Review Engagement Flashcards Preview

Accounting and Review Services, Interim Review, and Ethics and Professional Responsibilities > Review Engagement > Flashcards

Flashcards in Review Engagement Deck (6)
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1

Level of Assurance

Limited Assurance
> Higher level of assurance than compilation

2

Independence status

Must be independent

3

What kind of letter must be obtained from client

client representation letter

4

What should be written in the intro paragraph of the review report

A review is less in scope than an audit and the objective of which is the expression of an opinion regarding the F/S as a whole

5

Inquiries

Inquiries of management regarding financial and accounting responsibilities

6

What type of inquiries

> procedures for recording, classifying, and summarizing transactions, and for accumulating information for disclosure in footnotes
> existence of related party transaction