Article
Performing a review of interim financial information can present challenges. A CPA must consider the application of attest and nonattest standards in this type of engagement, including the independence standard, which requires the accountant to have sufficient skill, knowledge, and experience to perform the procedures he or she believes necessary and accept responsibility for the limited assurance provided by a review. The CPA also must consider the ethical requirements of a review engagement, mainly the requirement to communicate with management and those charged with governance. In addition, the CPA must ensure that he or she has documentation that enables the client to understand the nature, timing, and extent of the review procedures performed. This documentation should be made available to the engagement team (see paragraph.29).
