A review service includes:
A) obtaining an understanding of the client's internal control.
B) independent confirmation or physical examination.
C) inquiry and analytical procedures.
D) tests of controls or transactions.

Question

Quizplus · Accepted Answer

A review service primarily involves inquiry and analytical procedures to ensure that the financial statements are free from material misstatement. Obtaining an understanding of the client's internal control or performing tests of controls or transactions are typically associated with an audit engagement, which is a more extensive and rigorous form of assurance. Independent confirmation or physical examination may also be part of an audit, but are not typically included in a review engagement.

A Review Service Includes