A6/M6 Interim Reviews

Question 1

what is objective of a review of interim FS?

Answer 1

to determine whether material modifications are necessary for the info to be in conformity with applicable financial reporting framework

Question 2

what is the general knowledge of a review engagement for interim FS?

Answer 2

• applies to both private (use SAS standard) and public companies (use PCAOB standard)
• private: may conduct if latest FS have been AUDITED and same financial reporting framework
• public: required by the SEC when filing quarterly reports
• Perform inquires and analytical procedures, but also includes determination of INTERNAL CONTROL