Other Assignments – Reviews

Please refer to pages 123-124 of the notes – not everything that is not audit is review there is no assurance for reports of factual findings. The following is just brief observations – in the exam you would have to be guided by the details and not by any “labels”.

1) Yes and there is an ISRS (ISRS 2410 Review of Interim Financial Information Performed by the Independent Auditor of the Entity) which describes the procedures for such a review as “inquiries, analytical procedures and other review procedures… ” (as is necessary to provide limited/negative assurance).
2) It depends – see page 135 – it could be an agreed-upon procedures engagement.
3) Again there is a standard – ISAE 3400 – see page 125 since limited assurance is the best that can be provided on FUTURE outcomes, the procedures will be review procedures. It should be obvious, for example, that it is not possible to carry out “external confirmation” on future balances and transactions.
4) The word here is “audit” – and if the subject matter is historic rather than prospective, assurance can be reasonable – ISAE 3000 would apply.
5) Again an “Audit of Performance Information” can provide reasonable assurance – see refs to ISAE 3000 and positive or negative assurance in the report summary at the end of Chapter 31.
6) This could be anything – if talking about ASSURANCE reports on controls at a service organisation, the type 1 and 2 reports are both reasonable assurance reports.