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Review Engagements

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA AAA Exams › Review Engagements

  • This topic has 3 replies, 3 voices, and was last updated 8 years ago by MikeLittle.
Viewing 4 posts - 1 through 4 (of 4 total)
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  • October 26, 2016 at 7:55 am #346076
    Muslim Farooque
    Member
    • Topics: 190
    • Replies: 134
    • ☆☆☆

    hello sir mike,

    i wanted to know whether my understanding is correct, i was reading through various sources on review engagements and in many places it says that the difference in procedures for audit and review engagements is basically that review only has Analytical Procedures And Enquiry,

    that seemed to be fair for assignments like forecasts , but when i was going through procedures for due diligence and forensic audits many of them involved inspection of documents,observation and other procedures as well,

    so basically sir what procedures do other assignments involve?

    October 26, 2016 at 8:00 am #346079
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23323
    • ☆☆☆☆☆

    They differ according to the nature of the assignment

    If it’s a review engagement then, as you correctly state, it’s confined to analytical review and enquiry

    If it’s due diligence or prospective financial information or forensic or …

    … each has its own requirements

    October 26, 2016 at 1:31 pm #346114
    fazeel93
    Member
    • Topics: 71
    • Replies: 49
    • ☆☆

    so due diligence and forensic may naturally stray away from analytical and enquiry due to its nature,

    Thanks sir!

    October 26, 2016 at 3:56 pm #346138
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23323
    • ☆☆☆☆☆

    Absolutely correct

    It’s a bit analogous to a private entity that doesn’t need an audit. However, the financial statements shall be prepared by someone that is qualified to be an entity’s auditor

    Now, in the course of preparing the financial statements, is it not reasonable for the reporting accountant to ask for confirmation (for example, from the bank) about certain matters to be included within the financial statements

    That’s more than simple ‘preparation of financial statements from information and explanations …’

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