Review Engagements & It’s Impact on A Brand’s Reputation

Review Engagements

Your brand’s reputation has a relationship with review engagements which is indeed a vital one in the Accounting & Business world. There is a difference that lies very significantly. Apart from this, prominently between the audit and review engagements. Thus, as regards to the review engagements procedures. However, firstly and most effectively we need to ascertain that what is a review engagement? & how that matters for a company, a client or a brand. That is, in terms of the brand reputation.

A brand reputation is the overall reputation of the brand in the market which can be corporate world as well. The reputation must stay there as a good reputation. Hence, is the key for the overall brand value. Apart from this, the brand significance.

WHAT IS A REVIEW ENGAGEMENT?

Also, known in accounting world as a review engagement is. Thus, as a limited assurance or negative engagement. Conducted as it is, i.e. by the auditor’s. Thus, obviously after an accountant’s completed an audit. That is, of a company’s financial statements known as FS. Therefore, it’s the auditor who provides the limited assurance. That is, regards to the accuracy of the financial statements. Ironically, which is not exactly something good. That is, for the brand. Otherwise, a company in terms of its reputation.

What happens during the process is something which is more important to know than what exactly a review engagement is? It is during the period of engagement, the auditor performs the enquiry. Apart from this, the analytical review procedures. Precisely, for the sake of providing a moderate level of assurance. Obviously, which is required. That is, for the sake of providing a negative assurance report.

There lies a difference between review engagements and audit engagements. A RE or a review engagement takes less time than audit engagements. Which is required, as an effort, thus, as there is lesser effort. However, both of them i.e. the audit and review engagements affects directly the brand reputation and the overall brand value. Gets hurt as well, in parallel, is something that finally is the brand loyalty.

HOW THE BRAND REPUTATION GETS AFFECTED?

As it gives the users a limited assurance. That is, on the accuracy or correctness of FS. That is, the financial statements, it is the brand power. Apart from this, the reputation that gets hurt. The reputation of company gets hurt, as obviously, due to the fact.

Limited assurance means the financial statements can even be inaccurate. Apart from this, in case of a review. Deeply affected in the money market, thus, as the reputation is. In the world of accounting & finance as well as business. Hence, it is the importance of a reputation which is the utmost key. On top of this, something of deep value.

THE KEY STAKEHOLDERS THAT ARE INVOLVED IN THE PROCESS OF REVIEW ENGAGEMENT:

Involved as they are, which is a number of stakeholders. Many key stakeholders that are involved, as obviously, there are. That is, in the process of review engagements. These key stakeholders and the business entities involves the management. Apart from this, the practitioners, and the intended users. It is the management which holds responsibility for the preparation of the main FS. Otherwise, the financial statements. Thus, which includes balance sheet & income statements. Apart from this, CFS or the Cash Flow statements, that are responsible for the flow of cash. That is, in both directions. Which is, positive cash flows and negative cash flows. The management holds responsibilities for the internal control systems. That is, for the sake of help in preparation. That is, of the financial statements. The ones, that are absolutely free of material misstatement.

Another key role in the review engagements procedures is the role of the practitioners. Required to perform which the practitioner is as the review procedures. Used by the company, thus, that are. Apart from this, the management responsibility for the ICS or the internal control systems. There are many other in list which we shall discuss in detail. On top of this, they include analytical procedures on comparison and procedures. Which is, for the recording of financial information.

THE INTENDED USERS AS THIRD IN LIST OF STAKEHOLDERS:

The third key stakeholder in list are the intended users and they can be the shareholders, the investors and the creditors. With the priority goal. Hence, as it is conducted. Thus, of enhancing the user’s confidence. That is, in the FS or the financial statements.

Considered weaker than an AE, is a RE or a review engagement. That is, the audit engagements. Although, we have already discussed that both have an everlasting impact on the reputation of the brand. Otherwise, simply the company in the money markets.

BRAND REPUTATION MATTERS IN ACCOUNTING WORLD AS WELL, DOESN’T DIRECTLY HURTS CUSTOMERS:

A brand reputation doesn’t only matter in world of marketing. However, it matters in world of Accounting & Finance as well. It is similar to a reputation of a Cat falling on her toes every time it falls from a tree. Similarly, in a REs the brand falls down. But, on its toes, so that vitally they can stay on their toes. Apart from this, stay most upgraded. On top of this, valued to avoid a future review engagement. Considerations needs to be there. That is, regards to brand value, brand resonance and brand recognition. Thus, apart from the brand loyalty which sticks to most loyal ones.

Not affected is the brand value, however, for the customers. Hence, it is only in world of accounting where the affects takes place. That is, to the extent of hurting future reputations. For example, a shoe brand’s audit and review engagements doesn’t directly hurts the customers. Concealed as the accounting info. is, thus for them surely. However, in the money world or the business world it gets the hurt. Thus, which is a long term one as well. Hence, while something that can affect the sales.

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