you are a first-year staff at a regional accounting firm. The firm primarily services private company clients and performs more review engagements than audit engagements. Your first assignment is a review engagement on a small private company that specializes in manufacturing team sports apparel. You decide to do some research to refresh your memory on review engagements.

Required:

a. discuss the similarities and differences of a review engagement and an audit engagements .

b. you remember learning about the standard review report from your college course, but you are not familiar with modifications to the standard report. Go to www.aicpa.org/research/standards to access SSARS No.24, AR-C90, review of financial statements. Copy and paste an example of a review report that is modified for a departure from the applicable financial reporting framework.