In a review engagement, the accountant should establish an understanding with the entity regarding the services to be performed. The understanding should include all of the following except a
provision that any errors, fraud, or noncompliance with laws and regulations that come to the accountant's attention need not be reported to the entity

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kitkatyr1709 kitkatyr1709

09-12-2022
Law

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In a review engagement, the accountant should establish an understanding with the entity regarding the services to be performed. The understanding should include all of the following except a
provision that any errors, fraud, or noncompliance with laws and regulations that come to the accountant's attention need not be reported to the entity

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fawadmohd fawadmohd · Answer 1 · 2022-12-16T09:08:43+01:00

Provision that any errors, fraud, or noncompliance with laws and regulations that come to the accountant's attention need not be reported to the entity.Thus correct option (D).

A review engagement is a type of engagement that provides a limited level of assurance that a company's financial statements comply with the applicable financial reporting framework. It gives users limited assurance on the accuracy or correctness of financial statements.

The goal of a review engagement is to review the financial statements and provide an opinion on whether the financial statements are free of material errors or fraud as a whole. Reasonable assurance is greater than limited assurance.

While an audit is intended to provide some assurance that the financial statements are free of material misstatements, a review engagement is only intended to determine whether the financial statements are credible or plausible.

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Full Question :In a review engagement, the accountant should establish an understanding with the entity regarding the services to be performed. The understanding should include all of the following except a

Description of the nature and limitations of the services to be performed.

Description of the report the accountant expects to issue.

Provision that the engagement cannot be relied upon to disclose errors, fraud, or noncompliance with laws and regulations.

Provision that any errors, fraud, or noncompliance with laws and regulations that come to the accountant's attention need not be reported to the entity.