Review engagement
A review engagement provides limited assurance rather than the reasonable assurance ordinarily obtained in a financial-statement audit. Procedures commonly emphasise inquiry and analytical procedures, supplemented when necessary. The conclusion conveys whether anything has come to the practitioner’s attention that causes the stated concern about the information.
Worked example
A practitioner reviews interim financial statements, investigating an unexpected drop in gross margin before issuing a limited-assurance conclusion.
Common mistake
A review is not a full audit and its limited conclusion does not guarantee that there are no material misstatements.
Where it appears in your exams
| Qualification | Exam | Relationship | Period |
|---|---|---|---|
| ACCA | AA | Direct | September 2026–June 2027 |
| ACCA | AAA (INT) | Direct | September 2026–June 2027 |