Review Report Flashcards
What type of assurance does a review provide?
negative
Does a review require an assessment of the ROMM due to fraud?
No
Do significant deficiencies result in report modification?
No
What are review reports primarily modified for?
for departures from GAAP
During a Review, what should the A do if they become aware that info incorrect, incomplete, or that fraud may have occurred?
Request mgmt to consider the effects on the FS
Consider the effect on the accountants report
Consider the need to perform additional procedures to determine whether the FS are MM.
Does an A have to assess control risk when performing a review?
NO
Does an A have to obtain a mgmt rep letter when performing a review?
YES
What are the primary procedures included in a review?
inquiries
analytical procedures
Do reviews require consideration of internal control?
Nope
Do reviews require engagement letters?
Yes
Do reviews include examination of board minutes?
typically yes?
