

Corroborating management's explanations with other evidence (if available) Reviewing correspondence with regulatory authorities
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what is a review engagement Informational
- Considering environmental liabilities (if applicable) Reviewing pension and other employee benefit plans
- Planning the review engagement
- Documenting the engagement quality control review Addressing any issues raised by the engagement quality control reviewer
- Considering the adequacy of disclosures related to going concern
- Understanding the specific standards applicable to reviews of prospective financial information
- Forming the conclusion on the financial statements The process of issuing the review engagement report
- Understanding the entity's risk management processes
- Assessing whether key controls are operating as designed (limited in review) Performing walkthroughs of significant transaction cycles (limited in review)
- Performing procedures in accordance with the agreed-upon terms of the engagement
- Reviewing related party transactions Reviewing contingent liabilities and commitments
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