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.
The North Carolina Report of Independent Accountants after Review of Financial Statements is a crucial document that provides valuable information about the financial health, performance, and compliance of an organization or entity in North Carolina. This report is typically prepared by independent certified public accountants (CPA's) who conduct a thorough review of the financial statements and related documents of the entity. The purpose of the North Carolina Report of Independent Accountants after Review of Financial Statements is to offer an objective opinion on whether the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework. It gives assurance to stakeholders, such as investors, creditors, and government authorities, on the reliability and accuracy of the financial information presented by the organization. Keywords: North Carolina, report, independent accountants, review, financial statements, certified public accountants, financial health, performance, compliance, assurance, stakeholders, reliability, accuracy, financial information. Types of North Carolina Report of Independent Accountants after Review of Financial Statements: 1. Standard Report: The most common type of report, which is issued when the independent accountants find no material misstatements or issues in the financial statements, and they provide an unmodified opinion on their fairness and compliance. 2. Qualified Report: This type of report is issued when the accountants encounter material misstatements or limitations in the scope of their review, causing them to express a qualified opinion. It indicates that there are some problems that need to be addressed, but they do not overshadow the overall accuracy of the financial statements. 3. Adverse Report: An adverse report is issued when the independent accountants uncover significant material misstatements or issues that undermine the fairness and compliance of the financial statements. This opinion indicates that the financial information is unreliable and should not be trusted. 4. Disclaimer Report: A disclaimer report is issued when the independent accountants are unable to express an opinion on the financial statements due to various reasons, such as a lack of sufficient evidence or restrictions on their review. This type of report provides no assurance on the accuracy or compliance of the financial statements. Keywords: Standard Report, Qualified Report, Adverse Report, Disclaimer Report, misstatements, limitations, scope, opinion, reliability, compliance, fairness, review.
