Which of the following items is not contained in the standard report on a review of separately issued interim financial statements of public companies?
A) A description of the information reviewed.
B) A statement indicating that the standards of the PCAOB were followed in performing the review.
C) A description of the nature of the review.
D) Positive assurance that the auditor is not aware of any material departures from GAAP.

Question

Quizplus · Accepted Answer

The standard report on a review of separately issued interim financial statements includes a description of the information reviewed, a statement indicating that the standards of the PCAOB were followed in performing the review, and a description of the nature of the review. However, the standard report does not provide positive assurance that the auditor is not aware of any material departures from GAAP. Instead, it states that the review is designed to provide limited assurance that there are no material modifications that should be made to the interim financial statements in order for them to be in conformity with GAAP.

Which of the Following Items Is Not Contained in the Standard