Objective of a review of interim financial information
In this lesson, you'll learn what a review of interim financial information actually aims to achieve and how it differs fundamentally from an audit.
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In this lesson
- 0:00 Review engagements and assurance levels
- 0:30 Why reviews provide lower assurance
- 1:11 Standard procedures in review work
- 1:46 How to communicate findings in reports
About this lesson
The objective of a review engagement is to express a conclusion on whether anything has come to your attention that suggests the interim financial information is not fairly presented. Because reviews involve less detailed procedures and evidence collection than audits, they provide limited assurance rather than reasonable assurance. You'll discover the key procedures used in reviews—enquiries of management, analytical procedures, and written representations—and understand why the distinction between a review and an audit matters for both the auditor and the users of financial information. This is essential knowledge for AA (Audit and Assurance) students preparing for exam questions on review engagements under ISRE 2410.
Duration: 2m
Transcript
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