[barelystayingsane]

I understand that d. is not true. However, I don’t think a. is true, either, because I am looking at a sample review report in the Becker text, and it clearly uses an Auditor’s Responsibility paragraph, not a Scope paragraph. Is this possibly an outdated question after the update to the Clarified Standards?

Which of the following is NOT true about an auditor’s report on a review of interim financial information of a publicly held company?

a. It is different from a review report under SSARS in that the reference to professional standards is included in the scope paragraph.

b. It is similar to a review report under SSARS in that both make reference to the performance of inquiry and analytical procedures.

c. It is different from an audit report in that the audit report provides positive assurance whereas the rewview report provides negative assurance.

d. It is similar to an audit report in that both provide an opinion regarding whether the financial statements are in conformity with generally accepted accounting principles.

[xdesix]

Okay, so a lot of auditing is long gone from my brain from the time I took the exam, but a review of interim financial information and a “regular” review are set up differently, no? As I recall, even after the clarity standards update (which didn't affect the reviews & comps section much or at all), it's setup with the Intro –> Scope –> Opinion. And the second paragraph, which is the scope, references those standards (PCAOB)

AUD: Passed
BEC: Passed
REG: Studying

[barelystayingsane]

That is correct that a review of interims and a regular review are set up differently, but the report Becker is showing for a review of interims has an Auditor's Responsibility paragraph.

[xdesix]

Hmm… that's quite odd then. I just looked back at my Roger stuff and I don't see the auditor's responsibility paragraph in my example. However, they state that a review of interim financial information is REQUIRED to be performed in accordance with SSARS when some conditions are not met.

AUD: Passed
BEC: Passed
REG: Studying

[Anonymous]

<<<<<However, they state that a review of interim financial information is REQUIRED to be performed in accordance with SSARS when some conditions are not met.>>>>>

I thought a review of interim financial information is covered under SAS for non-issuers and PCAOB for issuers?

[barelystayingsane]

@amordiva I was under that impression, as well.

[xdesix]

Yes, I think you are right.. I was just reading the notes of what Roger said when some conditions are not met, it seems like they would use SSARS. Maybe someone else can clarify.

AUD: Passed
BEC: Passed
REG: Studying

[Author]

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