Audit Procedures for Review Engagements:

Review engagements involve the auditor providing limited assurance on financial statements, primarily through analytical procedures and inquiries. Unlike audits, which provide reasonable assurance, reviews offer a lower level of assurance. The procedures performed in a review engagement are less extensive compared to aud but still provide some level of assurance to users of the financial statements.

Key Audit Procedures for Review Engagements:

Analytical Procedures: Review engagements typically involve the use of analytical procedures to assess the reasonableness of financial information. These procedur include ratio analysis, trend analysis, and comparison of current period data with prior periods.

Inquiries: Auditors perform inquiries of management and other appropriate personnel to obtain an understanding of significant changes in the business, accounting policies, and financial results. These inquiries help identify areas that may require further investigation.

Limited Substantive Procedures: While not as extensive as in audits, review engagements may include limited substantive procedures to corroborate financia information. These procedures may involve examining supporting documentation for significant transactions or account balances.

Analytical Review: The auditor performs an analytical review of the financial statements to identify significant fluctuations or unusual trends that may require explanation or further investigation.

Question:

Which of the following procedures is typically NOT performed in a review engagement?

A$)$ Analytical Procedures

B$)$ Limited Substantive Procedures

C$)$ External Confirmations

D$)$ Inquiries of Management