The Companies Act of 2008 introduces the independent review of financial statements of certain non-public
interest companies as an alternative to the conventional audit of financial statements which is currently
required for all companies. The objective of the study reported on here is to determine the perceptions of
Registered Auditors regarding independent reviews. A questionnaire was used in order to obtain the
perceptions of Registered Auditors regarding independent reviews. This questionnaire covered the nature of
an independent review, determinants of audit exemption, performing an independent review, and practitioners
deemed competent to perform an independent review. The study also sought to determine whether Registered
Auditors qualify to perform independent reviews.
The study confirms the need for a principle-based stand-alone set of independent review standards so as to
create a comprehensive body of guidance for independent review engagements. The study also reveals that
Registered Auditors already meet the public interest requirements to perform independent reviews.