Review Engagement Flashcards
1
Q
Level of Assurance
A
Limited Assurance
> Higher level of assurance than compilation
2
Q
Independence status
A
Must be independent
3
Q
What kind of letter must be obtained from client
A
client representation letter
4
Q
What should be written in the intro paragraph of the review report
A
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
Q
Inquiries
A
Inquiries of management regarding financial and accounting responsibilities
6
Q
What type of inquiries
A
> procedures for recording, classifying, and summarizing transactions, and for accumulating information for disclosure in footnotes
existence of related party transaction
