Getting a little thrown off here. The question was:
Which of the following statements about a practitioner's review report for an attestation engagement is correct?
The answer is: The practitioner's review report should include a disclaimer of opinion.
Granted, the other 3 choices were false. However, I thought that a review report provided negative (limited) assurance, which is somewhat higher on the totem poll vs. a true disclaimer of opinion. Just wondering if anyone else thinks this is an odd answer, or is “a disclaimer of opinion” equivalent to “negative assurance.” I just don't want to be thrown off by a nuance in terminology.
AUD - NINJA in Training BEC - 96 FAR - 86 REG - 83
Positive assurance is giving an opinion on the financial statements as a whole.
Negative assurance is attesting to whether material modifications need to be made to conform with GAAP, but you're not actually applying tests of details on accounts. Just analytical procedures and inquiry. As such, you're not actually giving an opinion and, thus, you need to disclaim your opinion.