In the course of an inspection, sufficient assurance with regard to financial statements is achieved, although it is not as high as in the case of an audit.
Lower-level assurance conforming to the standards of inspection is obtained through limited procedures, which first and foremost include analytical control procedures and inquiries.
The overall aim of an inspection is not to find evidence with regard to all important data presented in the statements, but rather to make sure that there are no circumstances that refer to misrepresentations in the data reported.
As a result of an inspection, confirmation in a negative form is given of financial statements (e.g. “We did not observe any circumstances that might make us believe that …”).