Assurance provided by a review is substantially less than an audit.Which of the following statements is true regarding these services?

Question

Quizplus · Accepted Answer

A review provides limited assurance and requires less evidence than an audit, which provides reasonable assurance and requires more extensive testing of internal controls and substantive evidence. Therefore, option C is the correct answer. Option A is incorrect because an audit requires more substantive evidence than a review. Option B is incorrect because an audit requires more evidence related to internal controls than a review. Option D is incorrect because option C is true.

Assurance Provided by a Review Is Substantially Less Than an Audit.Which