evidence that would be required in an audit, anything has come to our attention that causes us to believe that the financial statements are not prepared, in all material respects, in accordance with the applicable financial reporting framework.
Independent Examination (CC32)
An independent examination is required for charities whose gross income exceeds £25,000 and is not subject to audit (typically when gross income exceeds £1 million). If gross income does not exceed £250,000 the independent examination can be performed by anyone. If the gross income exceeds £250,000 it must be performed by a member of one of the bodies prescribed in the Charity Act 2016, which includes members of ICAEW. The examiner reports that no matter has come to his attention that (a) proper accounting records have not been maintained (b) the accounts do not agree to those records (c) the accounts do not comply with the Act (d) the accounts do not comply with the Statement of Recommended Practice (”SORP”) and (e) no additional information is required to be disclosed in the accounts for a proper understanding of them.
Services
Other Assurance Services
Audit is only one of several assurance services. The alternatives to audit provide lower levels of assurance. Some, like independent examination for charities are required by law or regulation, others are elective. Examples of the types of other assurance services are:
- Limited Assurance Reports (ISAE 3000)
- Agreed Upon Procedures (ISRS 4400)
- Review Engagements (ISRE 2400)
- Independent Examinations (Charities – CC32)
We provide all forms of assurance, to international standards, including audit, and would be happy to discuss with you the framework that best meets your requirements.
Limited Assurance Reports (ISAE 3000)
Whereas audit designed to give ”reasonable assurance”, limited assurance reports give ”limited assurance”. In many respects they could be seen as ”audit-lite” since they follow many of the principles of audit but not to the same depth as an adult. In particular, there is little or no emphasis on internal controls and testing of systems and transactions. To some extent it is scalable to a client’s requirements which will be confirmed in a Letter of Engagement.
Agree Upon Procedures (ISRS 4400)
As the title suggests we agree with you the specific procedures you require us to undertake. This might be appropriate for certain forms of reporting to third parties (such as the MoD for Commercial Exploitation Levies) or to investigate specific aspects of an entities transactions, records or balances, perhaps where there is perceived to be high level of risk of misstatement.
Review Engagements (ISRE 2400)
A review engagement is an even lighter touch approach to assurance than a limited assurance report. It requires us to state whether, on the basis of procedures that do not provide all the evidence that would be required in an audit, anything has come to our attention that causes us to believe that the financial statements are not prepared, in all material respects, in accordance with the applicable financial reporting framework.
Independent Examination (CC32)
An independent examination is required for charities whose gross income exceeds £25,000 and is not subject to audit (typically when gross income exceeds £1 million). If gross income does not exceed £250,000 the independent examination can be performed by anyone. If the gross income exceeds £250,000 it must be performed by a member of one of the bodies prescribed in the Charity Act 2016, which includes members of ICAEW. The examiner reports that no matter has come to his attention that (a) proper accounting records have not been maintained (b) the accounts do not agree to those records (c) the accounts do not comply with the Act (d) the accounts do not comply with the Statement of Recommended Practice (”SORP”) and (e) no additional information is required to be disclosed in the accounts for a proper understanding of them.
Testimonials
Client Feedback
See how we've assisted our valued clients in their own words.
TopCashback
We have used Citrus Group since the early days of establishing our business (6 years) for Audit, Payroll Processing, Taxation and Business Advice and have always found their advice to be responsive and commercial. As well as being professional, the team at Citrus Group are very down to earth, friendly and approachable so you never shy away from picking up the phone to ask for some quick advice - but this doesn’t detract from their ability to grasp complex matters quickly, even under pressurised situations and to deliver sensible pragmatic advice.
Edmonds Accounting Services Ltd
Thank you for the assistance provided particularly in relation to the transition from UK GAAP to FRS102 and for enabling us to submit the accounts within the prescribed time frame. As discussed during our work, the rationale behind much of the transition adjustments was unclear and your assistance, which we are aware was often provided outside normal office hours, proved invaluable and was very much appreciated.
Cross Rhythm
Citrus Group have audited Cross Rhythms charitable accounts for the last 6 years. Their work is of a high standard. They are both professional and friendly in their approach. I’ve also found their fees to be very reasonable.
Hylands Ltd
Citrus Group have looked after all our accountancy needs in a very professional and dependable manner for the last 25 years. They are also a source of sound business advice and provide full payroll facilities which we have been pleased to use for many years. In conclusion we have no hesitation in recommending Citrus Group to any potential client.