Review Engagements Flashcards
What type of assurance is given in a review?
Limited or negative insurance
What needs to be documented in the engagement letter?
1) Scope and objective
2) Responsibilities of the practitioner
3) Responsibilities of the responsible party
4) Statement that the engagement will be done in accordance with AICPA standards
5) Statement that a review is less in scope than an examination
6) Statement that identifies the measurement criteria to be used
7) Acknowledgement that the engaging party will provide a representation letter at the end of the engagement
What procedures need to be performed under a review?
1) Analytical procedures
2) Inquiries of management
If analytical procedures are not applicable, then you need to perform other procedures to obtain that assurance
T/F: Written representations should be obtained?
TRUE
If the engaging party is the responsible party and refused to provide written representation, what should happen?
Withdrawal
If the engaging party is NOT the responsible party and refuses to provide written representation, what should happen?
Try and obtain oral responses
Restrict report to certain parties
If you cannot obtain oral response, then you should withdrawal