Review, defined

A “review” engagement involves obtaining “limited assurance” (primarily by analytical procedures and inquiry of management) as to whether material modifications should be made to an entity's financial statements to be presented in accordance with the applicable financial reporting framework. The accountant is also required to comply with the requirements of AR-C 60 (General Principles), including meeting the “preconditions” for accepting the review engagement. **The accountant is required to be independent for a review engagement, since limited assurance or “negative assurance” is provided.**