Special Purpose Audits
An engagement focused on specific financial information, a particular item, transaction or matter rather than the annual report as a whole.
Who is this service for?
A special-purpose engagement may be appropriate when an independent auditor is asked to assess clearly defined information:
- companies needing an assessment of a specific item or transaction
- management or shareholders supporting a specific decision
- situations where an engagement is required by contract or legislation
- cases where data must be assessed against defined criteria
Before the work begins, we agree on the purpose and scope of the engagement and the intended users of the report, so the result fits the situation.
What does the service include?
- agreeing the purpose, scope and criteria
- examination of the relevant information and documents
- gathering evidence appropriate to the engagement
- communication with management and accountants
- an agreed report describing the work performed and the resulting findings or conclusions
How does the engagement work?
We start with a discussion about the situation and purpose, agree on scope, criteria and deadlines, prepare an individual proposal and deliver a report with conclusions once the work is complete.
Pricing is agreed individually based on the company’s activities, the scope of the engagement, information availability and deadlines.
Frequently Asked Questions
How does it differ from a statutory audit?
A statutory audit covers the annual report as a whole, while a special purpose audit focuses on specific information agreed before the work begins.
Who can request one?
It is usually initiated by management or shareholders, but the need may also arise from contractual terms or legislation.
What is the outcome?
An auditor’s report with findings and conclusions; the form depends on the engagement type and is agreed in advance.
Need this service?
Contact us — we will assess the situation and prepare an individual proposal.