The objective of a review of interim financial information of a public entity is to provide an accountant with a basis for reporting whether:

Question

Quizplus · Accepted Answer

Choice "B" is correct. The objective of a review is to provide the accountant with a reasonable basis for expressing limited assurance that there are no material modifications that should be made to the accompanying financial statements for them to be in conformity with generally accepted accounting principles. Choice "A" is incorrect. When performing a review, the accountant does not gather enough evidence to update an audit opinion. Choice "C" is incorrect. There are no "standards of interim reporting." Choice "D" is incorrect. Expressing an opinion as to whether the financial statements are presented fairly in accordance with GAAP is the result of an audit, not a review.

The Objective of a Review of Interim Financial Information of a Public