The concept of limited assurance is provided for in which of the following engagements?
A) audit
B) review
C) compilation
D) agreed-upon procedures

Question

Quizplus · Accepted Answer

Limited assurance is provided in a review engagement. A review engagement involves requesting and obtaining management’s representations about the financial statements, performing analytical procedures, and making inquiries regarding financial statement issues. The objective of a review is to provide a basis for obtaining limited assurance that the financial statements are free of material misstatement. Audit engagements provide reasonable assurance, compilation engagements provide no assurance, and agreed-upon procedures engagements provide only the specific procedures agreed upon.

The Concept of Limited Assurance Is Provided for in Which