What is Review of interim financial information?
In short
An auditor who audits an entity's annual financial statements can review its interim (for example, quarterly) financial information, mainly through inquiry and analytical procedures, to give limited assurance.
Key takeaways
- The auditor must have a sufficient understanding of the entity and its internal control.
- Public companies must have their quarterly statements reviewed before filing.
- A review under the accounting and review standards applies when the accountant doesn't audit the annual statements.
Where it's tested
AUD: Reviews, Compilations & Agreed-Upon Procedures — study notes, a five-minute revision sheet and practice questions.
Practise: 3 questions
Question 1 of 3 · 0 answered
Which procedures form the primary basis of a review of financial statements under SSARS?