What is Review of year-end or interim financial statements?

A review is substantially less in scope than an audit and consists principally of inquiries of company or organization personnel and analytical procedures applied to management's financial data. A review may be appropriate for entities that must report their financial information to third parties, such as creditors or regulatory agencies, or for business owners who are not actively involved in managing their companies.

While a review is less comprehensive than an audit, the key ingredient when performing a review is the significant degree of understanding of your business or organization, as well as the industry in which you operate to effectively evaluate inquiry responses and analytical results.