From the Inside Out.
"Investors and lenders cannot wait twelve months for assurance. An interim review gives them confidence at the midpoint — and gives management an early-warning system for full-year issues."
— Finerio Assurance Practice
Assurance Between Audits, Without the Full Cost
An Interim Review is a structured examination of your financial statements for a period shorter than a full year — typically the first half (H1) or a quarter — conducted under ISRE 2410 (International Standard on Review Engagements). It provides limited assurance: the reviewer concludes whether anything has come to their attention that causes them to believe the financials are materially misstated.
Unlike a full audit, an interim review is based primarily on analytical procedures and management enquiries. It is faster, less disruptive, and less expensive — but still provides meaningful, documented assurance credible to banks, regulators, and investors.
In the UAE, interim reviews are required for all DFM- and ADX-listed companies, which must publish reviewed half-year financial statements within 45 days of the period end. DIFC and ADGM entities with listing obligations also require interim reviews. Many debt covenants require reviewed interim financials as a condition of lending.
Interim reviews described by many names across the UAE market
Exchanges, lenders, and advisors describe this service using a range of terms — all referring to the same ISRE 2410 limited assurance engagement.
What We Deliver
End-to-end interim review support — from financial statement preparation through to regulatory filing, on time.
Key Activities in Every Interim Review
What the Finerio team does at each stage of a half-year or quarterly review engagement.
Period-End Books Review
At period close, we review the trial balance, identify significant movements, and flag items requiring attention before drafting interim statements.
Defined SLAs & Deliverable Calendar
We agree specific turnaround times for every deliverable — management accounts, payment runs, payroll, VAT packs — and track performance against these commitments monthly.
IAS 34 Compliance Check
We verify that interim statements include all required IAS 34 disclosures — condensed primary statements, selected notes, significant events, and comparatives.
Analytical Procedures
We compare current period results to prior periods, full-year budget, and industry benchmarks — identifying unexpected movements requiring explanation from management.
Management Enquiries
Structured enquiries with management on significant items, changes in accounting estimates, and unusual transactions in the period — documented for the review file.
Going Concern Assessment
For entities under financial pressure, we assess whether a going concern emphasis is required in the interim review conclusion — with supporting cash flow analysis.
Draft Conclusion & Management Review
We prepare the ISRE 2410-compliant review conclusion and share it with management for review before finalisation.
Regulatory Submission
We assist in formatting and submitting reviewed interim financials to DFM, ADX, SCA, or DFSA within the required filing window.
Management Commentary Drafting
For listed entities, we assist in drafting the management commentary accompanying the interim financials — explaining performance drivers and significant events clearly.
Questions we hear from clients every week.
Plain-language answers to the most common questions about interim reviews.
An audit provides reasonable assurance — the auditor performs extensive transaction testing and expresses a positive opinion. An interim review provides limited assurance — the reviewer performs analytical procedures and management enquiries, concluding whether anything has come to their attention indicating material misstatement. A review is approximately 30–40% of the cost and effort of an audit but still provides meaningful, documented assurance that regulators, exchanges, and lenders find credible.
Under SCA regulations, all companies listed on the DFM and ADX must publish reviewed half-year financial statements within 45 days after the half-year end. DIFC-listed entities have similar requirements under DFSA rules. Some companies also have reviewed interim reporting requirements under bank loan or bond covenants. Private companies are not generally required to publish interim reviews, but may commission them for lender, investor, or governance purposes.
IAS 34 Interim Financial Reporting sets out the minimum content for interim financial statements — condensed income statement, balance sheet, cash flow, and equity statement — plus selected notes covering significant events, accounting policies, and unusual items. IAS 34 does not require a full set of annual disclosures, but any significant changes since the last annual report must be explained. Getting IAS 34 compliance right is important — listed companies have been fined by UAE regulators for inadequate interim disclosures.
A well-prepared interim review typically takes 2 to 4 weeks from the date the period-end trial balance is finalised. The main driver of timeline is how quickly management can provide explanations for analytical exceptions and complete supporting documentation. Companies with clean books, reliable management accounts, and an experienced finance team consistently complete interim reviews at the lower end of this range — well within regulatory filing windows.
An interim review is not designed to detect fraud — it is based on analytical procedures and management enquiries, not comprehensive transaction testing. However, analytical procedures can identify indicators of irregularity — unexpected margin movements, unusual cash flows, or revenue patterns inconsistent with prior periods. If the review reveals such indicators, the reviewer is required to escalate and communicate findings appropriately. For fraud detection, a forensic audit or agreed-upon procedures engagement is more appropriate.
Half-year filing approaching?
Whether you need end-to-end interim statement preparation and review or just support with your regulatory submission — we can help you meet your deadline.