


Being alert to conditions that may indicate possible misstatement
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what is a review engagement Informational
- Applying accounting standards appropriately to the entity's transactions and balances Considering the impact of regulatory requirements on the financial statements
- Distinguishing between a review and an examination of prospective financial information Performing a review in accordance with specific country or jurisdictional requirements
- Obtaining a deeper understanding of the nature and purpose of related party transactions
- Reviewing disclosures related to fair value measurements Performing a review of sustainability or environmental, social, and governance (ESG) information (if applicable)
- Considering the implications of control weaknesses identified (if any) Obtaining sufficient appropriate evidence to support the negative assurance conclusion
- How does a review engagement differ from a compilation? What are the preliminary activities before a review engagement?
- Understanding the different types of SOC reports
- Understanding the entity's cybersecurity framework
- Assessing the business rationale for significant related party transactions Reviewing unusual or non-recurring transactions
- Communicating significant matters to those charged with governance Obtaining an understanding of the entity's internal controls relevant to financial reporting (limited in review)
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