Which of the following procedures is not usually performed by the accountant during a review engagement of a nonpublic entity?
A)Inquiry about actions taken at meetings of the board of directors that may affect the financial statements.
B)Issuance of a report stating that the review was performed in accordance with standards established by the AICPA.
C)Reading of the financial statements to determine if they conform with generally accepted accounting principles.
D)Communication of any material weaknesses discovered during the consideration of internal control.

Question

Quizplus · Accepted Answer

During a review engagement, the accountant primarily performs analytical procedures and inquiries rather than a detailed examination of internal controls. Communicating material weaknesses discovered during the consideration of internal control is more aligned with an audit, not a review engagement.

Which of the Following Procedures Is Not Usually Performed by the Accountant