Extended Review Statement
An accountant may make four different opinions, see under Opinions.
Opting for extended review provides limited certainty for the information contained in the annual financial statements. For an extended review, the account bases it on information provided by management. The extended review is primarily based on analytical actions and inquiries to management. In addition, in order to obtain additional security, the accountant conducts a number of specific additional actions.
An extended review statement is a more in-depth assessment of the company's financial statements than a standard review. Here, the accountant performs a more comprehensive analysis of the accounting data, internal controls and relevant processes. Its purpose is to provide a more detailed assessment of the financial situation of the company. It can be particularly useful to companies looking to attract investments or loans.
When should an extended review be selected?
The extended review may be relevant for companies that, due to their size, cannot settle for a review statement. It is also a wise choice, when management wants a higher degree of certainty about the accuracy of the accounts. Banks or investors may require an extended review, in order to increase their confidence in the company's financial statements.
You can read more about the different types of statements under related topics below.
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