


Common pitfalls in performing review engagements Best practices for conducting review engagements
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what is a review engagement Informational
- Documenting instances where professional skepticism was applied The role of the engagement quality control reviewer (if applicable)
- Considering the presence of conditions or events that may cast significant doubt on the entity's ability to continue as a going concern Performing procedures to gather evidence about the going concern assumption
- Performing procedures to assess compliance with specific covenants or terms
- Maintaining professional skepticism in a review engagement
- The impact of materiality on the review engagement report Understanding the concept of pervasive misstatements
- Analyzing key balance sheet ratios (e.g., current ratio, debt-to-equity ratio)
- Considering the reasonableness of the assumptions and the preparation of the information Issuing a review report on prospective financial information
- Understanding the legal and regulatory environment of the foreign jurisdiction
- The importance of clearly defining the subject matter and criteria for the review of non-financial information Understanding the regulatory requirements for reviews of specific types of entities (e.g., non-profit organizations, government entities)
- Who uses the results of a review engagement?
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