Report on review of interim financial information

Inquiring, primarily of persons responsible for financial and accounting matters, and perform analytical and other review procedures to enable the auditor to conclude whether, on the basis of the procedures performed, anything has come to the auditor’s attention that causes the auditor to believe that the interim financial information is not prepared, in all material respects, in accordance with the applicable financial reporting framework.

1. the interim financial information has been prepared and presented in accordance with the applicable financial reporting framework.
2. there have been any changes in accounting principles or in the methods of applying them.
3. any new transactions have necessitated the application of a new accounting principle.
4. the interim financial information contains any known uncorrected misstatements.
5. any Unusual or complex situations that may have affected the interim financial information, such as a business combination or disposal of a segment of the business.
6. Significant assumptions that are relevant to the fair value measurement or disclosures and management’s intention and ability to carry out specific courses of action on behalf of the entity.
7. related party transactions have been appropriately accounted for and disclosed in the interim financial information.
8. Significant changes in commitments and contractual obligations.
9. Significant changes in contingent liabilities including litigation or claims.
10. Compliance with debt covenants.
11. Matters about which questions have arisen in the course of applying the review procedures.
12. Significant transactions occurring in the last several days of the interim period or the first several days of the next interim period.
13. Knowledge of any fraud or suspected fraud affecting the entity involving:
    • Management;
    • Employees who have significant roles in internal control; or
    • Others where the fraud could have a material effect on the interim financial information.
14. Knowledge of any allegations of fraud, or suspected fraud, affecting the entity’s interim financial information communicated by employees, former employees, analysts, regulators, or others.
15. Knowledge of any actual or possible noncompliance with laws and regulations that could have a material effect on the interim financial information.

Reviewer may decide to perform certain audit procedures concurrently with the review of interim financial information.

1. To obtain evidence that the interim financial information agrees or reconciles with the underlying accounting records
2. To inquire whether management has identified all events up to the date of the review report that may require adjustment to or disclosure in the interim financial information
3. To inquire whether management has changed its assessment of the entity’s ability to continue as a going concern
4. To make additional inquiries or perform other procedures to enable the auditor to express a conclusion in the review report, when a matter comes to the auditor’s attention that leads the auditor to question whether a material adjustment should be made for the interim financial information to be prepared, in all material respects, in accordance with the applicable financial reporting framework
5. To evaluate, individually and in the aggregate, whether uncorrected misstatements that have come to the auditor’s attention are material to the interim financial information
6. To read the other information that accompanies the interim financial information to consider whether any such information is materially inconsistent with the interim financial information

1. Whether to modify the report; or
2. The possibility of withdrawing from the engagement; and
3. The possibility of resigning from the appointment to audit the annual financial statements.

1. An appropriate title.
2. An addressee, as required by the circumstances of the engagement.
3. Identification of the interim financial information reviewed, including identification of the title of each of the statements contained in the complete or condensed set of financial statements and the date and period covered by the interim financial information.
4. If the interim financial information comprises a complete set of general purpose financial statements prepared in accordance with a financial reporting framework designed to achieve fair presentation, a statement that management is responsible for the preparation and fair presentation of the interim financial information in accordance with the applicable financial reporting framework.
5. In other circumstances, a statement that management is responsible for the preparation and presentation of the interim financial information in accordance with the applicable financial reporting framework.
6. A statement that the auditor is responsible for expressing a conclusion on the interim financial information based on the review.
7. A statement that the review of the interim financial information was conducted in accordance with Standard on Review Engagements (SRE) 2410, “Review of Interim Financial Information Performed by the Independent Auditor of the Entity,” and a statement that that such a review consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures.
8. A statement that a review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable the auditor to obtain assurance that the auditor would become aware of all significant matters that might be identified in an audit and that accordingly no audit opinion is expressed.
9. If the interim financial information comprises a complete set of general purpose financial statements prepared in accordance with a financial reporting framework designed to achieve fair presentation, a conclusion as to whether anything has come to the auditor’s attention that causes the auditor to believe that the interim financial information does not give a true and fair view, or does not present fairly, in all material respects, in accordance with the applicable financial reporting framework (including a reference to the relevant jurisdiction of the financial reporting framework when the financial reporting framework used is not Financial Reporting Standards applicable in India).
10. In other circumstances, a conclusion as to whether anything has come to the auditor’s attention that causes the auditor to believe that the interim financial information is not prepared, in all material respects, in accordance with the applicable financial reporting framework (including a reference to the relevant jurisdiction of the financial reporting framework when the financial reporting framework used is not Financial Reporting Standards applicable in India).
11. The date of the report.
12. Place of Signature.
13. The auditor’s signature and membership number assigned by the Institute of Chartered Accountants of India
14. The Firm’s registration number of the member of the Institute, wherever applicable, as allotted by ICAI.

Where there is a material uncertainty that casts significant doubt about the entity’s ability to continue as a going concern is not adequately disclosed in the interim financial information, the auditor should express a qualified or adverse conclusion, as appropriate. The report should include specific reference to the fact that there is such a material uncertainty.

1. It acknowledges its responsibility for the design and implementation of internal control to prevent and detect fraud and error;
2. The interim financial information is prepared and presented in accordance with the applicable financial reporting framework;
3. It believes the effect of those uncorrected misstatements aggregated by the auditor during the review are immaterial, both individually and in the aggregate, to the interim financial information taken as a whole. A summary of such items is included in or attached to the written representations;
4. It has disclosed to the auditor all significant facts relating to any frauds or suspected frauds known to management that may have affected the entity;
5. It has disclosed to the auditor the results of its assessment of the risks that the interim financial information may be materially misstated as a result of fraud;
6. It has disclosed to the auditor all known actual or possible noncompliance with laws and regulations whose effects are to be considered when preparing the interim financial information; and
7. It has disclosed to the auditor all significant events that have occurred subsequent to the balance sheet date and through to the date of the review report that may require adjustment to or disclosure in the interim financial information.