A review is less extensive than an audit, but more involved than a compilation. A review engagement consists primarily of analytical procedures applied to the financial statements as well as various inquiries of management.
A review doesn't require us to study and evaluate a company's internal controls, communicate with third parties or physically inspect assets. Rather, a review report expresses limited assurance in the form of the statement that indicates whether or not we are aware of any material modifications for the financial statements to be in conformity with accounting principles generally accepted in the United States of America (GAAP). Reviewed financial statements include all required footnotes and other disclosures.
