What Is the Difference Between Assurance Services and an Audit?

Assurance services provide an independent financial review, offering limited or moderate assurance, whereas an audit provides a higher level of assurance and a formal audit opinion. Audits are legally required for some businesses.

Does My Business Need an Assurance Engagement?

Your company may need assurance services if you require external verification of financial data, if investors or lenders require independent assurance before funding, or if you are preparing for a merger, sale, or corporate transaction.

What Do Assurance Auditors Look For?

Assurance auditors assess financial accuracy, review risk management controls, and ensure reporting meets stakeholder, investor, or regulatory expectations.

How Long Does an Assurance Engagement Take?

A typical assurance engagement involves 1-2 weeks for risk assessment and planning, 1-4 weeks for fieldwork and financial review, and 1-2 weeks for reporting and stakeholder assurance, depending on the business's preparation and complexity.

What Are the Most Common Issues Found in Assurance Engagements?

Common issues include inconsistent financial reporting, weak internal financial controls, and unverified financial data, which can lead to stakeholder concerns.

How Do Assurance Services Benefit My Business?

Assurance services enhance financial credibility, reduce financial risk by identifying weaknesses, and provide independent verification of key financial data for stakeholders.

How Much Do Assurance Services Cost?

Costs depend on business size, financial complexity, and specific reporting requirements. Contact Lewis Brownlee for a tailored quote.

Can a Business Switch Assurance Providers?

Yes, businesses may switch assurance providers to better meet evolving business needs, sector expertise, or specific engagement requirements.

What Types of Businesses Benefit from Assurance Services?

Growth-focused SMEs, companies preparing for funding or mergers, and regulated businesses benefit from independent assurance services.

Tailored Assurance Services

Tailored. Tested. Trusted. Navigated by Expertise.

Independent, Risk-Based Assurance for Growing Businesses

– GOING BEYOND COMPLIANCE –

In today’s complex financial landscape, businesses need more than just statutory audits. Independent, Tailored Assurance Aervices provide an objective, expert-led review of your financial reporting, internal controls, and risk management processes – helping stakeholders gain confidence in your financial data. At Lewis Brownlee, we offer tailored assurance services designed for businesses that require independent verification of financial information but may not need a full statutory audit.

Contact our Tailored Assurance Services experts!

Our experienced Tailored Assurance Services team deliver:

Independent financial assurance – enhancing credibility with investors, lenders, and regulators.

Bespoke risk-focused reviews – assessing financial controls, governance, and compliance.

Clear, independent insights – providing an objective review of financial reporting and internal controls.

A structured, transparent process – delivering independent assurance with a rigorous approach.

We work with small and medium-sized businesses, charities, pension schemes, and regulated industries – providing the assurance they need to meet financial and stakeholder requirements.

What Are Tailored Assurance Services?

Assurance services provide an independent review of financial statements and internal controls, ensuring they meet industry best practices and stakeholder expectations. Unlike a statutory audit, assurance engagements are flexible and tailored to specific business needs. Who needs tailored assurance?

1) Businesses requiring external verification of financial statements.
2) Companies preparing for fundraising, investment, or M&A transactions.
3) Organisations seeking risk-based assurance without a full audit.
4)Firms needing financial credibility for lenders, stakeholders, or regulators.

Not sure if you need an assurance engagement? Contact us to discuss your requirements.

What to Expect from a Lewis Brownlee Assurance Engagement

– STEADY HANDS. CLEAR DIRECTION. TOTAL COMPLIANCE –

1) Risk Assessment & Engagement Planning

✔ Identifying key financial risks, reporting issues, and governance concerns.
✔ Understanding stakeholder expectations and tailoring the engagement to business needs.

2) Financial Review & Data Verification

✔ Assessing financial statements for accuracy and compliance. ✔ Reviewing internal financial controls to identify weaknesses or inefficiencies. ✔ Verifying financial data integrity – providing stakeholders with confidence in reports.

3) Internal Controls & Compliance Checks

✔ Evaluating risk management processes and governance structures.
✔ Ensuring financial policies align with best practices and industry standards.

4) Assurance Report & Findings

At the end of the engagement, you receive:
✔ An independent assurance report – providing a review of financial data accuracy and governance.
✔ Findings & observations – highlighting areas for improvement.
✔ Stakeholder-ready financial assurance – enhancing confidence in your reporting.

A tailored assurance review provides financial clarity and risk protection without the need for a full audit.

Why Businesses Choose Lewis Brownlee for Tailored Assurance Services

Specialist Assurance Experts

Independent & Objective reviews

Our team provides independent, objective reviews of financial data to meet your business’s specific needs. We help you strengthen stakeholder confidence by delivering clear, objective insights tailored to your business’s needs.

Bespoke, Risk-Based Approach

We tailor our assurance engagements to focus on your organisation’s key financial risks. Our independent reviews provide limited assurance, giving stakeholders greater confidence in your financial controls and reporting integrity.

Tailored assurance services - risk management

Efficient and transparent - tailored assurance services

Efficient & Transparent Process

We work closely with finance teams to ensure an efficient, well-structured engagement. Our approach is designed to minimise disruption while maintaining the independence and rigour required for high-quality assurance services.

Trusted by Investors & Lenders

Our assurance reports enhance credibility and provide confidence to investors, lenders, and regulatory bodies. Our independent assurance services support informed decision-making by providing stakeholders with greater confidence in the reliability of your financial information.

Ideal for Businesses That Need Assurance But Not a Full Statutory Audit

If your company doesn’t require a statutory audit, tailored assurance offers a cost-effective alternative. Our tailored assurance engagements provide independent, risk-based reviews without the scope or regulatory burden of a full statutory audit.

If your business has received funding from UKRI, you may need to submit an Independent Accountant’s Report (IAR) as part of your claims process.

As part of our tailored assurance services, we support businesses across a range of sectors by preparing these reports in line with UKRI’s strict compliance requirements.

An Independent Accountant’s Report confirms that your claimed costs are eligible, accurate, and supported by the correct documentation. It typically includes:

✔ Verification of direct labour costs, overheads, and subcontractor charges
✔ Reconciliation of actual expenditure against your approved budget
✔ Confirmation that all costs were incurred within the agreed funding period
✔ Review of timesheets, payroll, and supporting records

We’ve worked with many innovative businesses navigating the grant funding landscape, and we understand the pressures that come with short deadlines and complex compliance criteria.

By choosing Lewis Brownlee, you can expect:

Fast, accurate turnaround to meet claim deadlines
Reports prepared by experienced, qualified auditors
Clear guidance on what documentation is required
Fixed fees and transparent communication throughout

If you’re claiming grant funding from UKRI or Innovate UK and need an Independent Accountant’s Report, we’re here to help. Our team will work closely with you to ensure your report is delivered on time and to the highest standard.

Speak to our assurance specialists today to find out how our tailored assurance services can support your grant funding claims.

Speak to our Assurance Specialists

Thinking of Engaging a Tailored Assurance Services Provider?

Many businesses seek assurance services because they:

1) Require independent financial verification even if a statutory audit is not required.

2) Require financial credibility for investors, lenders, or regulatory reporting.

3) Want to strengthen internal financial controls and risk management.

4) Need assurance for a specific transaction, merger, or funding round.

Need tailored financial assurance?