Which of the following procedures is not required of the reviewer?
A) evaluate judgements about materiality and the disposition of corrected and uncorrected identified misstatements
B) read the financial report and auditor's report
C) review the related audit documentation to determine its sufficiency
D) provide absolute assurance that the audited financial report is not materially misstated

Question

Quizplus · Accepted Answer

Reviewers, such as those involved in a peer review or a quality control review within an audit firm, are not responsible for providing absolute assurance that the audited financial report is free from material misstatement. Absolute assurance is an unrealistic expectation due to the inherent limitations of an audit, including the nature of audit evidence and the need for judgment. Reviewers typically assess the adequacy of the audit work and compliance with standards, rather than guaranteeing the financial report's accuracy.

Which of the Following Procedures Is Not Required of the Reviewer