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Topic
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Which of the following procedures is more likely to be performed in a review engagement of a nonpublic entity than in a compilation engagement?
A. Gaining an understanding of the entity’s business transactions.
B. Making a preliminary assessment of control risk.
C. Obtaining a representation letter from the chief executive officer.
D. Assisting the entity in adjusting the accounting records.
C. In a review engagement, the accountant performs a limited set of procedures consisting of inquiries of management and analytical review. The accountant is also required to obtain a representation letter from management.
Don’t you also need a representation letter for a compliation?
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