A review provides limited level of assurance and is required to be conducted in accordance with Statements on Standards for Accounting and Review Services (SSARS) as laid down by Accounting and Review Services Committed (ARSC) of the American Institute of Certified Public Accountants (AICPA).
A review is substantially less in scope than an audit, the objective of which is the expression of an opinion regarding the financial statements as a whole. A review includes primarily applying analytical procedures to management’s financial data and making inquiries of company management. It does not contemplate obtaining an understanding of the entity’s internal control; assessing fraud risk; testing accounting records by obtaining sufficient appropriate audit evidence through procedures ordinarily performed in an audit.
