M4: Review Engagements Flashcards
1
Q
What procedures are used during a review
A
inquiry and analytical procedures
2
Q
What are the required procedures for a review engagement
A
Understanding with the client
Learn abt clients business/industry
Inquires should be addressed to the right ppl
Analytical procedures should be performed
Review- other procedures should be performed
Client Representation letter from mgmt
Professional judgement should be used
Accountant should communicate results by drafting review report
