Review of Financial Statements

Obtain limited assurance that there are no material modifications to the FS

Requirements:

• Understanding the Client
• Inquiries of internal personnel (no external people/entities)
• Analytical procedures
• MRL (required!)

DO NOT:

• Obtain understanding of internal control 
• Test internal control 
• Assess control risk
• Perform audit tests
• Assess fraud risk
• Communicate with predecessor accountant (not required, but may)

Other notes:

• If FS has GAAP departure, disclose in separate paragraph in the Independent Accountant's Review Report
• All FS must refer to "see Independent Accountant's Review Report"