Reviews

The purpose of review of financial statements is to allow an auditor to state whether, on the basis of process which do not give all the evidence which would be needed in an audit, anything has come to the auditor's attention which causes the auditor to consider that the financial statements are not ready, in all material respects, in accordance with a recognized financial reporting framework. The similar objective exerts to the review of financial or other information organized in accordance with suitable criteria.

The review includes query and analytical process that are designed to review the consistency of an assertion which is the responsibility of one party for use by the other. Whereas a review includes the application of audit skills and methods and the gathering of evidence, it does not ordinarily involve an assessment of accounting and internal control systems, tests of records and of responses to queries by acquiring corroborating evidence via observation, inspection, confirmation and computation, that are process ordinarily performed throughout an audit.

However the auditor tries to become aware of all important matters, the process of a review make the attainment of this objective less possible than in an audit engagement, therefore the level of assurance given in a review report is respectively less than that specified in an audit report.