


Performing analytical procedures designed to identify potential fraud Considering the risk of management override of controls
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what is a review engagement Informational
- The importance of a robust system of quality control for review engagements
- Ethical dilemmas that may arise during a review engagement
- Identifying and assessing the risk of material misstatement at the assertion level (limited in review) Understanding the entity's objectives and strategies
- Obtaining a deeper understanding of the nature and purpose of related party transactions
- Who uses the results of a review engagement?
- Evaluating the arm's length nature of related party transactions (if applicable) Reviewing disclosures related to related party relationships and transactions
- 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)
- Assessing the reasonableness of management's judgments Considering alternative assumptions or outcomes
- Inquiry procedures in a review engagement
- Performing procedures to assess compliance with grant requirements
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