In this lesson, Nick Palazzolo, CPA, discusses the concept of review engagements, which is one of the three types of engagements in accounting along with preparations and compilations. He explains that review engagements focus on obtaining limited assurance rather than the reasonable assurance provided by audits, which means they primarily involve analytical procedures and inquiries. He emphasizes the distinction between review engagements and audits, noting that review engagements do not include substantive procedures or reaching out to third parties. Additionally, the lesson highlights the objectives of review engagements, which are to obtain limited assurance and report on the financial statements as a whole. Nick also describes the specific procedures performed during review engagements, such as conducting analytical procedures, comparisons of financial data, and ratios.
Lesson: Review Engagements
In this lesson, Nick Palazzolo, CPA, discusses the concept of review engagements, which is one of the three types of engagements in accounting along with preparations and compilations. He explains that review engagements focus on obtaining limited assurance rather than the reasonable assurance provided by audits, which means they primarily involve analytical procedures and inquiries. He emphasizes the distinction between review engagements and audits, noting that review engagements do not include substantive procedures or reaching out to third parties. Additionally, the lesson highlights the objectives of review engagements, which are to obtain limited assurance and report on the financial statements as a whole. Nick also describes the specific procedures performed during review engagements, such as conducting analytical procedures, comparisons of financial data, and ratios.
Updated: June 22, 2023 Create an account