Review Engagements
Providing Limited Assurance
A review engagement provides limited assurance that the accountant is not aware of any material modifications needed for the financial statements to conform with the applicable financial reporting framework. Reviews consist primarily of inquiries and analytical procedures.
- Perform analytical procedures.
- Make inquiries of management.
- Issue a review report.
- Express limited assurance.
Note
Review engagements do not include obtaining an understanding of internal controls or performing substantive audit procedures.
Summary
Review engagements provide limited assurance through inquiry and analytical procedures rather than detailed audit testing.