The assurance provided in a preparation, compilation, or review engagement is considerably below that of audits. As a result, less evidence is required for these services and they are provided at the same amount of fees as an audit.

Question

Quizplus · Accepted Answer

Preparation, compilation, or review engagements require less evidence than audits and provide a lower level of assurance, but they typically cost less than an audit because they involve less work and risk for the accountant.

The Assurance Provided in a Preparation, Compilation, or Review Engagement