[shanek327]

So help me to understand this correctly…when doing a review you do not do audit work, but you do do inquiries and analytical procedures, which is audit work. that’s where i’m confusing it

FAR - 75
AUD - 78
BEC - 82
REG - 77

2 Corinthians 5:21

Our value does not come from our skills and abilities, as good as they may be; it does not come from our GPA, our job, a promotion from that job to a better job, our success on the CPA exam, or anything of the like; but our value comes from the fact that we have a Creator who loves us, cares for us, and desires to help us navigate the rough waters of this life in a way that provides security, hope, and true, everlasting joy while we anticipate the life to come, with Him.

[WaivingMyHands_ALOT]

Basically Audit work fits into three categories:

1. Analytical tests (comparing last year accounts/transaction to CY accounts/transactions for reasonableness)

2. Control tests (check to make sure they are in place and working as planned)

3. Substantive tests (reperforming transactions, inquiries, sending confirmations, taking inventory counts, etc.)

Auditing usually performs tests from all three categories. Reviews usually only perform analytical tests and inquiries. So yes, reviews technically do some “audit work”, but to a much lesser degree. All you need to know for the exam is that reviews = inquiry/analytical procedures.

AUD 99
BEC 96
FAR 94
REG 96

[WaivingMyHands_ALOT]

Basically Audit work fits into three categories:

1. Analytical tests (comparing last year accounts/transaction to CY accounts/transactions for reasonableness)

2. Control tests (check to make sure they are in place and working as planned)

3. Substantive tests (reperforming transactions, inquiries, sending confirmations, taking inventory counts, etc.)

Auditing usually performs tests from all three categories. Reviews usually only perform analytical tests and inquiries. So yes, reviews technically do some “audit work”, but to a much lesser degree. All you need to know for the exam is that reviews = inquiry/analytical procedures.

AUD 99
BEC 96
FAR 94
REG 96

[thehip41]

Its attest work, not audit work.

Attestation engagements:

Audit

Review

Compilation

Agreed upon procedures.

Audit work is always attest work

Attest work isn't always audit work

FAR - 83
AUD - 73 92
BEC - 83
REG - 88

Licensed CPA in the state of Michigan

[Hari Seldon]

Reviews are not an attest engagement, nor are compilations. Attest engagements result in an opinion (or a disclaimer of opinion), reviews and compilations do not (SSAE vs. SSARS).

Analytical procedures, substantive testing, and inquiries are generally all components of an audit under GAAS (I say generally as I do not recall if there are exceptions, I have never worked on an audit that did not utilize all). For a review engagement there is no testing. That's the difference, although how it might be contained in a question is hard to say.

WaivingMyHands_ALOT is going to be right, that if you know a review is inquiry + analytical procedures you will probably get the question right.

FAR - 90
REG - 90
BEC - 91
AUD - 99

[Author]

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