A limited review of financial statements is an audit restricted to an examination either for a limited period or of a limited part of the records. A review does not contemplate obtaining an
understanding of the entitys internal control; assessing fraud risk; tests of accounting
records by obtaining sufficient appropriate audit evidence through inspection, observation, confirmation, or the examination of source documents (for example, cancelled checks or bank images); and other procedures ordinarily performed in an audit. Accordingly, a review does not provide assurance that we will become aware of all significant matters that would be disclosed in an audit. Therefore, a review provides only limited assurance that there are no material modifications that should be made to the financial statements in order for the statements to be in conformity with generally accepted accounting principles.
Mississippi Report of Independent Accountants after Review of Financial Statements
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How to fill out Report Of Independent Accountants After Review Of Financial Statements?
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FAQ
Independent Accountant's Review ReportA review includes primarily applying analytical procedures to management's (owners') financial data and making inquiries of company management (owners).
Independent reviews are not required for owner managed profit companies but can be performed voluntarily if the public interest score is less than 350 and the financial statements are independently compiled, or if the public interest score is less than 100.
An Independent Review is a limited assurance engagement where the practitioner performs primarily inquiry and analytical procedures to obtain sufficient appropriate evidence as the basis for a conclusion on the financial statements as a whole, expressed in accordance with the requirements of ISRE 2400 (Revised).
An independent Auditor's Report is an official opinion issued by an external or internal auditor as to the quality and accuracy of the financial statements prepared by a company. The report is a primary source of communication between the auditor and users of financial statements.
The purpose of a financial statement audit is to add credibility to the reported financial position and performance of a business. The Securities and Exchange Commission requires that all entities that are publicly held must file annual reports with it that are audited.
An Independent Review is meant to provide limited assurance, while an Audit provides a higher level of assurance. An Independent Review is less detailed than an Audit, requires less work and therefore costs less to perform.
An audit report states that reasonable assurance has been obtained that the AFS as a whole is free from material misstatement, while an independent review states that (based on the work performed) nothing has come to the reviewers' attention that causes them to believe that the AFS are not fairly presented.
Independent reviews are not required for owner managed profit companies but can be performed voluntarily if the public interest score is less than 350 and the financial statements are independently compiled, or if the public interest score is less than 100.
10 The accountant must be independent of the entity when performing a review of financial statements in accordance with SSARSs. If, during the performance of the review engagement, the accountant determines that the accountant's independence is impaired, the accountant should withdraw from the review engagement.
The CPA is also required to read the financial statements in light of the financial reporting framework being used and consider whether the financial statements appear appropriate in form and are free from obvious material misstatements.
