Independent financial reviews and audits are essential and required for the purpose of assurance and are both ultimately aimed at establishing the accuracy of financial statements.
Financial reviews and audits both rely on the supply of financial information and account balances. They are both conducted by auditors, and are both based on the account balances, as they both processes are aimed at verifying the accuracy of account balances. However, an audit is not only aimed at providing the highest level of assurance but also helping businesses achieve their best financial outcomes.
Audits require more time, with longer hours required than for financial reviews. They are therefore considerably more expensive, but audits provide the highest level of assurance for invested parties - or authorities, in cases where this is required. Audits can also be worth the expense for more than just assurance: the audit process also help businesses streamline their operations and improve internal controls to achieve their operational and financial goals.