The objective of an Audit Engagement is to enable independent public accountants to render an opinion on the fairness of the clients financial statements. This opinion is given in the form of a standard written report which normally consists of three paragraphs as set out below. The first paragraph identifies the financial statements and distinguishes between the responsibilities of management and the auditors; the second describes the scope and level of assurance; the third contains the expression of an opinion.

The Objective of a review engagement is to prepare and review financial statements to ascertain whether they are plausible, that is, worthy of belief. If, after reviewing the financial statements, the accountants are satisfied that the financial statements are not misleading, an accountants standard report will preface the financial statements.

The objective of a compilation engagement is to compile un audited financial information into financial statements, schedule or reports based on information supplied by the client. A notice to reader appears on each prefacing the financial information and warns of the limited involvement of the accountants.