The Review Process Includes
This analytical procedure gives more assurance about the financial condition as per balance sheet. The professional accountant expresses a negative opinion regarding any material alterations necessary to bring the financial statements in line with the relevant financial reporting framework after questioning.
A review engagement is less comprehensive than an audit in nature, therefore the professional accountant cannot provide a complete opinion on the financial statements.
01
The investigation of accounting practices and principles.
02
Documenting and collecting economic details
03
Resolutions made at directors’ meetings .
04
Written representations
05
Receiving relevant information.
06
Fraud detection and prevention —
07
Disclosure – Subsequent Events
08
Comparing analytical procedures
09
CPA accounting for recorded amounts.
10
Recorded amount and ratio analysis.