During a review engagement in the U.S.
A)the practitioner will perform limited control testing to review the financial statements
B)the auditor will perform extensive procedures to review the financial statements
C)the practitioner will perform limited procedures to review the financial statements
D)the auditor will perform no procedures to review the financial statements

Question

Quizplus · Accepted Answer

During a review engagement in the U.S., the practitioner will perform limited procedures to review the financial statements. These procedures are less extensive than those performed in an audit, but still provide a level of assurance that there are no material modifications needed to the financial statements. The practitioner will review the financial statements, perform analytical procedures, ask management about significant transactions, and obtain a representation letter. Limited control testing may also be performed if deemed necessary.

During a Review Engagement in the U.S