Mahogany's new finance director has read about review engagements and is interested in the possibility of DWM & Co undertaking these in the future. However, she is unsure how these engagements differ from an external audit and how much assurance would be gained from this type of engagement. 

Required: 

(i) Explain the purpose of review engagements and how these differ from external audits. (2 marks) 

(ii) Describe the level of assurance provided by external audits and review engagements. (2 marks)