RSM423H1 Chapter Notes - Chapter 17: Retained Earnings, Internal Control, Chartered Professional Accountant
Document Summary
Other public accounting services and reports reviews and compilations. Small business wants some level of assurance but without full gaas and high cost. Small clients want to receive some level of assurance even though a gaas audit is not performed. Review services apply specifically to accountant"s work on unaudited financial statements. Reviews are distinguishable from audits in that the scope of a review is less than that of an audit and therefore the level of assurance provided is lower. A review consists primarily of: inquiry, analytical procedures, and discussion, related to information supplied by the enterprise, and with the limited objective of assessing whether the information being reported on is plausible. Plausible is used in the sense of appearing to be worthy of belief. The review should be performed and the review engagement report prepared by a person or persons having adequate technical training and proficiency in conducting reviews, with due care and with an objective state of mind.
