In this lesson, the concept of interim reviews is explored, which involves conducting reviews of financial statements before the period under review is complete. The reasons for interim reviews, as well as their benefits and potential risks, are discussed. By getting a head start on the engagement, the audit process can potentially become more efficient. The lesson also delves into what should be considered when planning interim testing, including assessing incremental audit risk and its relation to tolerable misstatement levels. Additionally, the conditions under which interim review reports can be issued are clarified, ensuring proper scope of inquiry and analytical procedures.
Lesson: Interim Reviews
Instructor: Nick Palazzolo
In this lesson, the concept of interim reviews is explored, which involves conducting reviews of financial statements before the period under review is complete. The reasons for interim reviews, as well as their benefits and potential risks, are discussed. By getting a head start on the engagement, the audit process can potentially become more efficient. The lesson also delves into what should be considered when planning interim testing, including assessing incremental audit risk and its relation to tolerable misstatement levels. Additionally, the conditions under which interim review reports can be issued are clarified, ensuring proper scope of inquiry and analytical procedures.
Updated: June 22, 2023 Create an account
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Types of Engagements & Reports
Module:
6 Concepts,
76 Lessons
The Audit Process
11:18
Audit Committee
3:43
Reporting Findings
1:03
Single Audits
5:44
Governmental Audits
3:51
GAAS vs. GAGAS
9:23
Service Auditors
1:43
Review Engagements
11:18
Interim Reviews
14:12
Compilation Engagements
12:42
