Opinion ID: 1998458
Heading Depth: 1
Heading Rank: 5

Heading: Review Reports.

Text: Review reports are at a level once removed from compilations. The distinguishing characteristics of a review report are that: the practitioner's conclusion should state whether any information came to the practitioner's attention on the basis of the work performed that indicates that (a) the subject matter is not based on (or in conformity with) the criteria [established as relevant in consultation with the client] or (b) the assertion is not presented (or fairly stated) in all material respects based on the criteria. [ Id. at AT § 101.88.] The language an auditor is to use in the presentation of a review report has been standardized. Although the examples provided by the AICPA vary depending on their subject matter, [10] the core language required for the issuance of a review report remains constant, expressly distinguishes between a review report and an examination report, and disavows any opinion on the subject matter. See id. at AT § 101.115. Because a review report expresses no opinion on the part of the auditor, a review report is designed to provide a moderate level of assurance and the objective is to accumulate sufficient evidence to restrict attestation risk to a moderate level. Id. at AT § 101.55. In order [t]o accomplish this, the types of procedures performed generally are limited to inquiries and analytical procedures (rather than also including search and verification procedures). Ibid.