Review Engagements

Sometimes a company is faced with the need to obtain an accounting assessment and identify possible misstatements in the financial statements without resorting to a comprehensive audit. In such cases, Mainstay recommends the use of a review engagement service.

A review is a set of specific procedures which allow you to identify irregularities in the preparation of financial statements in accordance with all established requirements.


  • A review helps to reduce the risk of misstatements in the financial statements at the interim stage and prevent serious errors in accounting.
  • Reviews of interim financial statements help with annual audit procedures by reducing the time spent on audits.
  • Reviews help reduce the risk of problems related to the business and management decisions made.
  • Reviews allow you to quickly analyze the activities and get basic information about the business processes of the company, which may be relevant to interested third parties: investors or financial institutions.

The main difference of a review engagement from an audit is that the scope of procedures is substantially smaller, because only relevant information is analyzed. A review may reveal misstatements in financial statements, but it is important to remember that a review provides only limited assurance and cannot substitute a full audit.

Nevertheless, a review engagement provides an understanding of how things have developed in the past and what processes are currently in place. Understanding past and current situations provides greater efficiency in strategic and management decision making, planning and forecasting processes.


Mainstay's team offers its clients services in reviewing interim financial information and historical financial statements.

We conduct our reviews in compliance with the following standards:

  • International Standard on Review Engagements 2400 Engagements to Review Historical Financial Statements;
  • International Standard on Review Engagements 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity.

We are aware of the high responsibility that we bear to our сlients, therefore, when conducting a review engagement, Mainstay's team aims to effectively assess the reliability of information on the company's operation, check the reliability of assumptions for preparing the financial statements, and determine the presence or absence of material misstatements.

Mainstay cooperates with companies in various industries, providing each entity with an individual approach based on a thorough understanding of our сlients' business processes.

Марина Горбунова

Marina Gorbunova

Member of the Supervisory Board, General Director of OOO Mainstay, Audit Director
Мария Волкова

Maria Volkova

Member of the Supervisory Board, Head of Mainstay office in Vladivostok, Audit Director