SIMILARITIES BETWEEN AUDIT AND REVIEW OF FINANCIAL
Following procedures are similar both, in relation to audit and review of financial information:
1. Compliance with ethical requirements.
2. Implementation of quality control procedures.
3. Attitude of professional skepticism.
4. Obtain engagement letter.
5. Obtain understanding of the entity and its environment including its internal controls.
6. Agree interim financial information with underlying accounting records.
7. Consider post balance sheet events (inquiry only).
8. Obtain management representation letter.
9. Read other information included in annual report.
10. If fraud or non compliance with laws and regulations discovered, communicate with management.
11. If the auditor concludes that an unqualified review report cannot be issued, make appropriate modifications to the review opinion.
12. Maintain adequate documentation.