Review

There are significant differences between the objectives of an audit of financial statements and those of a review. Unlike an audit, a review does not provide a basis for the expression of an opinion regarding the financial statements. Rather, reviews provide limited assurance that an organization’s financial statements require no modifications or changes in order to conform with accounting standards. A review may bring to the CPA’s attention significant matters affecting the financial statements, but it does not provide assurance that the accountant will become aware of all significant matters that would be disclosed in an audit.