Loan agreements often ask for ‘reviewed’ or ‘audited’ accounts each year. The words matter: they name two different pieces of work (sample briefing).
A review relies on analysis and questions and gives limited assurance. An audit tests the figures against outside evidence and gives reasonable assurance. The audit takes longer and costs more.
If the agreement is unclear, ask the lender which report they need before the year end, so the work can be planned in time.